LAS VEGAS (Reuters) – Barrick Gold Corp Chief Executive Mark Bristow spent years burnishing his reputation as an aggressive dealmaker, but he says now he is focused on new mines that he hopes will boost profit and the company’s sagging stock price.
The strategy eschews the acquisition appetite that made Barrick what it is today and instead pins the company’s growth on exploration projects in Egypt, Nevada, Guyana and elsewhere.
“The very foundation of our future has to be our geologists and where we are investing,” Bristow told Reuters on the sidelines of the MINExpo conference in Las Vegas, the quadrennial gathering of industry executives and suppliers. “Organic growth is always a winner when it comes to value.”
Barrick’s shares have lagged rival Newmont Corp and the S&P 500 this year, putting pressure on Bristow and his management team. But Bristow said that by funding exploration, rather than striking deals, Barrick’s costs should drop over time, boosting revenue.
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