In a recent interview, Mark Bristow, CEO of Barrick Gold Corp, expressed his commitment to the company’s organic growth strategy in the copper business. When asked about the possibility of acquiring First Quantum Minerals, Bristow emphasized that Barrick is focusing on developing its copper assets internally.
“We are growing our copper ourselves…so it’s a good place to be (as) it makes us stronger by the day,” stated Bristow. He emphasized that this approach aligns with his core values for Barrick, and that M&A opportunities are seen as ad hoc means to create additional value, rather than a central strategy.
First Quantum Minerals recently experienced a significant decline in its share price, following the announcement that the Panama government intends to hold a referendum on the Canadian miner’s contract to operate one of the world’s largest and newest copper mines.
While there may be speculation regarding Barrick’s interest in acquiring First Quantum, Bristow’s comments make it clear that the company is focused on developing its own copper business through internal growth initiatives. This approach allows Barrick to strengthen its position in the copper market and capitalize on the potential benefits of this key resource.
Frequently Asked Questions (FAQ)
- What is Barrick Gold’s strategy for copper growth?
- Is Barrick Gold interested in acquiring First Quantum Minerals?
- What challenges does First Quantum Minerals currently face?
- How did First Quantum’s share price perform recently?
Barrick Gold is committed to developing its copper business organically, focusing on internal growth initiatives to strengthen its position in the market.
Barrick Gold’s CEO, Mark Bristow, has stated that the company’s focus is on organic growth in its copper business. While there may be speculation about potential acquisitions, Bristow has emphasized that M&A opportunities are not a core part of Barrick’s strategy.
First Quantum Minerals recently experienced a decline in its share price due to uncertainties surrounding its contract to operate a major copper mine in Panama. The Panamanian government’s plan to hold a referendum has raised concerns about the future of First Quantum’s operations.
First Quantum’s share price experienced a decline of nearly half its value during three consecutive trading days. However, the stock saw a modest increase of approximately 5.1% on Thursday.
– Reuters (reuters.com)