In the meantime, Barrick won’t hesitate to ‘pick up other assets’ that may be available
Barrick Gold Corp., which completed its acquisition of Randgold Resources Ltd. at the beginning of the year, has identified US$1.5 billion in assets the miner intends to sell, Chief Executive Officer Mark Bristow said.
The gold sector has been anticipating a wave of asset sales in the wake of Barrick’s US$5.4 billion acquisition of Randgold and a second mega-merger that created Newmont Goldcorp Corp. The newly combined giants were expected to put several unloved mines up for sale, leaving lots of room for maneuvering by company executives who have missed out on the dealmaking.
“It’s not a fire-sale, it’s a considered process,” Bristow said in a separate interview with Bloomberg TV. “We’ll work with those stakeholders, and we will let the market know when we’re ready to let them know once we’ve got a way forward for each of those assets.” Barrick will focus on finding the right buyers for its assets and is willing to help them manage the mines during a transition period, if required, Bristow told BTV. Some of the assets Barrick is selling are in countries that the company still wants to invest in, he says.
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