There are two major gold and copper mines operating in Ecuador's Amazon region, while other projects have been halted by community opposition.

Company said a review into the mine showed its largest reserve growth in a decade.

The company secured rights to earn up to 90% of 28 mining claims and 1 mineral lease totaling 4,968 Hectares covering the Sherridon mining district.

The licences are adjacent to the Bulyanhulu mine and have the potential to add significant mineral reserves to Barrick’s asset base in Tanzania, the company said

The ore that contains sufficient valuable mineral to be treated by milling process is what ends up going into the processing plant compared to run of mine ore production.

A formal construction decision is expected in early 2022.

Luckily for gold, despite its hawkish rhetoric, the US central bank will remain behind the inflation curve.