Barrick CEO sees few decent deals in ‘fragmented’ gold industry – by Jacob Lorinc (Bloomberg News – November 3, 2022)

Barrick Gold Corp.’s top executive says he’s on the hunt for more gold deals — there just aren’t many appealing choices.

The world’s No. 2 bullion producer is keeping “a sharp outlook for M&A opportunities,” Chief Executive Officer Mark Bristow said Thursday in his company’s third-quarter earnings report, though those that could pass the company’s strict investment criteria “are few and far between.”

Bristow reiterated his longstanding view that the gold industry needs more consolidation in an interview after Barrick posted its 13th consecutive quarterly earnings beat.

His comments come as South Africa’s Gold Fields Ltd. tries to drum up investor support for a takeover of fellow Canadian miner Yamana Gold Inc. in what would be the biggest bullion deal of the year.

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