Barrick Gold CEO blasts rivals for chasing major mergers — while grappling with his own US$1.6-billion writedown – by Tim Kiladze (Globe and Mail – February 16, 2023)

Barrick Gold Corp. CEO Mark Bristow cannot believe rival miners are contemplating expensive mergers and acquisitions all over again, after the industry suffered through tens of billions of dollars’ worth of M&A writedowns when the last commodity supercycle crashed.

“The mining industry generally are world champions in investing in the peaks, and going bust in the troughs,” he said in an interview. Barrick was one of the worst-hit miners when the last supercycle crashed a decade ago, writing down US$20.7-billion between 2013 and 2015 under previous leadership.

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Barrick eyes Nevada Gold Mines as Newmont ramps up deal pressure – by Divya Rajagopal and Helen Reid (Reuters – February 15, 2023)

Feb 15 (Reuters) – Canada’s Barrick Gold Corp (ABX.TO), would be open to taking over Newmont’s (NEM.N) stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said on Wednesday, after Newmont’s $16.9 billion bid for Newcrest (NCM.AX) ramped up pressure on gold miners to do deals.

Bristow though distanced himself from rival Newmont’s M&A push on Wednesday and highlighted Barrick’s plan to grow through exploration rather than acquisitions. Shares of Barrick Gold were trading 4% down at the Toronto Stock Exchange.

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Reko Diq: A way forward to shatter debt shackles (Associated Press of Pakistan – February 12, 2023)

Balochistan province, once known for insurgency and deteriorating law and order, is now ready to assist in boosting country’s economy as the government has successfully restructured and restarted the stalled multi-billion dollar RekoDiq project.

Reko Diq that means sand and gold mounds in Balochi language, has an estimated reserve of 5.9 billion tons of ore grading 0.41% copper and gold reserves. Located in Chaghi district, about 70 kilometres north-west of Naukundi, a town near Iran and Afghanistan, Reko Diq is thought to have the world’s fifth largest untapped gold and copper deposits.

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Barrick’s ties to Canada dwindle as other miners secure access to country’s rich gold belt – by Gabriel Friedman (Financial Post – February 10, 2023)

Toronto-based Barrick Gold Corp. has long been one of the largest, most recognizable names in Canada’s sizeable mining industry, but its ties to the country are narrowing, especially now that its longtime rival, Colorado’s Newmont Corp., is closing in on a US$17-billion purchase of Australia’s Newcrest Mining Ltd.

All three companies are global in scale — the first, second and fourth largest gold miners in the world — but when it comes to Canada, home to some of the richest gold belts globally, only Barrick lacks a significant presence.

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‘Makes no sense to me’: Barrick CEO Mark Bristow says West’s deglobalization push a tragedy – by Naimul Karim (Financial Post – January 24, 2023)

The chief executive of one of the world’s largest mining companies says it makes “no sense” for Western nations to introduce policies and incentives that encourage deglobalization as a way to tackle the influence of authoritarian regimes in the energy sector when the world is already struggling to meet its climate goals.

Mark Bristow, who heads Toronto-based Barrick Gold Corp., said the United States’ Inflation Reduction Act (IRA), which offers up to a US$7,500 subsidy to companies that produce their electric vehicles (EVs) and source the materials for them in North America, was a “bit of an oxymoron” and encourages “exclusivity” rather than looking at a global solution for the shift away from fossil fuels.

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North America’s Top Mining CEOs Anticipate Turbulent Year Ahead – by Jacob Lorinc (Bloomberg News – January 10, 2023)

(Bloomberg) — Top executives from North America’s biggest metals producers are bracing for a turbulent 2023 marked by recession, geopolitical risks and an uncertain investment climate that could change the face of mining.

The year “is going to be seen as the start of serious change — in the way mines operate and are held accountable,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview.

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For generations, Grassy Narrows residents have used the land for hunting. Now, it’s in the middle of a lawsuit between Canadian mining corporations – by Morgan Bocknek (Toronto Star – December 12, 2022)

Ontario has created a mess by granting mining claims on land Grassy Narrows aims to make protected Indigenous territory, First Nation’s leaders say.

Barrick Gold Corp. is embroiled in a $100-million lawsuit against two junior mining companies, as an exploration deal between the firms fell apart over a decision to pause work to respect a First Nations’ opposition to mining on what it calls territorial land.

In recent court filings, Barrick says when it first signed on to conduct exploratory drilling in a swath of land 90 kilometres north of Kenora, it was unaware of the importance of the land to Grassy Narrows First Nation. The company says it wanted to first obtain consent before proceeding with its search for gold.

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Barrick Gold faces Ontario lawsuit for alleged killings and abuses at Tanzanian mine – by Geoffrey York (Globe and Mail – November 24, 2022)

Two law firms have filed suit against Barrick Gold Corp. in Ontario Superior Court on behalf of 21 Tanzanians who allege that they or their family members were killed, injured or tortured by police guarding a Barrick gold mine.

The case, filed on Wednesday morning, is the first to be pursued against Barrick in Canadian courts for alleged human rights violations at its mines abroad. It follows a landmark Supreme Court of Canada ruling in 2020 that allowed a Vancouver-based mining company to be sued in British Columbia for alleged abuses in Eritrea.

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‘Others buy, Barrick builds’ – Bristow – by Staff ( – November 21, 2022)

Bullion major Barrick Gold’s portfolio of gold and copper assets is projected to show strong growth over the next five to ten years, president and CEO Mark Bristow said at an investor meeting in New York on Friday.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalisation of the location for the new tailings storage facility, would support that growth, he said.

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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.”

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NGM unlocking synergies by consolidating mines, teams and processing facilities – Bristow (Mining Weekly – September 23, 2022)

US-based Nevada Gold Mines (NGM) continues to demonstrate the impact of Barrick Gold’s strategy of combining the best assets with the best people as new projects and prospects secure its future as a high-quality, long-life operation for decades to come, says NGM chairperson Mark Bristow.

Speaking during a visit by a group of equity analysts and investors to the development of the Goldrush underground project, the openpit operations and processing facilities at Cortez, and the Third Shaft project and core shack at Turquoise Ridge, Bristow said NGM had unlocked significant synergies by consolidating mines, teams, processing facilities and landholdings.

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Workers report feeling unsafe at Nevada’s largest gold-mining corporation – by Nick Bowlin and Daniel Rothberg (High Country News – August 15, 2022)

In 2019, Barrick Gold Corp and Newmont formed a mega-company that would be managed by Barrick’s executives. The new company, Nevada Gold Mines, now accounts for about 75% of the state’s gold production.

Earlier this year, High Country News and The Nevada Independent published an investigation into Nevada Gold Mines’ outsized influence in northeastern Nevada. With about 7,000 employees and 4,000 contractors, Nevada Gold Mines dominates the economy of that part of the state, operating with enormous influence and little competition.

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Barrick adds to its Tier One gold portfolio through Tanzanian transformation – by Brendan Ryan ( – August 8, 2022)


Barrick Gold CEO Mark Bristow believes the group’s two mines in Tanzania have the potential to achieve “combined Tier One status in Barrick’s portfolio” which explains the lengths the group has gone to in protecting its position in Tanzania following the debacle with former subsidiary Acacia Mining.

According to Bristow – reporting on the group’s June quarterly results – “when we took over these mines they were a moribund burden on the government and their investors. “In a very short time we redesigned and re-engineered them creating what are in effect two new mines.

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Barrick overhauls global exploration department as several stalwart executives retire in midst of downturn – by Niall McGee (Globe and Mail – August 8, 2022)

Barrick Gold Corp. has overhauled its global exploration department, as several stalwart executives retire from the world’s second biggest mining company in the midst of a difficult time for the industry.

Mark Bristow, the chief executive officer of Barrick Gold Corp., said in an interview that he’d recently made a slew of personnel changes as the Toronto-based miner navigates a deep and protracted downturn.

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Barrick facing new allegations of contamination near Veladero mine in Argentina – by Gabriel Friedland (Financial Post – June 13, 2022)

Toronto-headquartered Barrick Gold Corp. is once again facing accusations that its high-altitude Veladero mine in Argentina is releasing toxins into the local water supply — after similar incidents years ago spurred the country to pass legislation and forced the mine to temporarily close.

Located in the Argentinian Andes, Veladero is operated by Barrick but it is jointly owned on a 50-50 basis with China’s Shandong Gold. The mine has faced criticism related to toxic spills in water dating back to at least 2015.

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