09:45:07 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,778,068,071
Close 2020-09-09 C$ 40.11
Market Cap C$ 71,318,310,328
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FP/wire say Barrick boss may have met his match in PNG

2020-09-10 09:15 ET - In the News

The Financial Post reports in its Thursday edition that a standoff over a gold mine in Papua New Guinea threatens Barrick Gold chief executive officer Mark Bristow's streak of resolving thorny disputes with host governments, in the first major test he has faced outside his home patch of Africa. A Reuters dispatch to the Post says that Barrick lost a key court challenge last week over rights to the Porgera gold mine. PNG Prime Minister James Marape in April refused to extend Barrick's lease for the requested 20 years and instead gave the lease to a state-owned mining company Kumul Minerals Holdings Ltd. The setbacks are a blow for Barrick and Mr. Bristow, who has touted Porgera as a springboard for a potential buyout of Freeport-McMoRan's Grasberg copper and gold mine in neighbouring Indonesia. Revered as a titan of the mining industry, Mr. Bristow has a long record of solving seemingly intractable political issues, most recently settling a long-running tax dispute in Tanzania. In PNG, however, Barrick's offers of an upsized equity stake in Porgera for nearby landowners and a greater share of economic benefits for Port Moresby were rebuffed. Mr. Marape took power last year on a platform of economic nationalism.

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