Barrick (NYSE:ABX) CFO Projects 9 Million Gold Ounces Annually

In a webcast covering the UBS Best of the Americas conference, Barrick Gold (NYSE:ABX) CFO Jamie Sokalsky said the company has an annual gold production target of 9 million ounces within five years.

A two-part strategy to reach that level will be implemented. They will continue to work on expanding existing projects, while developing new projects they already have a stake in. That combination should bring the desired gold production results Barrick is looking for.

At this time they're not thinking in terms of acquiring new projects, as the high price of gold has caused the cost of gold assets to soar.

This year Barrick estimates production will be about 8 million ounces of gold on the higher end, but could come in as low as 7.6 million as well.

The gold miner has been battling to reverse their gold production slide, which last year plummeted to 7.4 million ounces.

Projects targeted for expansion or development, include Turquoise Ridge in Nevada, which they own a 75 percent stake in with Newmont Mining (NYSE:NEM). At this time the underground mine is producing between 150,000 to 200,000 ounces a year.

Scheduled to begin production in the fourth quarter of 2011 is the Pueblo Viejo project. In 2013 the Pascua Lama mine will start production. Cerro Casale, in Chile, is also included in the projected 9 million ounce production goal of Barrick.