Barrick Gold CEO Bristow Dismisses Interest in Piecemeal Bids for FQM’s Assets
Barrick Gold Corp’s CEO Mark Bristow stated on Wednesday that the company is not interested in fragmented discussions when questioned about bidding for any of First Quantum Minerals Ltd’s assets.
Bristow clarified that Barrick Gold did not engage with First Quantum shareholders during any roadshow to assess their support for a potential takeover, refuting a media report from the previous month.
“I’m not interested in working on any sort of piecemeal discussion,” Bristow told Reuters in an interview following the company’s quarterly earnings report.
First Quantum, facing challenges after an order to shut down its primary copper mine in Panama, which contributed to approximately 40% of its revenues, stated last month that it is exploring options to address its balance sheet, including divesting smaller mines and attracting strategic investors for larger ones.
With First Quantum’s market value plummeting by more than half since street protests in Panama led to the mine’s closure order due to an unconstitutional contract ruling, Bristow acknowledged the multifaceted nature of the situation, suggesting that more time is needed for the market to comprehend its complexities.
“Once you can understand it, then maybe there’s something that can be done,” he added.
First Quantum declined to comment when approached on Wednesday.
The Panama presidential election in May has heightened the debate over First Quantum’s mine.
Barrick is advancing its copper portfolio, including the Reko Diq project in Pakistan. Bristow affirmed that the company has no need to raise funds for its copper assets’ development.
Regarding the impact of Pakistan’s recent election outcome on the Reko Diq project, Bristow emphasized the company’s non-partisan stance, stating that it refrains from political involvement.
Despite the political impasse in Pakistan following an inconclusive election, resulting in Shehbaz Sharif’s reappointment as the country’s leader, Bristow credited Imran Khan for signing the final framework for the Reko Diq project, underscoring the continuity of civil servants leading the discussions.
Bristow also revealed that Saudi Arabia could become another equity partner in Reko Diq, with ongoing discussions between the Saudi government and Pakistan, although nothing has been finalized yet.
