IKN

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Barrick Gold (ABX) wants out of Peru

A little buried lede, from IKN486 published yesterday:

Barrick
Gold (ABX):
Press reports this weekend (7) have ABX chair John Thornton saying he’s
looking to slash costs by getting rid of a raft of middle management, plus he’s
nearly certain to JV with Chinese companies in ABX operations in Africa. Here’s
a segment:
The Toronto-based company
has slashed middle management by half to about 700 and “we want to get it down
to 300,”
Thornton, who’s been in his role since 2014, told the Globe in an interview in
London. The former Goldman Sachs Group Inc. executive wants a leaner,
entrepreneurial partnership more like the early days under late founder Peter
Munk, the Globe said.
Thornton said there’s “an
almost 100 percent” chance Chinese partners will get involved in Barrick’s
projects in Tanzania that are operated through its 64 percent stake in Acacia Mining
Plc.
Acacia has plummeted 84 percent since its high in 2016 amid
disputes with the government, which imposed a ban on exports of mineral concentrates
last year and slapped the miner with a $190 billion tax bill.
What he didn’t mention is that ABX
is currently looking to sell out of Peru and is shopping its
wholly-owned subsidiary,
Misquichilca SA. Its main asset is the Lagunas Norte mine, the package
includes Pierina and other early stage assets.

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