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Barrick Gold Corp
Symbol ABX
Shares Issued 1,777,956,611
Close 2020-05-06 C$ 37.52
Market Cap C$ 66,708,932,045
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FP/wire say Barrick's Bristow still keen on copper

2020-05-07 09:31 ET - In the News

The Financial Post reports in its Thursday edition that Barrick posted a 55-per-cent rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive officer said. A Reuters dispatch to the Post says that concerns about the health of the global economy stemming from the COVID-19 pandemic have boosted "safe-haven" gold by 12 per cent so far this year, while copper, seen as a bellwether for economic health, is down 15 per cent. Barrick CEO Mark Bristow has previously said the gold miner could raise its exposure in copper because of its expected higher use in electrification. He added on Wednesday that the relative price performance between copper and gold made deals more attractive. Mr. Bristow told Reuters that a stronger balance sheet "improves our capacity to take up opportunities that might arise in the short to medium term given the dynamic nature of the global economy." Earlier this year, he openly expressed an interest in acquiring FreeportMcmoran's flagship Grasberg mine. Barrick, which maintained its quarterly dividend of seven cents a share, trimmed its annual production forecast for gold after shutting its mine in Papua New Guinea.

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