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The value of mergers and acquisitions in the gold industry increased by 45 percent to $18.2 billion in 2019, according to a report released in February by the consultancy Metals Focus. A truck moves through a tunnel to pick up rock ore from the digging floor at the underground gold mine.
, BloombergTORONTO - The Chinese company trying to buy TMAC Resources Ltd. has appointed a Barrick Gold Corp. veteran as CEO of its Canadian operations even though the deal is still being reviewed by Ottawa.Hong Kong-traded Shandong Gold Mining Co. Ltd. says it has appointed Mark Wall as CEO of Streamers Gold Mining Corp. Ltd., its wholly owned subsidiary in Canada.Shandong's $230-million offer to buy TMAC, owner of the Hope Bay mining project in Nunavut, has received Chinese regulatory approvals and TMAC shareholders voted in favour of it in June.The Commissioner of Competition has issued a “no action” letter, but it is still being reviewed under the Investment Canada Act and Ottawa could veto the deal if it finds it would harm national security.Wall has more than 24 years of experience in the mining industry, most recently at Nevada Copper Corp.During a 12-year stint at Barrick that ended in 2018, the Canadian citizen served as executive general manager of the Veladero gold mine in Argentina. The COVID-19 pandemic could lead to a flurry of deals in the gold mining industry, according to Barrick Gold CEO Mark Bristow..
Shandong bought a 50 per cent stake in the mine in the high Andes mountains three years ago.“We have worked closely with Mr. Wall during our successful partnership with Barrick Gold and welcome him to lead our Canadian business,” said Liu Qin, director of Shandong Gold, in a news release.“His extensive background in the industry will serve us well in Nunavut, beginning with the development of an expansion feasibility study aimed at doubling the output at Hope Bay.”Aurora Cannabis to take steep $1.8B write-down, appoints Miguel Martin as new CEOOntario cannabis regulator to double pot shop licensing approvals
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Barrick Gold Corp. paid its chief executive officer Mark Bristow US$17.4-million last year, among the richest pay packets ever awarded by the Toronto-based gold company. Share via Text Message; TORONTO — The chief executive of Barrick Gold Corp. said Monday the company's strategy for spending money is unchanged despite a run up in gold prices that boosted second-quarter … Aug 13, 2020 The icing on the cake for the company may be the price of the yellow metal itself. The company has a handful of other assets that are on the verge of becoming tier one, which refers to mines that have produced more than 500,000 ounces of gold per year for at least 10 years at the lower half of the cost curve.Bristow says the opportunity created by the COVID-19 pandemic is similar to what happened following the 2008 global financial crisis when miners found themselves in an environment that was ripe for deals as the price of gold surged from about $700 per ounce to $1,900 before collapsing and leaving a trail of destruction.“You've got to be careful that you don't blow your brains out like the industry did between 2009 and the run-up to the peak in 2012,” Bristow said.The VanEck Vectors Gold Miner ETF hit a peak market capitalization of $10.79 billion in September 2011 before falling to below $4 billion in January 2016.
Aug 10, 2020 3:37 PM By: Canadian Press. ©2020 FOX News Network, LLC.
Mark Bristow, CEO of Barrick Gold, joins "Squawk Box" to discuss reopening the U.S. economy, demand for gold during the coronavirus pandemic and …
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Barrick Gold CEO Mark Bristow sits for an interview in his Toronto office on Feb. 12, 2020. Hong Kong-traded Shandong Gold Mining Co. Ltd. says it has appointed Mark Wall as CEO of Streamers Gold Mining Corp. Ltd., its wholly owned subsidiary in Canada. Quotes delayed at least 15 minutes.
At the same time, major central banks and governments have been injecting cash into their economies, devaluing their currencies and spiking interest in gold, a traditional safe haven.“There's a real opportunity that there might be some acquisition options coming out of this,” Bristow told FOX Business.
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