- Write by:
-
Wednesday, May 1, 2024 - 21:38:45
-
84 Visit
-
Print
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner’s CEO Mark Bristow said on Wednesday.
If BHP’s proposed acquisition of Anglo is successful, it would create one of the world’s biggest copper miners.
Analysts and investors expect rival bids to emerge after BHP’s offer was rejected last week by Anglo, which said it was opportunistic, significantly undervaluing the company and its future prospects.
“We are not interested in bidding for Anglo American, as we are building (copper assets) of our own,” Bristow told Reuters.
Bristow is betting on developing the Reko Diq copper project in Pakistan in which it holds a 50% stake, the first phase of which is expected to cost $5.5 billion.
Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the project, Bristow added.
Reko Diq, one of the biggest yet-to-be-developed copper mines in the world, is also 50% owned by the government of Pakistan. Saudi Arabia is in talks to buy part of the stake from the Pakistan government.
In Mali, where Barrick has a gold mine, the military-led government was last year in talks with miners over a change to its mining law that could see it boost state and private Malian interests in new projects to 35% from up to 20% previously.
However Bristow said that the company has received written assurances from the junta that there was no threat of its assets being nationalized.
Short Link:
https://www.miningnews.ir/En/News/628335
![Codelco reaches agreement with Andina mine workers](/Incsys/Photo.aspx?image=/Uploads/News/20240615010245937.jpeg&width=236&height=180)
Chilean state-run miner Codelco said on Friday that it had reached a collective contract agreement with the union ...
![Zambia sees KoBold spending $2.3 billion on giant copper mine](/Incsys/Photo.aspx?image=/Uploads/News/20240615005353455.jpg&width=236&height=180)
KoBold Metals, the Bill Gates-backed mining exploration company, could spend $2.3 billion to build a major new copper ...
![Hedge funds Andurand and Rokos took big copper bets before spike](/Incsys/Photo.aspx?image=/Uploads/News/20240615003756190.jpeg&width=236&height=180)
Rokos Capital Management and Andurand Capital Management have been prominent among hedge funds piling into the copper ...
![New copper fund revives controversial product](/Incsys/Photo.aspx?image=/Uploads/News/20240615001825885.jpeg&width=236&height=180)
Sprott Inc. has launched a $100 million fund that will buy and hold physical copper, marking a comeback for a class of ...
![Copper’s spike isn’t justified by fundamentals, Trafigura says](/Incsys/Photo.aspx?image=/Uploads/News/20240615001710817.jpg&width=236&height=180)
Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the ...
![Antofagasta to invest $1.5bn for water transport system at Chile copper mine](/Incsys/Photo.aspx?image=/Uploads/News/20240611210038640.jpg&width=236&height=180)
London-listed Antofagasta on Wednesday signed a $1.5 billion investment deal to improve water supply at its Chile mining ...
![Glencore said to weigh selling stake in Kazakh miner Kazzinc](/Incsys/Photo.aspx?image=/Uploads/News/20240611205715107.jpg&width=236&height=180)
Glencore Plc is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in ...
![China’s unusually large copper stockpiles fuel demand concerns](/Incsys/Photo.aspx?image=/Uploads/News/20240611205347446.jpg&width=236&height=180)
China’s copper inventories are growing at exactly the time of year when they should be shrinking fast — an anomaly that ...
![BHP faces test of patience after $49 billion Anglo bid fails](/Incsys/Photo.aspx?image=/Uploads/News/20240610020108437.jpg&width=236&height=180)
Days after BHP Group failed to secure the $49 billion takeover of smaller rival Anglo American Plc, investors have one ...
No comments have been posted yet ...