Large North American gold producer American Barrick Resources (TSE) is looking for new opportunities overseas.
The Toronto-based company announced the creation of its Corporate Development Group which will focus on gold mining projects in South America and Asia.
A number of Barrick officers will run the new Group, including Gregory Wilkins, who was named to the position of executive director, office of the chairman. He will work closely with Barrick Chairman Peter Munk on the strategic side of the company’s development and with President Robert Smith. And Alan Hill, previously in charge of operations and responsible for development of the Goldstrike property, has been named executive vice-president, corporate development. Hill will direct the technical assessment for all acquisitions.
“With these appointments, we have laid the groundwork for the next phase of growth at Barrick,” Munk said. “The same key management people, with some senior and experienced additions in strategic areas, will ensure that Barrick will continue to be a growth company for the next decade.”
The Group recently signed its first agreements in South America for two exploration projects, in north-central and southern Peru, covering 250,000 hectares.
Barrick is projecting total 1993 gold output of more than 1.5 million oz. Its growing Goldstrike mine in Nevada turned out 1.18 million oz. gold during the first nine months of 1993, compared with 838,711 oz. for the same period last year.
The company reports 9-month operating costs of US$171 per oz., down from US$176 last year, a reflection, it says, of Goldstrike’s low-cost production and an improved performance at its Holt-
McDermott mine north of Kirkland Lake, Ont.
Net income during the 9-month period rose to US$161.6 million, up from US$109.4 million for the same period in 1992. The company reported cash and short-term investments of $336.5 million as of Sept. 30.
A hedging program yielded the company an average price of US$410 per oz. for its gold sales during the first nine months of this year.
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