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Randgold CEO says new Barrick to focus on cash-generating assets

News Summed Up 2018-11-06 05:30:00

The merger between Barrick and Randgold will also provide momentum for further consolidation within the gold industry, which needs to better compete for global investors, Bristow said in an interview after the release of his company’s third-quarter results. Key InsightsIt’s clear that Bristow, who will become CEO of new Barrick, will employ the same game plan that made Randgold the darling of gold-mining investors. New Barrick will be part of that process, selling off lower-quality assets and cutting leverage. That may include its Hemlo assets in Canada.Following the Randgold model, operational excellence will be another priority at new Barrick, whether in Nevada, Canada or Tanzania. The stock is down 14 percent this year.