Barrick to Invest $550 Million in Peru to Extend Mine Output

Bloomberg reported that Barrick Gold (NYSE:ABX) will be upgrading its two Peru-based gold mines at a cost of over half a billion dollars.

The market news is quoted as saying:

The Toronto-based company is adding processing facilities and water treatment plants to tap lower-grade ore which became profitable after prices doubled over the past two years, Wagner said. Alto Chicama will produce 740,000 ounces this year and Pierina will produce 160,000 ounces, down from 850,000 ounces and 200,000 ounces in 2010, respectively.

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