Canadian Mining Journal

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GOLD: Barrick, Shandong strengthen co-operation



The Veladero gold mine high in the Andes Mountains of Argentina. (Image: Barrick Gold)

TORONTO – Barrick Gold says it has enhanced the strategic co-operation agreement between it and Shandong Gold Group Co. The new document builds on an April 2017 agreement when Shandong acquired 50% of Barrick’s Veladero gold mine in Argentina.

The two companies appear to have enjoyed mutual respect for the last 15 months. Barrick chairman John L. Thornton calls the relationship “distinctive, enduring and trust based.” Chen Yumin, chairman of Shandong Gold, was equally enthusiastic, saying the companies share an “identical culture and development concept.”

The new agreement has three key elements:

  • Shandong is currently completing an independent assessment to develop a mining project at Lama in Argentina.
  • One of Shandong’s mines will be chosen as a venue for the two companies to share technical mining expertise, information technology, information management and digital
  • Invest in future joint ventures or asset sales.

Learn more about Barrick at www.Barrick.com or Shandong Gold at www.SD-Gold.com.