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.”
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.
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.
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 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.
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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A newly obtained cache of e-mails has shed light on the anger and anxiety at Barrick Gold Corp. and the federal trade department after a Barrick subsidiary was hit with a disastrous export ban and massive tax claim in Tanzania.
The ban on gold concentrate exports triggered one of the worst crises in the history of Barrick’s operations in Africa, with its subsidiary losing two-thirds of its share value as the tax dispute deteriorated.
JOHANNESBURG (miningweekly.com) – Gold mining company Barrick Gold, which has just reported an outstanding set of first quarter financial results, is funding the reintroduction of white rhinos to the Democratic Republic of Congo (DRC), where it mines at Kibali gold mine.
Since agreement on the repatriation of revenue from Kibali was reached with the DRC last year, Kibali has delivered $1.2-billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.
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Mark Bristow, the chief executive officer of Barrick Gold Corp., says he has no intention of buying Kinross Gold Corp., putting an end to speculation that the big Canadian gold miner was poised to pounce on its struggling competitor.
Over the past few months, analysts have speculated that Toronto-based Barrick was in prime position to scoop-up Kinross at a bargain. Kinross shares have taken a beating since late last year, after the company unveiled the acquisition of Great Bear Resources Ltd., and after it was forced to sell its Russian mines in a hurry at a discount after the invasion of Ukraine.
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Barrick Gold Corp. is facing pushback from Indigenous stakeholders in Alaska who are concerned about the environmental damage the massive Donlin gold mine could cause if it gets the go ahead.
Toronto-based Barrick, the world’s second biggest gold producer, held its annual shareholder meeting on Wednesday and two of the three questions asked by stakeholders revolved around Donlin’s potentially negative impact on the ecosystem.
The Toronto-quoted equity of Hemlo Explorers Inc. (TSXV: HMLO) jumped more than 53% on Monday after the company revealed it had entered a binding term sheet with Barrick Gold Corporation (TSX: ABX; NYSE: GOLD) that will give Barrick a right to earn up to 80% of the Pic project in Ontario.
Located 25 kilometres west of Barrick’s Hemlo mine, Barrick will have to deliver to Hemlo Explorers a pre-feasibility study within six years of signing the definitive agreement. Under the terms of the deal, Barrick will commit to spending at least $800,000 on the project in the first 12 months, followed by an annual commitment of at least C$1 million ($800,000).
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Canada’s Barrick Gold has agreed to restart the Reko Diq gold and copper mining project in Pakistan, following ten years of legal battles and negotiations. An agreement has now been signed by the Canadian mining firm with the governments of Pakistan and Balochistan province on a framework, which enables recommencement of the project.
Claimed to host one of the largest undeveloped open-pit copper-gold porphyry deposits in the world, the Reko Diq mine was suspended in 2011 following the rejection of a development licence by the Pakistani Government to project partners Barrick and Antofagasta.
Barrick Gold (TSX: ABX)(NYSE: GOLD) is close to reaching an agreement with the government of the Dominican Republic on where to build a new tailings storage facility (TSF) for its $1.3 billion Pueblo Viejo gold mine.
The world’s second largest gold producer had warned last year that production at the mine would have to end in 2030 without a new mining waste depository. Building a new dam is part of the planned expansion for Pueblo Viejo, which will extend its productive life beyond 2040.
Barrick is committed to not paying premiums, Mark Bristow says
Shares in Toronto-based Barrick Gold Corp. spiked eight per cent on Wednesday as the company reported higher fourth-quarter earnings and announced a new US$1-billion share buyback program.
Chief executive Mark Bristow said the company is implementing the program because the market is not adequately valuing Barrick. Although gold prices are up 15 per cent, and inflation, normally a trigger for higher gold prices, is reaching its highest point in decades, many gold mining executives say they are not benefiting.
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The new project is expected to remove potential water pollution from the Golden Sunlight Mine.
Mining firm Barrick has commissioned the tailings reprocessing project at the shuttered Golden Sunlight Mine in Jefferson County, Montana, US.
Over the next decade, the new project is expected to provide tax revenue worth ‘tens of millions of dollars’ for the state while removing potential water pollution from the mine site.
