CEO of Barrick Gold Mark Bristow. Picture: TREVOR SAMSONBarrick Gold’s top executive says the gold industry needs more consolidation so it can increase exploration to boost depleting reserves, lure more generalist investors and improve efficiencies.
“The industry still needs further consolidation,” Bristow said on Wednesday. “Canada still needs more work on consolidation.” Gold mining deals worth about $14bn have been completed, or agreed, so far in 2020, compared with about $26bn in 2019, according to data compiled by Bloomberg. For its part, Barrick remains interested in acquiring more so-called tier-1 assets, including Freeport-McMoRan’s Grasberg mine in Indonesia, Bristow said.
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