Thornton must have a plan, it’s not too hard to work out the most obvious one.
GOLD cared for years about reducing debt, and hard graft plus asset sales got the company back inside normal ranges. But the mediocre net result from 1q21 operations should be of concern and the creep of obligations has re-started. The last thing this balance sheet needs is a return to the Munk era and that’s unlikely to happen, it would take an active decision to add debt to the books. But, it does mean they have other plans for the cash pile mounting up at GOLD, of nearly $9Bn cash and 6.5Bn of it is clear working cap.
Bottom line: Barrick is going to buy something expensive.