Barrick produced 4.14 million ounces of gold last year, marking its third straight decline in annual output.

Yamana Gold shareholders will vote on the offer at a special meeting January 31.

Should all go to plan, Reko Diq will be the first copper-gold mine in the country’s Balochistan province.

Hole K-22-255 returned 399.8 metres of 0.62% copper, 0.74 g/t gold and 2 g/t silver from 152.2 metres downhole.

Gold prices are expected to rise towards record highs above $2,000 an ounce this year, according to industry analysts.

Ridgway and the exploration teams under his guidance have discovered gold deposits in Honduras, Guatemala and Nicaragua and a silver-gold deposit in Mexico.

Unregulated mining has destroyed rainforest land and polluted rivers with deadly mercury.