“The industry still needs further consolidation,” Bristow said Wednesday. “Canada still needs more work on consolidation.”
For its part, Barrick remains interested in acquiring more so-called tier-1 assets, including Freeport-McMoRan Inc.’s Grasberg mine in Indonesia, Bristow said.
“Barrick as you know is completely, single-mindedly focused on tier-1 assets, and so it’s going to be of interest to us because there aren’t many tier-1 assets left that we don’t own or own part of,” Bristow said.
Tier-1 gold assets are generally considered to have output of at least 500,000 ounces a year and long-term costs at the lower end of industry averages.
Mergers and acquisitions are likely to dominate the sector in Africa, and are needed in Canada, where the world’s second-largest gold miner is based.
Source:
https://www.bnnbloomberg.ca/barrick-ceo-says-gold-mining-industry-still-needs-to-consolidate-1.1505052