23:53:14 EDT Thu 18 Apr 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,778,083,071
Close 2020-10-09 C$ 36.81
Market Cap C$ 65,451,237,844
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Globe says Barrick's Bristow bangs consolidation drum

2020-10-13 08:45 ET - In the News

The Globe and Mail reports in its Monday edition that Barrick Gold's Mark Bristow seems determined to drive consolidation in Canadian mining through sheer force of will. The Globe's Andrew Willis writes that if just a few institutional investors are willing to join his crusade, then long-predicted takeovers among the country's mid-tier gold plays may finally come to pass. Mr. Bristow banged the drum for deals last month at the World Gold Forum in Denver that drew even more eyeballs by going virtual this year. Departing from the usual script for CEOs at conferences -- talking up your own company -- Barrick's boss praised rival Kirkland Lake Gold, author of last year's controversial $4.9-billion takeover of Detour Gold. Mr. Bristow questioned why investors were initially skeptical of Kirkland Lake's plans to bulk up. He said the acquisition made all sorts of strategic sense, is working out well for shareholders and should trigger more activity. Bankers who spend their days pitching companies on deals have an expression to describe what has stalled takeover activity in the gold sector. The bankers blame "social issues." That is a polite way of saying entrenched managements will not give up their positions or paypacks.

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