2023-05-08 12:32:29 ET
Barrick Gold ( NYSE: GOLD ) CEO Mark Bristow is on the hunt for takeovers and forecasts a market rally in his company's two key commodities, gold and copper, according to a weekend interview in Financial Times .
The CEO's comments mark a step up in the serial dealmaker's M&A rhetoric after playing down the need to counter Newmont's $19.5B non-binding takeover offer for Newcrest Mining.
Bristow brushed aside concerns about dealmaking at a time when the price of gold at more than $2K/oz is approaching an all-time high.
"There's significant upside risk for the gold price and the copper price" because of tightening supply for both and the shift by central banks to diversify their reserves by holding gold in place of the dollar, Bristow told FT .
Yet Bristow has ruled out for now bidding for the base metals business of Teck Resources, which was the target of a hostile $23B bid from Glencore.
More on Barrick Gold:
- See financial and valuation comparisons to sector peers
- SA analysis: Barrick Gold: Worst Quarter Of The Year In The Rearview Mirror
- Stock price return: Up 12% YTD, down 10% in the past 12 months
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Barrick Gold CEO seeks takeover targets, expects gold and copper will rally