The Globe and Mail reports in its Friday, Jan. 5, edition that Citi analyst Alexander Hacking was not surprised by Wednesday's Bloomberg report that Barrick Gold has approached major shareholders of First Quantum Minerals about a potential takeover, given its previous failed approach in late 2022 and a "tolerance for geopolitical risk." The Globe's David Leeder writes that Mr. Hacking says in a note: "Any deal will hinge on price, i.e. do First Quantum's board and largest shareholders believe that any Barrick offer would be better than going it alone. ... First Quantum's high debt level is its Achilles heel in dealing with a Panama shutdown. Barrick's strong balance sheet would resolve this with close to zero net debt and $6-billion in 2023 estimated EBITDA. Restarting Panama may take some time (years not months), e.g. one possible path would involve extended negotiations followed by a national referendum to mitigate risk of further protests and/or supreme court rulings. ... Barrick would be new to the table but has experience of similar-ish situations in Tanzania and PNG." Mr. Hacking rated both companies "neutral." He has a $32 (Canadian) share target for First Quantum and an $18 (U.S.) share target for Barrick.