Barrick Gold enhances strategic partnership with Shandong Gold Group

By Dale Benton
One of the worlds leading gold corporations in Canada has entered into a strategic partnership with one of the leading gold companies in China. Barrick...

One of the worlds leading gold corporations in Canada has entered into a strategic partnership with one of the leading gold companies in China.

Barrick Gold announced in a statement this week that it has entered into an “enhanced strategic cooperation agreement” with Shandong Gold Group Co.

The agreement comes only a year after the company had sold a 50% stake in its Veladero mine in Argentina in a deal valued at $960 million.

The deal at the time was the first step in a long term strategic partnership between the two companies.

“Over the past year, we have been laying the foundation for a distinctive, enduring, and trust-based relationship with Shandong Gold,” said Barrick Executive Chairman John L. Thornton. “Over thousands of hours and many site visits, we have worked side by side to deepen our understanding of each other’s values, strategic priorities, and operating capabilities. This agreement will allow us to take our partnership to the next level, as we jointly explore opportunities to enhance long-term value for our respective owners, as well as our government and community partners.”

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“Based on an identical culture and development concept, the joint operation of the Veladero mine in Argentina has obtained good effect,” said Chen Yumin, Chairman of Shandong Gold. “Shandong Gold and Barrick have maintained reciprocal visits of high frequency in respect of mining technology, corporate culture, community harmony, sustainable development and environmental protection, which has promoted cultural integration and management improvement. This signing of the Strategic Cooperation Agreement represents a new level of our partnership.”

The Veladero mine is on track to produce between 275,000-330,000 oz of gold

As part of the partnership, Shandong Gold is currently completing an independent evaluation focused on the potential to develop a mining project at Lama in Argentina, including a high-level evaluation of potential synergies between Lama and the nearby Veladero operation.

The two companies will also share technical expertise and best practices related to mining technology, information technology, information management, and digital innovation.


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