Barrick CEO Downplays U.S. Tariff Impact, Denies Reko Diq Mediation
Barrick Gold CEO Says U.S. Tariffs Would Have Minimal Impact, Denies Mediating Saudi-Pakistan Reko Diq Talks
Barrick Gold CEO Mark Bristow said on Monday that the World Gold Council is awaiting clarity from the United States on potential tariffs for gold bars.
He emphasized, however, that any such tariffs would have minimal impact on mining companies, as they operate as “price takers” in the market.
Speaking to Reuters, Bristow also clarified that Barrick is not acting as an intermediary between Saudi Arabia and Pakistan in relation to the Reko Diq copper-gold project.
Saudi Arabia’s Public Investment Fund (PIF) has been in discussions with the Pakistani government regarding a potential investment in the major mining project.
Addressing ongoing tensions in Mali, Bristow said the company has not considered selling its Loulo-Gounkoto gold mine complex to a third party at this stage.
The comments came as the Canadian mining giant reported stronger-than-expected second-quarter earnings on Monday.
Higher gold prices helped offset lower production volumes, including output losses from Mali.
In June, Mali’s military-led government temporarily took control of the Loulo-Gounkoto complex amid a dispute over Barrick’s alleged refusal to sign a new mining contract and unpaid taxes.
In its latest financial results, Barrick reported that the loss of control over the Mali mine resulted in a pretax charge of $1.03 billion.
