Barrick Gold Corp. is sniffing around for its next acquisition, but chief executive officer Mark Bristow says the big Canadian miner won’t be rushed into doing anything rash.
Toronto-based Barrick’s most recent significant deal was its 2018 US$6-billion purchase of Randgold Resources Ltd. , the African producer Mr. Bristow founded and ran for two decades.
Inspired by the success of that deal, several other large gold companies, including Newmont Corp. and Kirkland Lake Gold Ltd. struck multibillion-dollar acquisitions of their own. Smaller deals also followed, with Endeavour Mining Corp., Alacer Gold Corp. and Agnico Eagle Mines Ltd. taking starring roles.
Unlike the ruinous round of consolidation that swept across the industry from 2008 to 2012, the current round has gone well. Takeover premiums have been low or non-existent, promised cost savings have largely been borne out and the share prices of the acquirers have gone up.