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TORONTO 鈥?The CEO of Barrick Gold Corp. says copper stands to grow in importance for the world second-biggest gold miner after 10-year-high prices for copper bolstered its first-quarter earnings.Barrick plans to continue its copper-directed exploration efforts while banking increasing reven
stanley cup ue from existing mines as prices rise to more than US$4.50 per pound, Mark Bristow said on a conference call to discuss Barrick results from the first three months of the year.We see our own copper portfolio as a source of different
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stanley flask on to our gold industry peers, providing shareholders with meaningful exposure from assets that are in production today, he said. ARTICLE CONTINUES BELOW Based on the current spot pricing, copper is expected to represent at least 20 per cent of our gold-equivalent ounces sold from 2021 to 2025, up from the 16 per cent contribution in 2020, based on actual realized prices.Toronto-based Barrick on Wednesday reported a first-quarter profit of US$538 million, up from US$400 million a year ago, as revenue rose to nearly US$2.96 billion from US$2.72 billion. ARTICLE CONTINUES BELOW Copper revenues increased 31 per cent compared with the fourth quarter of 2020 as Barrick realized price rose to US$4.12 per pound from US$3.39 in the previous quarter and US$2.23 in the year-earlier period.The increase came as copper production