The Asia Miner

OCT-DEC 2018

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 15 of 51

the asia miner • volume 15 • issue 4 14 REGIONAL FOCUS: China Barrick Gold is sঞpulaঞng that in the next 10 to 15 years, China has the potenঞal of becoming the largest economy in the world. If it does, it will be the first ঞme in 150 years that a country other than the United States holds the coveted posiঞon. Recognising the need for strong relaঞonships with the emerging economic power, Barrick Gold is forging ahead in the space it knows and understands best: gold. China is both the largest producer and consumer of the metal. The country also possesses disঞncঞve advantages as a potenঞal source of low-cost capital, technology, supplies and geopoliঞcal leverage for any global mining firm. And the country's own gold producers, ambiঞous and acঞvely in search of opportuniঞes around the world, offer the prospect of uniquely strategic and long-term partnerships. According to Barrick Gold, its focus on China is real and deliberate. In 2014, the company created the posiঞon of President for Barrick China to manage its interests there. In 2015, Barrick Gold sold half of its ownership in the Porgera gold mine in Papua New Guinea and began joint operaঞons with the buyer, Zijin. In 2017, Barrick Gold formed a 50-50 joint venture with Shandong Gold at the Veladero mine in Argenঞna. Barrick announces agreement with Shandong Gold Image courtesy ©Barrick Gold. Touring the underground operaons of China's largest gold mine by producon

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