Barrick updates 10-year plan

Barrick Gold (TSE: ABX; NYSE: GOLD) has unveiled a 10-year gold production plan in which it aims to maintain production levels of approximately 5 million oz. gold per year between 2020 and 2029. The plan is based on its current operating asset portfolio, sustaining projects in progress, and implementing exploration and mineral resource management initiatives. It does not include additional asset optimization, further exploration growth, new project initiatives and divestitures. Barrick says 2.5 million oz. gold per year will come from its North American mines, 1 million oz. gold per year from Latin America and the Asia Pacific, and 1.5 million oz. per year from Africa and the Middle East. Barrick’s North American projects include three of the company’s ‘tier one’ assets that are 61.5% owned and operated by the company — Carlin, Cortez and Turquoise Ridge — located in the Nevada gold mines complex, the single-largest gold-mining complex in the world. The company’s other North American project, Hemlo, in Ontario, Canada, is being modernized and refocussed to ensure its continued viability, Barrick said.