Company News

Barrick Gold forecasts 10-year output, provides update on projects

TORONTO, Feb 22 (Reuters) - Barrick Gold predicted annual production of more than 4 million ounces of bullion between 2023 and 2027 on Thursday, a long-term view following last week’s near-term forecast of lower output and higher costs from the world’s biggest producer.

The Toronto-based company also said its Chief Operating Officer, Richard Williams, will step down and take on a new role that will focus exclusively on talks with Tanzania for its troubled Acacia Mining unit. Senior Vice President Greg Walker will oversee operations.

Barrick, which expects 2018 output of 4.5-5 million ounces and 2019 to 2022 annual production of 4.2-4.6 million ounces of gold, also provided updates on four projects that could add more than 1 million ounces to annual output, starting in 2021.

Notably, it will spend $300 million to $325 million to nearly double production at Turquoise Ridge in Nevada to 500,000 ounces annually, and is designating the operation a core Barrick mine.

Newmont Mining, which is nipping at Barrick’s heels to take on the title of the top producer, holds 25 percent of the Nevada mine with Barrick owning the remainder. (Reporting by Susan Taylor; Editing by Bernadette Baum)