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Barrick chief executive officer Mark Bristow is refusing to shut the door on accepting new investment from state-controlled Chinese companies, and questioned the move by Canada and the U.S. to clamp down on such investment in the North American mining sector.
Last year, in an effort to bolster the domestic critical-minerals industry, the federal government said it would not allow any more investment by China, except on exceptional grounds, owing to national-security concerns.
Ottawa has also signalled its distaste for gold investment by China into Canada. In 2020, the government blocked the acquisition of Canadian gold miner TMAC Resources by state-controlled Shandong Gold Mining Co. Ltd.
Shandong is one of two large Chinese joint-venture partners that Barrick has in mines around the world. Barrick also has a Chinese partner in Zijin Mining. Barrick has raised billions from both Chinese investors to fund its Veladero mine in Argentina and its Porgera operation in Papua New Guinea.
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