May 17, 2020

BHP to utilise China’s economic transformation

Economic transition
Belt and Road Initiative
Sophie Chapman
1 min
BHP eyes opportunities in China
The Australian-based mining company, BHP, has announced that it has spotted opportunity in China during its economic transition.

According to Arnoud Ba...

The Australian-based mining company, BHP, has announced that it has spotted opportunity in China during its economic transition.

According to Arnoud Balhuizen, the Chief Commercial Officer at BHP, the firm also see potential in the Belt and Road Initiative.

Due to the nation’s economic transformation, many steel and coal mines – which some cities relied upon – have been shut down in a bid to cut excess capacity and increase efficiency.

“With the blueprint and strategy of moving from high-speed growth to more sustainable and quality growth, the quality of resources will become more important,” commented Mr Balhuizen.


BHP plans to work with customers in order to supply stable and high-quality sustainable resources in response to the Chinese economy.

The nation’s resources imports steadily grew last year, with crude oil, iron ore, and natural gas imports growing increasing by 10.1%, 5%, and 26.9% respectively.

“Furthermore, with infrastructure construction connecting more countries, new trade opportunities and economic development will emerge,” Balhuizen added.

“I think the rest of the world is still underestimating the importance of this huge initiative.”

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May 5, 2021

Barrick profit beats expectations as copper, gold prices up

Barrick Gold
2 min
Barrick Gold reports a 78% jump in Q1 profits thanks to strong performance in Zambia and Tanzania

Barrick Gold has reported a 78% jump in first-quarter profit, beating analyst expectations thanks to rising gold and copper prices, and said it was on track to meet annual forecasts.

Production in the second half is expected to be higher than the first, the gold miner said, thanks in part to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia, reports Reuters

Barrick Gold

Barrick’s first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.

Adjusted profit surged 78% to $507mn in the quarter ended March 31, from $285mn a year earlier, and Barrick announced a 9 cent per share quarterly dividend.

Stronger prices helped boost Barrick’s revenue from its copper mines in Chile, Saudi Arabia and Zambia by 31% from the fourth quarter. Overall earnings per share were $0.29, ahead of analysts’ estimate of $0.27.

“We expect a positive stock reaction to the earnings beat and strong cash flow,” said Credit Suisse analysts.

Potential for South Africa merger

Barrick CEO Mark Bristow, who has championed mergers across the gold industry, said he backed the idea of South Africa-listed miners Goldfields and AngloGold Ashanti combining.

Speculation has been swirling around the two companies and Sibanye-Stillwater, whose CEO Neal Froneman floated the idea of a three-way merger.

“I’m a South African, and this country has such a great mining history and it would be great to see a real gold business come out of the many failed discussions that we’ve seen,” said Bristow.


Goldfields declined to comment. In a statement, AngloGold Ashanti said it was focused on delivering on its growth plan to unlock value from its portfolio of gold assets.

Bristow also said he had met with the Democratic Republic of Congo’s new mines minister and other officials and was continuing to work on getting $900mn belonging to its Kibali mine joint venture out of the country.

“We have a solution, it just needs to be sanctioned by the appropriate authorities which haven’t been around for a while,” he said, referring to a recent government overhaul by President Felix Tshisekedi.


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