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Barrick is the world’s pre-eminent gold producer, with a
portfolio of 27 operating mines, many advanced exploration
and development projects located across five continents, and
large land positions on the most prolific and prospective
mineral trends. The Company also has the largest reserves in
the industry, with 124.6 million ounces of proven and
probable gold reserves, 6.2 billion pounds of copper
reserves and 1.03 billion ounces of contained silver within
gold reserves as at December 31, 2007.
In 2007, Barrick produced 8.06 million ounces of gold at a
cash cost of $350 per ounce. In addition, the Company
produced 402 million pounds of copper at a total cash cost
of $0.83 per pound. For 2008, Barrick is targeting gold
production of 7.6-8.1 million ounces and copper production
of approximately 380-400 million pounds. Total cash costs
are expected to be $390-$415 per ounce of gold and
$1.15-$1.25 per pound of copper.
The Company has a successful track record of mine
development, having completed the construction of the
Tulawaka, Lagunas Norte and Veladero mines in 2005, the
Cowal mine in early 2006, and the re-opening of the Ruby
Hill mine in early 2007. Barrick has many more projects at
various stages of exploration and development. This robust
and unrivalled pipeline of projects is due to the Company’s
ongoing commitment to exploration, even in times of lower
gold prices. Barrick is actively exploring for gold in more
than 15 countries around the world.
Barrick has the gold mining industry’s strongest and only
‘A’ rated balance sheet, which positions the Company to take
prompt advantage of attractive development, exploration and
acquisition opportunities as they arise without needing to
pause for financing. |
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