https://www.theglobeandmail.com/
Barrick Mining Corp. chief executive Mark Bristow is signalling some regret that he didn’t buy Canadian gold miner Kirkland Lake Gold Ltd., a multibillion-dollar transaction that would have given the company a much bigger footprint in its home market and a lower risk profile.
Toronto-based Barrick’s shares have underperformed some of the company’s peers over the past few years, in part because of its exposure to risky jurisdictions outside of Canada. Its Malian operations, which accounted for about 15 per cent of its production, were shut down in January, amid a dispute with the West African country over dividing the economic spoils. Mali also jailed four Barrick executives and has an outstanding arrest warrant on Mr. Bristow.
In addition, Barrick is embarking on the multiyear, multibillion-dollar construction of a giant copper and gold mine in Pakistan. It already spent about seven years in arbitration with Pakistan before reaching an agreement to build the mine. Some investors are spooked by the potential risk of operating in Pakistan and Mr. Bristow himself in a conference call with analysts on Wednesday conceded that the value of the project is not reflected in its share price.
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