Barrick has four new low-cost mines coming on stream over the next four years, and Nystrom says Barrick's execution risk is low because of ownership of several mines, and that political risk is also mitigated because of geographic diversification.

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It has designated Iran's Revolutionary Guard, increasingly seen as an economic power in the country through its ownership of everything from mines and mobile phones to construction firms and a port, as a proliferation-supporting enterprise.

ECONOMIST: Sanctions on Iran

The government approved a mining charter last October which set out a target of 15% black ownership in local mines within five years and 26% within 10 years.

BBC: Mbeki urges black economic push