Barrick Gold to offload unwanted assets following Randgold merger

By baddey dey`
Toronto-based Barrick Gold, the world’s largest gold mining firm, will reportedly sell off a considerable number of assets following completion of its Randgold acquisition
Speaking to Sky News, Randgold chief executive Mark Bristow said the move would be “a cleanup moment,” and that the combined company wants “to deliver high-quality assets that can attract the investment required.”
The merger deal, announced in September this year, is worth around US$18bn and will create the largest combined concentration of Tier One Gold Assets of any company in the world.
Tier One refers to mines that have an annual output of 500,000 ounces of gold, with a lifespan of over 10 years.
According to Sky News, Barrick’s executive chairman John Thornton has previously said that Tier One assets would become the firm’s primary focus.
See more:
Barrick announced on 5 November that its shareholders had agreed overwhelmingly to the merger, which the firm expects to complete by 1 January 2019.
Mining Global reported in September that the merger would see the resultant New Barrick Group’s ownership split at 66.6% for Barrick shareholders while the remaining 33.4% will be under Randgold’s control.
Bristow told Sky News that a significant number of mines and assets would be sold as part of Barrick’s portfolio streamlining.
"I've always said a good half a dozen assets is the right kind of profile to have,” he said.

Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy