The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
Shandong Gold Mining News
The company has set up a representative office in Machala, capital of Ecuador's El Oro province, historically a gold-producing region, and will use this as a base to participate in South American projects.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Acquisitions in the metals mining sector have begun to pick up, with an increase in joint ventures between Western and Chinese mining firms.
A new joint venture has been born.
Veladero could fetch more than $1 billion despite operational setbacks.