The Dubai Gold and Commodities Exchange (DGCX) today announced the listing of Barrick Gold Corporation, a leading international gold mining company, as its latest member.
Welcoming them, DGCX chairman Colin Griffith said, “We believe that the addition of Barrick Gold Corporation as a member of DGCX is very significant for a number of reasons. Historically they have transacted their spot gold sales on an over the counter basis. By joining DGCX, Barrick will have an alternative and potentially highly efficient means by which to sell its gold production,” he explained.
Anticipating that the move will increase awareness of the exchange internationally and lead to interest from other major gold market participants in the exchange, Griffith added: “As the company increases its use of the exchange platform, DGCX will in turn benefit from the increased liquidity and increased volume of contracts. It is another important milestone in the robust growth of the exchange.”
Meanwhile, Greg Wilkins, President and CEO of Barrick said, “Joining DGCX will give us insight into the important middle east gold markets. We certainly look forward to a long and fruitful membership at DGCX.”
Barrick Gold Corporation has 27 operating mines located across North America, South America, Australia-Pacific and Africa. As on December 31, 2006, Barrick Gold Corporation had 123 million ounces of proven and probable gold reserves, the largest in the industry, as well as 6 billion pounds of copper reserves and 964 million ounces of silver contained within gold reserves and an unrivalled pipeline of projects. Barrick shares are now traded on the Toronto and New York stock exchanges.
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