Barrick Gold Corp. () needs more assets in Canada, the gold miner’s new chief executive officer said Wednesday, on the company’s first day of trading since its recent acquisition of Randgold Resources Ltd.
“Barrick is back,” 59-year-old Mark Bristow told BNN Bloomberg in an interview from the New York Stock Exchange. “We should be proud of being team players in the Barrick family, and one of the things that I really am focused on is we definitely need more assets in Canada. ”
Barrick currently operates just one mine in the country – Hemlo Mines – east of Thunder Bay, Ont. “Don’t get too hung up right now on us only having Hemlo,” Bristow added. “We’re definitely focused on growing this business and you’re correct if you’re recognizing that we’re underweight in our investments in Canada.”
Bristow said he would be looking for what the company refers to as Tier 1 assets, ones that produce 500,000 ounces of gold annually for more than 10 years. Currently, Bristow said he looks for a 15 per cent internal rate of return with a long-term gold price of US$1,200 per ounce.
Bristow added he would still buy into what he referred to as a second-tier investment, which would produce 300,000 ounces of gold annually for 10 years of production. For a smaller gold asset, Bristow said he would look for a 20 per cent return using a long-term gold price of US$1,000.
For the rest of this article: https://www.bnnbloomberg.ca/we-definitely-need-more-assets-in-canada-barrick-s-new-ceo-says-1.1189659