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(Bloomberg) — Barrick Mining Corp.’s longtime chief executive Mark Bristow helped build a sprawling portfolio of mines that spanned multiple continents and commodities. Now, after Bristow’s abrupt departure, the new leadership sees a future mostly in North America’s gold deposits.
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Interim Chief Executive Officer Mark Hill said he’s “shifting the focus” to assets in Nevada and the Dominican Republic, where Barrick owns a bundle of lucrative gold mines that have considerable potential to expand.
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The pivot comes as gold miners in North America see whopping returns this year with the price of bullion skyrocketing and miners looking to build projects in safer jurisdictions.
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“I do see a big opportunity there, and I do see that as the next big growth area for Barrick,” Hill said Monday on an earnings call.
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The Toronto-based company is expanding its Pueblo Viejo mine in the Dominican Republic, with the target of churning out 800,000 ounces of bullion a year, which would make it Barrick’s largest gold operation. Its Fourmile project in Nevada, meanwhile, has shown potential for producing as much as 750,000 ounces of annual gold production.
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The new focus stands in contrast with that under Bristow, a South African executive who placed projects in Asia and Africa at the core of the growth strategy. The former CEO pushed hard to advance Reko Diq, a copper-gold project in Pakistan, while pivoting away from gold — going so far as to change Barrick’s name from Barrick Gold Corp. to Barrick Mining Corp. earlier this year.
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Barrick has struggled with some of its international assets, including one of its largest gold mines in Mali. Four employees remain in custody and the operations have been shuttered following a dispute with the military junta. Canada’s Agnico Eagle Mines Ltd., meanwhile, has grown into a gold producing giant by acquiring and developing assets almost exclusively in North America.
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