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FP/wire say Barrick CEO sees mining industry in flux
2023-01-12 09:23 ET - In the News
The Financial Post reports in its Thursday edition that North America's big miners are bracing for a turbulent 2023 marked by recession, geopolitical risks and an uncertain investment climate that could change the face of mining. A Bloomberg dispatch to the Post quotes Barrick Gold chief executive officer Mark Bristow saying that the year "is going to be seen as the start of serious change in the way mines operate and are held accountable. The scenario that's playing out across the globe is a very interesting dynamic, and honestly I don't think anywhere is perfectly safe to invest right now." The industry has navigated through both challenges and opportunities in the past year, ranging from surging input costs and supply-chain snags to soaring demand for metals deemed crucial to economic growth and a global shift from fossil fuels. Mr. Bristow said the precious metals sector requires "considerable consolidation" in the near term, but "no more stupid M&As." Declining output and old assets make smart investments hard to come by, but he expects the industry will get acquisitive. The world's No. 2 gold producer will be focused on "the junior part of the market" this year "where it fits with our exploration focus."