The flurry of M&A transactions last year brought a much-awaited consolidation of the global gold sector. It also brought significant changes to the Canadian mining landscape:
Newmont’s (NYSE: NEM) takeover of Goldcorp wiped a major Canadian firm off the board, and Barrick Gold (TSX: ABX; NYSE: GOLD), while still Canadian, has undeniably shifted its focus away from the country, with few executives remaining in its Toronto headquarters and only one Canadian mine.
Those headline-making deals have prompted concerns that Canada’s influence in the global gold mining sector is waning. Franco-Nevada (TSX: FNV; NYSE: FNV) Chairman Pierre Lassonde said in an interview with BNN Bloomberg in January 2019 that Barrick’s smaller footprint in Canada was the same kind of diminishment of the country’s mining sector that Barrick founder Peter Munk had decried. Continue Reading →