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Wednesday, 26th January 2005 (4912 views)

Canada's Barrick Gold has revealed that it has met 2004 targets for gold production and that it expects 2005 production to increase to 5.5 million ounces.<br/><br/>According to the firm, full year gold production for 2004 reached 4.96 million ounces, costing an average total of $212 per ounce.<br/><br/>Greg Wilkins, Barrick president and CEO, said: "I'm pleased that we were able to meet our original 2004 production and cost targets during a year of significant cost pressures for the mining industry.<br/><br/>"Last year's operating performance and the significant progress made on our portfolio of low operating cost development projects strengthens my belief that we have the best quality assets in the gold industry." <br/><br/>Barrick also remains committed to its 40 per cent targeted growth plan and its target for gold production of 6.8 to seven million ounces by 2007.<br/><br/>It is thought the start of production at three new mines in 2005 will also help boost the company's growth plan and drive production by ten per cent over 2004.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7650048"/>

 

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