Barrick Gold to go ahead with $7bn Reko Diq project in Pakistan

Traditionally seen as a safe asset, investors bought gold in unprecedented quantities last year as the coronavirus swept through the world economy.

Company posted a 1.2% fall in third-quarter gold output, hit by lower production at its Lihir mine in Papua New Guinea and a slow recovery at its flagship Cadia mine.

The plant, on the island of Obi, is one of a number of high-pressure acid leach projects in top nickel miner Indonesia.

Company was granted a three-year licence renewal last year to operate its $800 million plant in the east-coast town of Kuantan.

Parts of the world seem to have run out of the metal essential for circuit-board soldering.

Pre-investment work would will allow company to ramp up mining and drilling activities at its Simberi sulphide project.

Consortium said its bid for the copper miner had been declared unconditional after winning more than 90% of support.

It’s been a rapid turnaround as cutting centers in India and Antwerp rushed to replenish supplies they’d been unable to buy during the worst of the crisis.

After the deal, Freeport will own 30% stake in P.T. Smelting, which is 60.5% owned by Mitsubishi Materials Corp.