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Barrick Gold Corp
Symbol ABX
Shares Issued 1,778,083,071
Close 2020-10-07 C$ 35.76
Market Cap C$ 63,584,250,619
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Globe/wire say Barrick's Bristow keen on consolidation

2020-10-08 08:44 ET - In the News

The Globe and Mail reports in its Thursday edition that Barrick Gold chief executive officer Mark Bristow on Wednesday said the gold industry in Africa should consolidate further, as he warned of a "serious reserve crisis" looming for the sector. A Reuters dispatch to The Globe says that a dearth of exploration has seen average mine life across the gold mining sector fall from 20 years to closer to 10 years, he added, speaking at the Joburg Indaba mining conference. "The prospect of a serious reserve crisis is looming," Mr. Bristow said. Gold production across the industry has only increased by 1.6 per cent every year for the past two decades, he said. Mr. Bristow added that this week's deal between Northern Star Resources and Saracen Mineral Holdings was a "great example" of industry consolidation that should be celebrated. On Mali, where Barrick is among the biggest investors and operates the Loulo-Gounkoto gold mine, Mr. Bristow said the transition after an August military coup has been "very well" run. "Everyone agrees that 18 months for transition back to full civilian rule is doable, and that's ambitious," Mr. Bristow said, adding that "none of the organs of state has stopped functioning."

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