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Company News

Barrick Gold sees potential to expand Tier 1 assets - Thornton

TORONTO, Oct 25 (Reuters) - Barrick Gold Corp could have nine of the world’s top gold mines in a “relatively short” time under its $6.1 billion acquisition of African miner Randgold Resources Ltd, Barrick Executive Chairman John Thornton said Thursday.

Barrick and Randgold will focus on Tier 1 assets which produce 500,000 ounces of gold annually, have a mine life of more than 10 years and are low cost. The combined company, subject to a Nov 5 shareholder vote, will have five of the world’s top 10 Tier 1 assets, Thornton said on a quarterly conference call with analysts.

Reporting by Susan Taylor, Editing by Franklin Paul

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