Exploration spending by Barrick Gold (ABX-T) increased to US$31.1 million in the first six months of this year, compared with expenditures of US$18.2 million in the first half of 1995.
In a bid to increase reserves and production, the major is increasing its presence in North and South America, Asia and West Africa. The company is also positioning itself for acquisition opportunities, the most recent being a proposed takeover of Arequipa Resources (AQP-T), which owns the Pierina gold project in Peru.
During the first six months of this year, Barrick produced 1.6 million oz., which puts the company on target to reach its goal of 3.2 million oz. for the year. Cash operating costs were US$188 per oz.
Net earnings for the 6-month period were US$140.9 million, compared with US$146.5 million a year earlier.
During the second quarter, Barrick increased reserves at its new Pascua mine in Chile to 6.5 million oz. — nearly double the 3.4 million oz. announced at the end of 1995.
The company expects reserves to increase further, as the deposit is still open at depth and to the south and east.
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