While gold miners have been making substantial profits in recent quarters thanks to rising gold prices and better operational and financial discipline, they continue to seek new ounces via the drill bit to fill their production pipeline. A look at eight majors and juniors exploring for gold worldwide.
The world’s largest gold miner Barrick Gold (TSX: ABX; NYSE: GOLD) is also heavily invested in gold exploration, with the company noting that since 1990, it has found 129 million oz. gold at an overall discovery cost of US$29 per oz., or roughly half the average finding cost across the industry.
With its merger with Randgold Resources now completed, Barrick says its investment criteria for greenfield gold projects include a “critical mass of 3 million mineable oz. gold capable of delivering an internal rate of return of 20% at US$1,000 per oz. gold.”
Today, its most prominent greenfield exploration projects are: The 83.3%-owned Massawa gold project in Senegal, where a feasibility study is underway towards a final development decision; the 50%-owned, 39 million oz. gold Donlin Gold project in Alaska, which the company says “represents one of the world’s largest undeveloped gold deposits at an advanced stage of permitting in a stable jurisdiction, underscoring its unique potential”