Barrick Gold Corp. chief executive Mark Bristow is talking down the chances of buying either of his two biggest competitors, Newmont Corp. and Agnico Eagle Mines Ltd., as he shuns deal-making in favour of growing Canada’s biggest gold company from the ground up.
Barrick has sat on the sidelines in large-scale mergers and acquisitions since Mr. Bristow joined the company in 2019, after it bought Randgold Resources Ltd., a company he founded and ran for two decades.
Newmont in 2018 passed Barrick as the world’s biggest gold company by production, and it has widened its lead in recent years with the acquisitions of Canada’s Goldcorp Inc. in 2019 and Australia’s Newcrest Mining Ltd. earlier this year.
Barrick under Mr. Bristow attempted to buy Newmont in 2019. While he failed in his attempt to buy the whole company, he forged a joint venture around both companies’ portfolios of giant Nevada gold mines, a transaction that delivered much of the strategic rationale behind the two companies merging.
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