Barrick enhances strategic agreement with China’s Shandong

Ontario-based Barrick Gold, the world’s biggest gold mining company, has announced that it has deepened strategic ties with state owned Chinese firm Shandong Gold in the aim of strengthening collaboration and investment opportunities between the two industry players.

The announcement was made during a ceremony held in Jinan, Shandong Province, China where leaders from both Barrick and Shandong were in attendance to sign the agreement.

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“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,” said Barrick Executive Chairman John L Thornton.

A key element of the refined agreement will see the companies exploring the potential synergies of Shandong’s Lama project in Argentina and the nearby Veladero mine that is a joint venture between the two firms.

“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,” said Chen Yumin, Chairman of Shandong Gold. 

“This signing of the strategic cooperation agreement represents a new level of our partnership.”