Barrick Gold Corporation – Page 10

Barrick CEO says younger generation desperately needed to rejuvenate ‘dinosaur’ gold industry – by Niall McGee (Globe and Mail – February 13, 2020)

February 13, 2020

https://www.theglobeandmail.com/

Mark Bristow, the chief executive officer of Barrick Gold Corp., says the gold sector is in desperate need of fresh young blood to rejuvenate what has become a “dinosaur” industry.

“The industry needs to grow and be more relevant,” Mr. Bristow said in an interview in Toronto, after the release of the company’s fourth-quarter financial results. Mr. Bristow stressed the need for mining companies to both attract younger employees with fresh ideas, and a sprier set of investors.

Attending the annual Prospectors & Developers Association of Canada (PDAC) conference – one of the industry’s premier events – Mr. Bristow said, is like “walking into an old age home.”

Barrick Gold denies Freeport-McMoran tie-up in the works – by Helen Reid (Reuters U.S. – February 6, 2020)

February 6, 2020

https://www.reuters.com/

CAPE TOWN (Reuters) – Barrick Gold is not looking to merge with copper miner Freeport-McMoran, CEO Mark Bristow said on Thursday, although he is interested in the company’s Grasberg mine in Indonesia, and indicated he wants to expand in the Pacific Rim.

Rumors the world’s second-largest gold miner planned to combine with Freeport are “completely wrong”, Bristow told Reuters on the sidelines of the Mining Indaba conference in Cape Town.

But he said he was interested in Freeport’s Grasberg mine in Indonesia – the world’s largest gold mine, and second-largest copper mine. “People say, are you interested in Grasberg? I say I have to be, it’s a tier one asset,” he said. Tier one assets refer to high-grade, long-life mines.

Barrick Gold chief hits out at fund managers over new-found ESG focus – by Neil Hume (Financial Times – February 4, 2020)

February 4, 2020

https://www.ft.com/

Mark Bristow says industry has ‘suddenly discovered’ benefits of ethical investing

Mark Bristow, the tough talking boss of Barrick Gold, has lashed out at the fund management industry and its new-found focus on social and ethical investing.

Speaking at a major mining event in Cape Town, Mr Bristow questioned why some of the most profit hungry asset managers in the world were now refusing to invest in businesses that do not have satisfactory environmental, social and governance criteria.

“Even late capitalism’s supposedly unvarnished practitioners have suddenly discovered the merits of a social conscience and are now saying they won’t invest in a business that doesn’t have a satisfactory ESG,” Mr Bristow told the Investing in Africa Mining Indaba in Cape Town.

FP Dealmakers: Inside Barrick’s attempt to gatecrash Newmont and Goldcorp’s party – by Gabriel Friedman (Financial Post – January 30, 2020)

January 30, 2020

https://business.financialpost.com/

FP Dealmakers: One question that remains for 2020, and beyond is what effect the expected consolidation will have on Canada’s mining sector

All through the holidays, Rick McCreary kept disappearing from his family, hopping on conference calls for long stretches without explaining what was going on. So it goes for a deputy chair of investment banking at TD Securities when a major merger is in the works.

In this case, it was between December 2018 and January 2019, and McCreary was advising Vancouver’s Goldcorp Inc. on its US$10-billion acquisition by Colorado-based Newmont Mining Inc., one that triggered a wave of other deals, and only closed after a series of bumps almost derailed it entirely.

“Honestly, it was the most stressful one I’ve worked on,” said McCreary. For McCreary, it carried a strong emotional weight because of the long and tangled history of the companies and people who worked on it.

Barrick Gold chief looks to next deal after first year at helm – by Neil Hume (Financial Post – January 27, 2020)

January 29, 2020

https://www.ft.com/

A tough-talking South African on a mission to shake up the mining industry. For years the name that would have sprung to mind was Glencore boss Ivan Glasenberg, but not any more. The sector has another swashbuckling executive to watch: Mark Bristow, head of Barrick Gold.

Since the geologist took control of the world’s second-biggest gold miner just over a year ago he has been a whirlwind of activity. Highlights of the past 12 months include a hostile bid for its arch rival — now a partner in a joint venture — a buyout of struggling subsidiary Acacia Mining and more than $1bn of asset sales.

But this is just the beginning for 61-year-old Mr Bristow, an adrenalin junkie who enjoys big game hunting and flying planes. “It has been an amazing year,” he said during a wide-ranging interview. “We now have a solid foundation to build on and probably the strongest balance sheet in the gold industry.”

Barrick to sell gold worth up to $280 million as export ban lifted – by Zandi Shabalala (Reuters U.S. – January 27, 2020)

January 28, 2020

https://www.reuters.com/

LONDON (Reuters) – Barrick Gold will start to ship gold worth up to $280 million from Tanzania, chief executive Mark Bristow said on Monday, after the government lifted an export ban following the resolution of a three-year tax dispute.

The world’s second-largest gold miner signed a deal on Friday with Tanzania’s government, ending a row that dated back to when Acacia Mining ran the Tanzanian operations. Barrick fully acquired Acacia last year.

“The shipments will start immediately and, as we speak, we are mobilising the concentrates,” Mark Bristow told Reuters in a telephone interview.

Barrick claims it’s back to business in Tanzania, but questions remain – by Niall McGee (Globe and Mail – January 25, 2020)

January 27, 2020

https://www.theglobeandmail.com/

Barrick has finalized an agreement to end an almost three-year dispute with the east African country of Tanzania that had sidelined a significant portion of its African gold production and cast a shadow on its share price.

On Friday, Mark Bristow, Barrick Gold Corp.’s chief executive, attended a public signing ceremony in Tanzania’s biggest city, Dar es Salaam, alongside Tanzanian President John Magufuli and Doto Biteko, Minister of Minerals. The event set in stone a preliminary agreement announced in October.

In a speech broadcast on Tanzanian television, Mr. Bristow described the effort to reach agreement as a “long safari,” referencing the Swahili word for journey. “Today we started a new partnership,” the South African-born Mr. Bristow said.

Doubts emerge over gold export agreement between Barrick, Tanzania – by Geoffrey York and Niall McGee (Globe and Mail – January 23, 2020)

January 23, 2020

https://www.theglobeandmail.com/

Three months after Barrick Gold Corp. agreed to settle a costly dispute with the Tanzanian government, the deal is still not finalized and could be subject to further negotiations, according to African media and industry analysts.

Barrick and the government have missed a Dec. 31 deadline for completing the deal, and “doubts” have emerged to cast a cloud over the agreement, according to The East African, a weekly newspaper in the region.

Under the agreement last October, the Toronto-based gold company promised to pay US$300-million to settle a longstanding tax dispute. The government agreed to lift a ban on gold concentrate exports, while Barrick promised to share the future economic benefits from its Tanzanian mines with the government on a 50-50 basis. Barrick acquired the mines by purchasing its African subsidiary, Acacia, for US$1.2-billion last year.

CEO says Barrick has plenty of financial ‘firepower’ for deals – by Danielle Bochove (BNN/Bloomberg News – December 12, 2019)

December 13, 2019

https://www.bnnbloomberg.ca/

Barrick Gold Corp.’s chief says the gold miner has the financial heft it needs to support its loftiest ambitions — and some day those might include a merger with Freeport-McMoRan Inc.

“Barrick, by end of next year, or during next year, will be net debt zero,” Chief Executive Officer Mark Bristow said Thursday in a phone interview. “We’ve definitely got the firepower to build a mine or to support a transaction. We don’t need any external support, for any of our ambitions, as we stand today.”

The world’s second-largest gold miner has been generating more cash flow, with higher bullion prices, even as it has sold assets. By the end of this year net debt will be under US$2 billion, Bristow said. “We’re going to settle all the near-term debt, and we’re left with debt that’s only due from 2023 onwards.”

Barrick to sell Senegal gold project for $430-million – by Niall McGee (Globe and Mail – December 11, 2019)

December 11, 2019

https://www.theglobeandmail.com/

Barrick Gold Corp. is selling its Massawa gold project in Senegal for up to US$430-million to West African junior producer Teranga Gold Corp., as part of its push to shed assets that don’t move the financial needle.

After buying African-focused Randgold Resources Ltd. earlier this year for US$6-billion, Toronto-based Barrick has been ridding itself of anything it deems too small, or not sufficiently profitable.

In the past month alone, Barrick has sold US$1.2-billion in assets, or about 80 per cent of what it hopes to achieve by the end of next year.

Barrick Gold sells Senegal project to Teranga in $430 million deal – by Neils Christensen (Kitco News – December 10, 2019)

December 10, 2019

https://www.kitco.com/

(Kitco News) – Barrick Gold (NYSE: GOLD, TSX: ABX) is well on its way to achieving its goal of raising $1.5 billion in cash as it sells its stake in another non-core asset.

On Tuesday, the gold-mining juggernaut announced that it was selling its 90% stake in the Massawa project in Senegal to Teranga Gold Corp (TSX: TGZ). for $430 million.

The company said that the stock-and-cash deal consists of $300 million in cash with $80 million worth of Teranga shares. The sale also includes a contingent payment of up to $50 million, which is based upon the average gold price for the three-year period immediately following closing.

Barrick seeks to eclipse $1.5 billion asset sales target, eyes more copper (Reuters U.S. – November 18, 2019)

November 19, 2019

https://www.reuters.com/

TORONTO (Reuters) – Canadian miner Barrick Gold Corp (ABX.TO) is keen to top its $1.5 billion target for asset sales after shedding its half of the Super Pit gold mine in Western Australia, Chief Executive Officer Mark Bristow said on Monday.

Australia’s Saracen Mineral Holdings Ltd (SAR.AX) agreed on Monday to buy Barrick’s 50% stake of the Kalgoorlie Consolidated Gold Mines Joint Venture, which operates one of Australia’s largest gold mines, for $750 million.. Newmont Goldcorp Corp (NEM.N) holds the other 50% share.

The deal is a first step in Barrick’s plan to jettison at least $1.5 billion in less-profitable assets by the end of 2020 in the wake of its acquisition of Rangold Resources a year ago. “The number is $1.5 billion to beat,” Bristow said in an interview. “We’re already half way.”

Barrick Gold sells half of Kalgoorlie Consolidated Gold Mines for $750 million – by Valentina Ruiz Leotaud (Mining.com – November 17, 2019)

November 19, 2019

https://www.mining.com/

Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD), the world’s second largest producer of the yellow metal, reached an agreement to sell its 50% interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings (ASX:SAR).

Saracen already holds two gold operations in the Kalgoorlie region, namely, the Carosue Dam and the Thunderbox mine sites.

In a media statement, Barrick said the KCGM transaction involved the payment of $750 million in cash and that such funds will be used to further strengthen the company’s balance sheet, invest in future projects and deliver returns to its shareholders.

OPINION: Beware foreign CEOs: Sometimes they just want to go home – by Eric Reguly (Globe and Mail – November 9, 2019)

November 11, 2019

https://www.theglobeandmail.com/

Want to lose another Canadian head office? Easy! Hire a non-Canadian CEO. Canadian boards of directors seem to have a fascination with foreign chief executive officers. Canada is (largely) an open economy, one with pretenses to corporate greatness, so why not pick the best and the brightest from the United States, Europe and elsewhere?

Load them up with fat salaries and share option packages, and watch them create a Niagara of shareholder value. And a flag-waving Canadian business champion as a bonus.

Canada and a few other countries that worship at the altar of shareholder value, Britain among them, have bought into the cult of the globalist CEO – big time. But the cult is wearing thin.

‘Obsession’ with world class assets leads Barrick Gold where others fear to tread – by Gabriel Friedman (Financial Post – November 7, 2019)

November 8, 2019

https://business.financialpost.com/

Barrick Gold Corp. chief executive Mark Bristow pledged to continue exploring in West Africa and Latin America, even as a “rising tide of resource nationalism” has scared away other mining companies who see too much risk there.

“If you want to focus on world class assets, which is our stated objective, and my obsession, asset quality always overrides jurisdiction,” Bristow told the Financial Post on Wednesday when the company reported its third quarter earnings.

The reason why so many mining companies run into problems in emerging economies is because they’re unwilling to share benefits from mining with the local community, he said.