Mark Bristow, the industry’s executive director, has established a reputation as an ambitious negotiator over the years. Still, he says he is now concentrating on new factories that he anticipates will increase profit and the industry’s sagging stock price. The company’s growth will be based on exploratory ventures in Egypt, Nevada, Guyana, and beyond instead of the acquisitions hunger that created it today.
“Our scientists and where we’re spending have to be the basic foundation of our future,” Langley told Reporters on the margins of the MINExpo conference, which brings together industry leaders and suppliers every four years. Growth strategy always wins when it comes to quality.”
This year, Barrick’s stock has underperformed behind competitor Newmont Corporation (NEM.N) and the S& P 500, placing pressure on Bristow and his management team. Bristow, however, believes that Barrick’s revenues will increase over time if it finances exploration rather than striking deals.
“We have to strike a balance between fund managers’ need for relatively brief and the realization that we are investing money for the long term,” he added.
“Patience is required.”
Bristow, 62, has been pleading with his fellow CEOs to purchase each other for years.
Last fall, he advocated for acquisitions and mergers as the only approach to avoid the sector’s approaching “severe reserve problem.”
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When Barrick acquired his Africa-focused Stores were usually located Resources in 2019, he established the current Barrick.
Bristow launched an $18 billion competitive approach for Newmont a few months later, a proposal that ultimately fell through but not before the two firms founded a Nevada partnership.
Integrating all of those corporate cultures was difficult, but Bristow said it was a process that’s almost complete and should allow the business to focus on its growth.