Barrick identifies North Africa as one of new gold regions about which it’s most excited

BARRICK Gold listed North Africa has one of the regions about which it was most excited in terms of resource growth, as well as the Middle East.

Commenting in the gold producer’s 2023 Information Circular ahead of its annual meeting, scheduled for May 2, Barrick chairman John Thornton said that it had doubled resources in the 2022 financial year.

“Attuned to the cyclicality of markets, Barrick’s strategy of building its future by continuing to invest in sustainably profitable growth, organic as well as external, has equipped us well to deal with challenging circumstances,” said Thornton.

“Our focus in 2023 will be on expanding Barrick’s value foundation, already one of the industry’s best, within and beyond our current borders. The Reko Diq project in Pakistan will almost double our current copper production and will add to our gold production when it is fully operational,” Thornton said in the circular.

“We are also extending our presence in North and South America and we are particularly excited by new opportunities in North Africa and the Middle East,” he said.

In 2021, Barrick was awarded four exploration licenses for 19 blocks made available by the Egyptian government in terms of its strategy to build its gold mining sector.

Barrick also commented on an industry-wide phenomena of diminishing skills. The poor reputation of the mining sector in society is turning young peoples’ heads to other areas of the job market. Companies including AngloGold Ashanti, Impala Platinum and Harmony Gold have commented about higher competition rates for staff with relevant skills.

Brett Harvey, a lead director for Barrick said in the circular that the group prioritises local recruitment. As a result 96% of Barrick’s global employees are host country nationals.

“Similarly, the board represents a mosaic of skills, nationalities, racial and ethnic backgrounds and experiences and perspectives that is not only capable of directing Barrick effectively in a rapidly changing world but also represents the composition of our stakeholder universe,” the company said.