Toronto-based Barrick Gold has retained its status as the top global gold producer, despite rival Newmont Mining Corp. having significantly challenged Barrick’s predominance.
Just 50,000 ounces of gold, equating to approximately 125 gold bars, separated the two firms, with Barrick Gold having produced 5.32mn ounces compared to Newmont’s 5.27mn.
With Newmont having closed the gap, Barrick has now outlined a number of investment opportunities in the aim of maximising long-term growth and value from its portfolio.
“These assets are clustered in core districts throughout the Americas, and support a sustainable long-term production profile with significant optionality and upside,” the company said.
“Barrick’s core objective remains to grow free cash flow per share over the long term, with an uncompromising commitment to safety and environmental sustainability, working in partnership with our host governments and communities.”
This includes the firm’s Nevada projects at Cortez Deep South, Goldrush, and Turquoise Ridge all having been approved, as Barrick now looks to execute these projects effectively.
However, despite this, Newmont is expected to now overtake Barrick as the world’s largest gold producer. Whilst Newmont is expecting between 4.6mn and 5.1mn ounces of gold production between now and 2022, Barrick is only forecasting figures of between 4.2mn and 4.6mn ounces over the same period.