The Globe and Mail reports in its Wednesday edition that with a share price that is finally rising, Barrick Gold now aims to strike a deal with a Silicon Valley company. The Globe's Ian McGugan writes that John Thornton, the company's executive chairman, announced the impending transaction during a surprisingly exuberant address in which he declared victory in the gold producer's campaign to turn around its operations.
"Barrick is back," he told the company's annual meeting. Never one to be afraid of the grand statement, he added: "We will not be satisfied with being a leading mining company. We mean to be nothing less than one of this century's leading companies in any industry, in any region."
During the past year, Barrick has slashed its debt load, streamlined its corporate hierarchy and sold several properties.
It has also received a boost from a rise in the price of gold, from $1,060 an ounce late last year to above $1,240 today.
Barrick's stock has doubled since January. "We will soon announce a new partnership with one of Silicon Valley's leading companies, which will make us and our business safer, faster and better," Mr. Thornton said. The company declined to comment further on the matter.
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