Barrick focused on internal growth after shedding gold assets

Barrick Mining Corp. is focused on expanding gold and copper projects after shedding some legacy assets, as deal-making heats up in the global mining industry.

“We’re in a growth phase,” chief executive officer Mark Bristow said on the sidelines of the Mining Forum Americas in Colorado Springs, Colorado.

Barrick sold its last Canadian gold mine last week and, in April, sold a stake in an Alaskan gold project. The company, which changed its name from Barrick Gold this year, has also sought buyers for its Tongon gold mine in the Ivory Coast as Bristow prioritizes copper production. While Barrick said the company is open to taking positions in junior companies, he’s not planning any major deals.

This month’s tie-up between Teck Resources and Anglo American Plc is fueling expectations of more mergers and acquisitions across the mining industry. Now, amid an unprecedented rally in gold prices that’s attracted new capital, some small and mid-tier producers will be forced to consolidate, said Bristow.

(By Yvonne Yue Li)