Hold onto your WRN Casino, could be worth a lot more in the near future ! IMO M2 Copper is as strategic as gold is precious - Barrick Gold's Mark Bristow
By Michael McCrae
Published:
Aug 16, 2024 - 8:54 PM
Updated:
Aug 16, 2024 - 10:13 PM
Kitco News
(Kitco News) - Copper and gold work together, said Mark Bristow, CEO of Barrick Gold.
On Thursday Bristow spoke to Kitco Mining.
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Early this week Barrick Gold filed its Q2. Analysts had been following the second quarter results of all the gold miners to see how strongly the companies might perform off record high prices for the metal. Net earnings at Barrick were up 25% and the attributable EBITDA margin was up 17% quarter on quarter to 48%.
Gold production was 948,000 ounces in Q2, up 0.8% from the prior quarter and a 6% decrease for the same period a year ago. Barrick is forecasting a 30% increase in production by the end of the decade through organic growth.
Bristow highlighted the company's Reko Diq project in Pakistan, 50% owned by Barrick and the rest by state-owned enterprises. Bristow said Barrick's goal is build a tier one copper business. Barrick is targeting 400kt copper and 500koz gold per annum from the project. A feasibility study is on track for completion by year-end with first production scheduled for 2028.
Is the market in the mood for more M&A? Barrick's Mark Bristow copper, gold and project pipeline
Kitco Mining Interviews
KITCO MINING INTERVIEWS
Is the market in the mood for more M&A? Barrick's Mark Bristow copper, gold and project pipeline
AUG 16, 2024
Kitco News
Copper and gold work together, said Mark Bristow, CEO of Barrick Gold.
On Thursday Bristow spoke to Kitco Mining.
Early this week Barrick Gold filed its Q2. Analysts had been following the second quarter results of all the gold miners to see how strongly the companies might perform off record high prices for the metal. Net earnings at Barrick were up 25% and the attributable EBITDA margin was up 17% quarter on quarter to 48%.
Gold production was 948,000 ounces in Q2, up 0.8% from the prior quarter and a 6% decrease for the same period a year ago. Barrick is forecasting a 30% increase in production by the end of the decade through organic growth.
Bristow highlighted the company's Reko Diq project in Pakistan, 50% owned by Barrick and the rest by state-owned enterprises. Bristow said Barrick's goal is build a tier one copper business. Barrick is targeting 400kt copper and 500koz gold per annum from the project. A feasibility study is on track for completion by year-end with first production scheduled for 2028.
"Copper is as strategic as gold is precious," said Bristow. "As you grow as a gold miner, you have to embrace copper. To keep critical mass, you've got to go to the porphyries—porphyry gold deposits—and with those porphyries come copper as well."
Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.
"Copper is as strategic as gold is precious," said Bristow. "As you grow as a gold miner, you have to embrace copper. To keep critical mass, you've got to go to the porphyries—porphyry gold deposits—and with those porphyries come copper as well."