BARRICK Gold would “ultimately prevail” because it was building a long-term, investable business for all its stakeholders and not just the few that were demanding “instant gratification”.
That’s according to Barrick CEO, Mark Bristow who was responding to a question at the Financial Times Mining Summit over why the Barrick share price was down 19% this year compared with only a 9% drop for Newmont Corporation.
Barrick and Newmont have long been bitter rivals at the top of the international gold mining business. Barrick launched an unsuccessful bid to take over Newmont in March 2019 which resulted in the creation of a joint venture between the two groups over their respective Nevada operations which are now run by Barrick.
In respect of Barrick’s share price performance, Bristow was asked: “What are investors not getting about the company?” Said Bristow: “If you go back to September 21, 2018 (when Barrick and the former Randgold Resources were merged) we are still outperforming Newmont as a share price”.