Entered in gold mining business in 1983, Barrick Gold Corporation has a portfolio of operating mines and development projects located in the United States, Canada, Australia, Peru, Chile, Argentina and Tanzania. In 2004, the Company's 12 operating mines produced about 5 million ounces of gold, at a cash cost of $212 per ounce, the lowest cash cost of all senior producers.
The Company increased its reserves by over 3 million ounces during 2004, with gold mineral reserves of 89 million ounces as at December 31. For 2005, the Company expects gold production to be 5.4 to 5.5 million ounces at an average total cash cost of about $225 per ounce.
Company success has been grounded in three key, complementary strategies:
• A consistent investment in exploration and development. • A district development approach, aimed at optimizing reserves on highly prospective gold belts. • And disciplined acquisitions and mergers.
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