Barrick sees opportunity for more saving

NEW YORK (Reuters) - Barrick Gold Corp.'s (ABX.TO: Quote, Profile, Research, Stock Buzz) chief executive said on Monday that the company is working on the finer points of integrating Placer Dome's assets and sees more opportunities for synergies.

Speaking at the Reuters Global Mining and Steel Summit in New York, Greg Wilkins said Barrick has clearly identified the $200 million in synergies it expected to realize from the acquisition and said, "We are starting to see more opportunities from an operations and explorations perspective."

Wilkins said the company has not revised its expectation for those synergies. "As it relates to operations and exploration, it won't be measured just in millions of dollars, it could be more fundamental to the company than that," he said.

Wilkins said the structure of the integration was going very well and it was ahead of schedule.

Toronto-based Barrick became the world's largest gold producer with the Placer acquisition, putting it ahead of Newmont Mining Corp. (NEM.N: Quote, Profile, Research, Stock Buzz) and AngloGold Ashanti Ltd. ANGJ.J.. The deal closed earlier this year.

Wilkins said the company expects to realize $100 million in savings this year and is on track to realize the $200 million in synergies in 2007.

Wilkins said Barrick is taking its time to review all the assets to see if there is a better strategy.

"At this point and time we haven't made any decisions, and it may be that the decision is that we retain all the assets," he said.

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