Published on 8 May 2024 on Zacks via Yahoo Finance
Barrick (GOLD) Announces Partnership With Geophysx Jamaica
Barrick Gold Corporation GOLD recently announced that its subsidiary, Barrick Gold (International Holdings) Ltd., has entered into an exploratory earn-in agreement with Geophysx Jamaica Ltd. for certain assets in Jamaica.The agreement initially grants Barrick access to about 4,000 square kilometers of consolidated land positions across the country, with a favorable geological setting similar to the Dominican Republic, where Barrick runs the Pueblo Viejo mine.Barrick will be able to collaborate with Geophysx to gain up to an 80% joint venture interest in specific properties after meeting specified spending commitments and study-deliverable milestones. Barrick will serve as the operator in collaboration with Geophysx, utilizing the latter’s existing personnel, experience, facilities and equipment.Geophysx has conducted high-quality early-stage exploratory work such as geochemical sampling, geological mapping and industry-leading airborne geophysical surveys. These datasets allow the two organizations to quickly move to target definition and boost opportunities for discovering additional resources.GOLD looks to advance the partnership by combining and using Geophysx's expertise and presence on the island, as well as the outstanding dataset they have built, with Barrick's technical and financial resources to deliver fresh, world-class discoveries. The company intends to collaborate with Jamaica’s government on projects that will benefit both the country and local populations.Shares of GOLD have lost 15.4% over the past year compared with a 6% decline of its industry.
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