Austin Resources Ltd V.AUT.H

Chile is beginning to get hot !!

[Warpmind]

For those who haven't seen this release...

Globe/wire say Goldcorp, Barrick form JV in Chile

 

2017-03-29 07:07 ET - In the News

Also In the News (C-ABX) Barrick Gold Corp

The Globe and Mail reports in its Wednesday, March 29, edition that Goldcorp will joined with Barrick Gold to work on developing gold mines in northern Chile. A Reuters dispatch to The Globe reports that to reduce development costs and risks, the companies will form a 50-50 joint venture to study building gold mines in Chile's Maricunga belt. That includes the Cerro Casale project, which is one of the world's biggest undeveloped gold deposits. After five years of painful belt tightening as the price of gold fell, the industry's biggest companies have started to loosen their purse strings to build mines and find new deposits to replenish falling production and reserves. The transaction fits Goldcorp's strategy of joining with other big miners to develop large deposits to share the cost and technical risk. Barrick has also frequently spoken of the value of industry partnerships. Barrick and others suffered high-profile cost blowouts on developments during the last boom. Goldcorp head David Garofalo says, "The last thing the industry needs is another Sudbury, another Nevada, where you are building duplicate infrastructure on the same deposits."