Gold sector consolidation not done, says Bristow

The shake-up of the gold industry begun by the Randgold and Barrick Gold merger in 2018 is not yet finished, Barrick CEO Mark Bristow told delegates during his keynote at the 2020 Gold Forum Americas (reports MiningNews).
25th September 2020
Resources Rising Stars

The shake-up of the gold industry begun by the Randgold and Barrick Gold merger in 2018 is not yet finished, Barrick CEO Mark Bristow told delegates during his keynote at the 2020 Gold Forum Americas (reports MiningNews).

Bristow said industry consolidation needs to continue so that tier one assets move into the hands of the best mining companies.

"What I shared with the market [the Barrick and Randgold merger] at this forum in 2018 created some dilemma and it has really changed the industry," he said.

"Our deal, the Nevada Mines joint venture, the Acacia deal, Endeavour Mining consolidating in West Africa, the Newmont with Goldcorp deal and the Aussie's coming into Canada is fantastic.

"The industry has gone a long way from where it was in just 18 months but the problem is that we haven't finished that job as the industry still has a mishmash of assets in too many managers hands.

"We think the industry would be better served if we could reallocate assets with managements that have proven track record of delivering value."

Bristow said the Nevada Gold Mines joint venture with Newmont is performing well although there is still a lot to do, with challenges like Turquoise Ridge as well as opportunities like FourMile.

"The first big challenge for FourMile is to get GoldRush up and running. We rolled the development contract into the Cortez complex and we are reshaping the strategy to develop FourMile," he said.

"GoldRush is a plainer ore body and as you go into FourMile you get more of a Carlin breccia type orebody which is higher grade and more varied so requires more drilling.

"We have encouraged our geologists to step out and build the frame then we will look at how we develop those [resources].

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