Connect with us

Hi, what are you looking for?

Sunday, Nov 10, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

No public listing on the horizon for Nevada Gold Mines, Barrick CEO says

“Not while I’m running this organization,” Mark Bristow proclaimed in an interview with the Northern Miner

No public listing on the horizon for Nevada Gold Mines, Barrick CEO says
Nevada Gold Mines celebrates opening the Goldrush underground mine with Nevada Governor Joe Lombardo (centre, blue) in April. Photo credit: Barrick Gold Corporation

In an interview last month, Barrick Gold Corporation (NYSE: GOLD) chief executive Mark Bristow revealed that Nevada Gold Mines won’t be publicly listed in the foreseeable future. Those who want a piece of the pie will just have to buy Barrick or Newmont Corporation (TSE: NGT) shares.

He laid speculation on the matter to rest in a discussion with the Northern Miner at the Gold Forum Americas conference in Colorado. It was held between Sept. 15-18.

“Not while I’m running this organization,” Bristow declared. He explained that there are too many assets in the industry without enough competent managers to run them. There are already more than enough public operators in the sector that are not being managed efficiently and going public wouldn’t increase the joint venture’s value, he believes.

In the interview, he also explained that the industry has been depleting gold and copper resources at a faster rate than it is delineating new ones. This will be problematic going forward, Bristow says.

“When you look at the copper and gold reserves of the industry, we haven’t really replaced what we’ve mined since the turn of the century,” he explained to the Northern Miner’s Western Editor, Henry Lazenby.

“What we have relied on is an increasing commodity price to carry us.”

At the mining conference, Bristow discussed the importance of capital allocation and how mergers and acquisitions have been necessary for survival among many operators. He was interviewed by Kitco Mining’s analyst Paul Harris too.

Read more: Calibre Mining shuffles strength into its board for future growth

Read more: Calibre Mining seeks new employees for the Valentine gold project

Barrick enhances copper focus

Bristow explained to Lazenby that Barrick was focused on growing its copper repertoire.

He says that the Reko Diq copper-gold operation in Pakistan is one of the company’s key assets that is helping to achieve this. Also, Bristow firmly believes that Barrick’s Lumwana mine in Zambia is on its way to becoming one of the world’s top 25 copper assets. Barrick intends to double its copper output by 2029.

Copper has had a significant rally since the beginning of this year, rising in value by over 15 per cent. It hit an all-time high of approximately US$5.00 per pound in May and has since dropped down to about US$4.40.

The recently inaugurated Goldrush underground mine in Nevada will be another key economic driver for Barrick and Newmont going forward.

Gold’s historically high price has been a key growth catalyst for smaller state producers like Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) and Fortitude Gold Corp (OTCMKTS: FTCO).

 

Calibre Mining is a sponsor of Mugglehead news coverage 

 

Follow Mugglehead on X

Like Mugglehead on Facebook

Follow Rowan Dunne on X

rowan@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Gold

The Greenstone Mine had its first gold pour in May

Gold

The Barrick-Newmont JV drilled 10.4 g/t Au over 1.1 metres with its sixth hole at the project

Gold

Allegations have surfaced that Barrick has not met commitments related to environmental practices and corporate social responsibility

Gold

Valentine’s initial project capital remains fully financed, supported by CAD$300 million cash position