Barrick says focus is gold, no plans to boost copper position

Thu Feb 19, 2015 10:14am EST
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TORONTO Feb 19 (Reuters) - Barrick Gold said on Thursday it is focused on being a gold miner and has no plans to boost its copper asset base, in a move to allay concerns of some investors that the miner may seek to diversify its operations further.

"Our focus is gold. We have no plans to diversify into other metals, and we have no plans to add to our existing copper position," Barrick Executive Chairman John Thornton told investors on the company's earnings conference call.

Barrick on Wednesday said it would sell its Porgera gold mine in Papua New Guinea and its Cowal gold mine in Australia to help reduce net debt by at least $3 billion by year-end, giving investors a long-awaited glimpse into its strategy. (Reporting by Euan Rocha; Editing by Jonathan Oatis)