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Josemaria Resources Inc. (TSX: JOSE) (OTCQB: JOSMF) Project Potential Acquisition for One of World’s Largest Gold Mining Companies
January 8, 2021

Josemaria Resources Inc. (TSX: JOSE) (OTCQB: JOSMF) Project Potential Acquisition for One of World’s Largest Gold Mining Companies

  • JOSE’s Josemaria Copper-Gold Project makes list of possible acquisitions as Barrick Gold eyes expansion into copper space
  • Barrick CEO calls copper “fantastic asset and very strategic”
  • Article notes that JOSE property has proven probable reserves of 6.7 billion lbs. of copper, 7 million ounces of gold, 30 million ounces of silver

Josemaria Resources (TSX: JOSE) (OTCQB: JOSMF), a natural resources company that is offering an advanced-stage copper-gold deposit project located in Argentina, is on a short list of potential acquisitions Barrick Gold may be looking at, according to a “Dear Retail” article ( The article notes that Barrick currently owns a copper mine in Zambia as well as interests in two additional projects, one in Chile and one in Saudi Arabia. However, the company’s copper output is relatively small and certainly “no match for copper giants like BHP, Glencore, Freeport-McMoran and Anglo American.”

The article, titled “Why Barrick Gold (NYSE: GOLD) Could Acquire These Copper-Gold Projects,” notes that Barrick Gold president and CEO Mark Bristow, who joined the company in early 2019, sees a tremendous value in copper. “As gold miners, we’re going to have to take on other assets, and copper is a good thing to own,” Bristow said earlier this year ( “It’s a fantastic asset and very strategic.” Bristow has spoken openly of his plans to expand the company’s copper business.

The “Dear Retail” article reports that “with proven probable reserves of 6.7 billion lbs. of copper, 7 million ounces of gold and 30 million ounces of silver, Josemaria is a large-scale, undeveloped deposit in Argentina’s pro-mining San Juan province that is expected to begin commercial production in 2026. Barrick has history with both San Juan and the Lundin Group – Josemaria is not far from the Lundin Group’s previous discovery, the Veladero gold deposit, which was acquired by Homestake Mining after the Lundins fought off a hostile bid by Barrick, who later bought Homestake in order to gain ownership of Veladaro.”

Josemaria recently presented at the Metals & Mining Live Virtual Investor Conference, where company leaders provided an update of its wholly owned Josemaria copper-gold mining project, the Josemaria Copper-Gold Project. Based on a company feasibility report ( the Argentina-based mine is forecast to generate an average annual production of 136,000 tonnes of copper, 231,000 ounces of gold, and 1,164,000 ounces of silver over its 19-year life span.

Bristow’s interest in copper — and potentially Josemaria — certainly makes sense. Forecasts for copper production at the Josemaria mine are equal to almost 1% of the annual global supply ( This projection makes the mine an attractive target, especially in light of the fact that copper’s electrical and thermal conductivity make it essential to the production of electrical conductors, switches, transformers and wiring.

“Analysts have said that in order to compete with this group of companies, the most logical option would be for Barrick to make a major acquisition, and we would wager that Bristow is thinking along the same lines,” the article states. “Barrick is well positioned to make such a strategic acquisition. The strength of gold prices in 2020 has helped it to pay down debt and improve its balance sheet, and in an earnings call with investors in May, Bristow said this year offered a ‘dynamic M&A environment.’ . . . . This industry needs to consolidate, and it needs to consolidate with assets that are related, that are not disparate. . . and copper and gold have a close association.’”

Josemaria Resources is a Canadian natural resources company based in Vancouver, British Columbia. The company’s current focus is on advancing the development of its wholly owned Josemaria copper-gold mining project. Josemaria Resources is part of the Lundin Group of companies, a conglomerate of 13 business entities operating in the mining, oil and gas and renewables sectors around the world. 

For more information on Josemaria Resources, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to JOSMF are available in the company’s newsroom at

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