So I was very surprised to read these comments. Although when I thought about it more, perhaps Barrick's CEO wants to drive Kinross even lower to buy it eventhough he says he doesn't want it. Interesting.
2022-05-06 09:19 ET - In the News
Also In the News (C-K) Kinross Gold Corp (2)
The Globe and Mail reports in its Friday edition that Barrick chief executive officer Mark Bristow says he has no intention of buying Kinross Gold, putting an end to speculation that the big Canadian gold miner was poised to pounce on its struggling competitor. The Globe's Niall McGee writes that over the past few months, analysts have speculated that Barrick was in prime position to scoop up Kinross at a bargain. Shares of Kinross, also based in Toronto, have taken a beating since late last year, after the company unveiled the acquisition of Great Bear Resources, and after it was forced to sell its Russian mines in a hurry at a discount after the invasion of Ukraine. A trio of Scotia Capital analysts recently speculated in a note to clients that a Barrick-Kinross combo made sense. The deal would also have seen Barrick land Great Bear, a promising junior miner that it had long coveted, but Kinross snatched from under it. Mr. Bristow told The Globe that buying Kinross now in order to get Great Bear does not make financial sense, plus he characterized the assets as "marginal" and compared them to cow sh*t. "The problem with marginal assets," he said, "if you sit on them for 10 years, there's no juice left to squeeze."