In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong license to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors.
Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold.
Bristow responded that building a sustainably profitable business is key, and something he started at Randgold Resources in 1995, prior to that company’s merger with Barrick Gold, completed early last year.
“We set out to build a sustainably profitable business, it happens to be gold … and to do that you need to focus on employing the best people, manage the best assets and … [focus] on the longer term. … This is a long-term game,” he told EY’s Swinoga.
“The mining industry often gets caught up with exploiting the moment … and we at Randgold attracted a very broad-based generalist following …
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