Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Barrick Gold (TSX: ABX; NYSE: GOLD) announced on Wednesday that it is prepared to explore new gold and copper deposits in the Democratic Republic of Congo in partnership with the government.
The world’s No. 2 gold miner wants to continue exploring the region, it said, after its success at the Kibali gold mine in northeastern DRC. The mine yielded 343,000 ounces of gold in 2023, representing nearly 8.5% of the company’s output for the year.
“Kibali has transformed what was previously the disadvantaged northeast region of the country into a new economic frontier and a flourishing commercial hub,” Barrick CEO Mark Bristow said in a news release.
“Of our $5 billion investment in the DRC, more than half has been spent with local contractors and suppliers,” Bristow said.
Last year, Barrick announced it intended to search for additional copper deposits in Zambia and the DRC as part of its efforts to expand its presence in the African copper belt.
