LEADERSHIP

"This can't continue..."

Barrick's Bristow on Tanzania troubles and plan to cut over 100 jobs from HQ

Staff reporter
 Barrick's John Thornton and Mark Bristow

Barrick's John Thornton and Mark Bristow

The enlarged gold mining company came into effect last week following its all-share merger with the Bristow-founded Randgold Resources.

Bristow declined to discuss details with the Wall Street Journal about the negotiations in Tanzania, where Barrick subsidiary Acacia Mining was hit with a US$190 tax bill in 2017 and has been banned from exporting gold concentrate.  

However, he told the newspaper: "We will find a solution.

"This can't continue, every stakeholder is hurting."

Bristow also expects to unveil "a number of strategic changes" in February.

He told the WSJ the company was reviewing the possible sale of its 50% stake in Kalgoorlie Consolidated Gold Mines, the Hemlo gold mine in Canada and Lagunas Norte in Peru.

He also said he planned to shrink Barrick's head office from a team of nearly 200 to about 60 people.

In a joint statement last week, Bristow and Barrick executive chairman John Thornton said the company would optimise its existing operations, pursue new opportunities that met strict investment criteria and develop them with "disciplined efficiency". 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.