New mines set to boost gold production

As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.

Bullion is now 18% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks.

Barrick Gold's second-quarter gold output edged up by almost 0.9% from the previous three months.

Simandou has faced delays due to legal disputes, political changes, and the challenges of building out 600 km rail and port infrastructure.