Barrick Gold Seeks to Acquire More Copper Assets in Africa

SEATTLE (Scrap Monster): Barrick Gold Corporation is reportedly looking to acquire more copper projects in Africa, especially in Zambia and the Democratic Republic of Congo (DRC), in line with the company’s strategic expansion plans. The constrained supply has taken the prices of the industrial metal to a record in March this year, although they are off the peak levels currently. It must be noted that Barrick already owns a copper mine in Zambia.

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Mark Bristow, Chief Executive Officer, Barrick Gold said that the company looks to explore opportunities across the Central African copperbelt. Although the border area between Zambia and Congo is home to world’s richest copper deposits, many miners have been forced to halt operations, mainly on account of prevailing aggressive mining policies in both the countries.

However, the newly appointed Zambian President Hakainde Hichilema has been engaged in efforts to repair its relations with mining companies, by attempting to ensure an improved investment climate in the country. Bristow had met Hichelma last week.

Bristow expressed interest in developing copper and gold mines in DRC, despite being critical of the government’s recent revision of mining code.