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Gold sector consolidation not done, says Bristow
The shake-up of the gold industry begun by the Randgold and Barrick Gold merger in 2018 is not yet finished, Barrick CEO Mark Bristow told delegates during his keynote at the 2020 Gold Forum Americas
25 Sept 2020
The shake-up of the gold industry begun by the Randgold and Barrick Gold merger in 2018 is not yet finished, Barrick CEO Mark Bristow told delegates during his keynote at the 2020 Gold Forum Americas (reports MiningNews).
Bristow said industry consolidation needs to continue so that tier one assets move into the hands of the best mining companies.
"What I shared with the market [the Barrick and Randgold merger] at this forum in 2018 created some dilemma and it has really changed the industry," he said.
"Our deal, the Nevada Mines joint venture, the Acacia deal, Endeavour Mining consolidating in West Africa, the Newmont with Goldcorp deal and the Aussie's coming into Canada is fantastic.
"The industry has gone a long way from where it was in just 18 months but the problem is that we haven't finished that job as the industry still has a mishmash of assets in too many managers hands.
"We think the industry would be better served if we could reallocate assets with managements that have proven track record of delivering value."
continued.....
https://www.resourcesrisingstars.com.au/news-article/gold-sector-consolidation-not-done-says-bristow
****"We think the industry would be better served if we could reallocate assets with managements that have proven track record of delivering value."****
Mather's an explorer not a miner and possesses no proven track record in delivering value through the exploitation and extraction of a mineral resource
Bristow needs to stop talking and start acting. He knows that for him deals are like a drug and he is completely addicted to them. Start at 50p for Solgold, let the Chinese bid 75 and BHP can have it for a quid.
Otherwise BHP will get it for 60p...
"Otherwise BHP will get it for 60p"
Now that's cack logic. When SOLG/Alpala is sold the process will be an auction: the bidder with the highest price will take it - and it won't be 60p.
schlemiel, I thought that comment was telling and I'm sure he had a number of executives in mind. There are a myriad of companies out there run by either skilled explorers, or hopeless chancers. I believe we fit the first category. But these people are not experienced developers and operators and the difference is vast. Mind you, there was an element of arrogance in his comment, which seems to be commonplace in the mining industry.
Jerry, as you know, I think you're wrong about value. I feel we should place a wager...something involving wine, perhaps?
thanks for posting link Schlemiel, very interesting indeed.
I particularly like ..
"Bristow said industry consolidation needs to continue so that tier one assets move into the hands of the best mining companies."
on reflection, I think as soon as the majors know we have permission from the authorities, de-risked completely , without further potential risk form those against mining, then we will see the bids come in.
it's already been said that if this asset was in Australia we could well be over a pound by now.
You can summarise his attitude as "we think the industry would be better served if the established global majors take control of all the best assets and squeeze out all competitors and prevent newcomers from disrupting our global oligopoly".
Basically what's been happening in every other industry over the last decade or so too. Having said that, if that means a major forking out big bucks to take Alpala and the rest out from Solgold, I will be happy to take their money.
Ok Addicknt. I say less than 100p......
Earthling, we could be at £5 now based on a direct comparison with Hav!
For those wanting us to go to production, ironically, this risk could mean SOLG keep hold of the asset, mainly due to the social and environmental work SOLG has always put first, unless it was a case of the major simply agreeing to continue this work?
"Bristow said industry consolidation needs to continue so that tier one assets move into the hands of the best mining companies."
That's a message to persuade his major shareholders. He needs them on board with his strategy. Clearly, if he was acting on his own, he would have purchased more assets by now.
Yes Miagi, I genuinely believe as soon as it’s de risked and it’s confirmed from authorities that Alpala:Cascabel is going ahead, then the fireworks will start and we will get a decent price.
Jerry, you're on. We'll discuss the bet privately.
Morning Add
I think that’s a bet Jerry would be more than happy to lose
DBW, I'm absolutely sure you're right. Mind you, if I lose he'll be getting a bottle of Tesco's pinot grigio.
Blue nun?
Or is that one of the movies I used to watch ?
Who remembers a wine called country manor wine it's still sold and classified as a perry, because of it's alcohol content, under 7 percent.
You can but it in 3 liter boxes for £5.75 from Tesco.
This is anything, but a recommendation.
Quady, what's the point of drinking anything with such a low level of alcohol?
Morning addicknt, I agree, however don't like high strength wines either.
I am not a fan of Amorone, and that's horribly expensive.
Strictly a Barolo / Rioja man myself
With you on the Rioja DBW, also like Barolo, just feel it's overpriced.
DBW, me too, although I'm also keen on Chianti.
Would somebody care to share a bottle of Mateus Rose or dare I say it Le piat D'or... ; P