Barrick Gold Corp. CEO Mark Bristow said the miner is still keen to invest in the mineral-rich deposits along the Chile-Argentina border despite the permanent shutdown of the Chilean side of the Pascua-Lama gold-silver mine, Bloomberg News reported Jan. 10.
The former Randgold Resources Ltd. boss, who took the helm of the Toronto-based gold miner following the completion of a blockbuster merger between the two miners earlier this month, expressed optimism that the issue will be resolved in the future.
"Everything's been clouded by Pascua-Lama," Bristow said in the report. "At the end of the day, that's something we're going to get our heads around, and we are going to engage with our host countries and find ways to deal with those challenges and bring more assets to account."
He added that Barrick will continue to invest more money in the El Indio copper-gold belt on the Chile-Argentina border, with partnerships with Chinese and Chilean miners as a focal point in its strategy in the region.
In 2017, it formed a joint venture with Shandong Gold Mining Co. Ltd. to develop the Veladero gold mine in Argentina, then subsequently inked an agreement to work on other projects. The miner divested a 50% stake in the Zaldivar copper mine in Chile to Antofagasta PLC in 2015.
Earlier this month, Bristow said Barrick is mulling options for its 64% stake in Acacia Mining PLC, including the possible sale of the troubled Tanzanian gold miner.