Barrick Gold Eyes Mineral Deposits in Indonesia, CEO says

Barrick Gold Eyes Mineral Deposits in Indonesia, CEO says

By John Meyer, business and finance consultant – Eurasia Business News, January 4, 2023

Barrick Gold, one of the world’s leading gold miners, is looking for gold and copper deposits in South Asia and seeing Indonesia as a possible destination for exploration.

Geologists at Barrick’s Asia-Pacific division are looking for deposits along a vast belt of mineralization stretching from Pakistan to Papua New Guinea, said Mark Bristow, head of the gold miner, to Bloomberg in an interview.

So far, Barrick Gold has no confirmed exploration in Indonesia, but it does have assets at both ends of the belt – the Porgera gold mine in Papua New Guinea and the Reko Diq copper-gold project in Pakistan. “That’s definitely part of our assessment at this stage,” Mark Bristow said about Indonesia.

Read also : How to invest in gold

Barrick Gold ranks 2nd in the ranking of the world’s largest gold miners. Gold assets are located in the U.S., Tanzania, Canada, Congo, Mali, Papua New Guinea, dominican Republic, Ivory Coast and Argentina, copper assets in Saudi Arabia, Zambia and Chile.

Until 2018, Barrick Gold was the world’s number one in gold mining, ahead of the American Newmont Mining and the South African Goldfields and AngloGold Ashanti. In 2019, Newmont Mining merged with Goldcorp, with Newmont Goldcorp Group becoming the leader in its industry.

In addition, Barrick carries out the Reko Diq project in Pakistan.

Once the transaction is completed, Reko Diq, one of the largest undeveloped copper-gold deposits in the world, will be owned 50% by Barrick, 25% by Balochistan province and 25% by major Pakistani state-owned enterprises (SOEs).

The steady rise in the price of gold since 2021 increases the profitability of mining projects and promotes investment in the sector.

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