Barrick Gold Signals Interest in Cobre Panama Mine Partnership

We are open

Marketscreener informs that Mark Bristow, CEO of Barrick Gold, has announced that the company is open to partnering in the Cobre Panama copper mine, pending the Panamanian government’s decision on the asset’s future. This comes after the mine, currently owned by First Quantum Minerals, was shut down in November due to protests.

With the new Panamanian administration under President Jose Raul Mulino Quintero set to determine the mine’s fate next year, Barrick remains on standby as a potential partner. Bristow emphasized that the final decision rests with the Panamanian government, but Barrick is prepared to engage when the time comes. He stated: „At the end of the day, it is the Panamanian government that has to decide what it wants to do with this asset, and we of course, stand available to be considered as a potential partner sometime in the future”.

Don’t overpay

As copper assets become increasingly sought-after, Barrick remains cautious about overpaying, despite recent copper price surges. The CEO of Barrick Gold said: „We always say, 'be careful about paying at the top of the market.”

Balance sheet

Bristow also touched on the company’s ongoing review of world-class copper and gold assets. He concluded that: „We have a strong balance sheet, we have no real debt, and we are Canadian. So that is also important,”. The Barick’s CEO looked at Teck Resources Limited but acknowledged that Teck’s dual-class share structure could complicate any potential deals.

According to Marketscreener.com “Teck has a dual-class share structure with multiple voting rights attached to its class-A common shares, the majority of which are controlled by Keevil and Sumitomo Corporation”.

The Cobre Panama mining project accounts for 1% of global copper output and 5% of Panama’s GDP.