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Global gold miners have finally found themselves in a cheerful mood after five years of gloom. Major bullion miners including Barrick Gold are poised to shift to the expansion mode leaving aside the narrative of cost cutting and debt.
Miners from Canada to Australia and South Africa are now mulling ways to boost production as their balance sheets are healthier. Another reason for this positive development is a 17 percent rise in gold prices since January to $1,244 an ounce.
A Reuters report note that Barrick Gold, the world's biggest miner is now looking at exploring growth opportunities. Growth was not a priority for Barrick Gold in recent years as the company sold assets to reduce its $14 billion debt by 40 percent. Now, as things have changed, the company has appointed a growth committee to evaluate in-house projects, exploration opportunities and acquisitions: a stark deviation from their previous 'cost cutting' narrative.