Latest news with #MarkBristow
Arab News
a day ago
- Business
- Arab News
‘Generational benefits' from Reko Diq mines will uplift conflict-hit Balochistan — Barrick CEO
QUETTA: The chief executive of Canadian mining firm Barrick Gold said this week the multibillion-dollar Reko Diq copper and gold project in Pakistan's Balochistan province will deliver 'generational benefits' to the impoverished, conflict-hit region, as he met residents of Humai village near the mine site. The Reko Diq project, jointly owned by Barrick and the governments of Pakistan and Balochistan, is one of the world's largest undeveloped copper-gold deposits. Long delayed by legal disputes and concerns over foreign investment, the mine is seen as a potential economic game changer in a province that has long suffered from poverty, underdevelopment, and armed separatist violence. Balochistan, Pakistan's largest but least populated province, has for years seen unrest rooted in demands for greater autonomy and a larger share of natural resource revenues. Separatist militants have regularly targeted infrastructure, Chinese investments, and security forces. Against this backdrop, Barrick has emphasized its commitment to inclusive and transparent development. 'Reko Diq is not just a mining project; it is a multi-generational opportunity that promises sustained economic and social development for local communities for decades to come,' Barrick CEO Mark Bristow said in a statement on Monday released after he visited Humai, the closest village to the project site in District Chagai. Bristow met local elders and development committee members, reaffirming the company's goal to invest in job creation, skills training, education, and health care for Baloch communities. 'We are creating job opportunities not only through RDMC but also through our large network of partner and supplier companies that are coming onboard to support this major development,' Bristow said. 'Currently, 75 percent of our workforce is from Balochistan — the majority from District Chagai — and we aim to continue strengthening this local representation.' Bristow also highlighted recent investments in health care, including a new Mother and Child Health Center in Humai that offers maternal care services — the first such facility of its kind in the area. 'No meaningful development of this world-class mineral resource can happen without the active involvement and support of the people who live here,' he said. Humai village chief Liaqat Malik and Par-e-Koh Community Development Committee Chairman Taj Muhammad thanked Bristow and RDMC for their engagement and development work, pledging continued community support for the project, according to the Barrick statement. The Reko Diq project is expected to begin production by 2028 and generate thousands of jobs while significantly boosting Pakistan's export revenues. The Pakistani government has said it will ensure environmental protections and fair distribution of project benefits, though watchdog groups continue to call for greater transparency and community participation in oversight.
The Market Online
2 days ago
- Business
- The Market Online
Capitalizing on the central bank gold rush: Barrick Mining's production, Dryden Gold's exploration, and Deutsche Bank's interest rate concerns
Gold is once again shining as a strategic anchor in turbulent times. Global central banks, especially those in emerging markets, are massively expanding their reserves, driven by geopolitical risks, currency diversification, and inflation concerns. At the same time, central banks like the ECB are lowering interest rates, which on the one hand offers banks cheaper refinancing, but on the other hand squeezes margins and increases credit risks. This dynamic mix of a gold rush, monetary policy shift, and inflationary pressure is forcing financial players to rethink their strategies. In this context, we take a look at two gold companies, Barrick Mining and Dryden Gold (TSXV:DRY), and analyze the current outlook for Deutsche Bank. This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. Barrick Mining – Strong tailwind despite Mali cloud The conflict between Barrick Mining and the Malian government remains a significant burden. Since June, the important Loulo-Gounkoto mine, which was responsible for approximately 10% of production, has been under forced administration. Most recently, a military helicopter transported gold worth approximately USD 100 million, reportedly to finance operations that Malian authorities resumed against Barrick's wishes. CEO Mark Bristow considers this move illegitimate and warns of long-term damage. Production has been at a standstill since January while international arbitration proceedings are ongoing. This uncertainty continues to weigh on the Company. Despite the challenges in Mali, Barrick is showing strength elsewhere. In the Congo, the Kibali mine is advancing exploration in the promising ARK-KCD corridor, which could extend its life. It is a showcase project for local value creation and ecology, with 85% of its energy coming from renewable sources. In Tanzania, the 'Twiga' partnership with the government is celebrating its fifth year. It has already injected nearly USD 5 billion into the local economy. And in Zambia, the billion-dollar expansion of the Lumwana copper mine is progressing on schedule, which is expected to double its production. Things are running smoothly here. Barrick continues to impress with solid fundamentals. The Company operates efficiently with high margins and a robust balance sheet with low net debt. Management is strategically streamlining the portfolio, for example, by selling Donlin, and focusing on first-class projects such as the huge Reko Diq copper-gold project. Barrick appears attractive in terms of valuation: An expected price-to-earnings ratio (P/E) of around 11.6x and an extremely low price-to-earnings growth ratio of 0.34x indicate an undervalued company that is growing profitably, even if Mali currently remains a shadow. Despite Mali, the share price has recently risen and is currently trading at USD 21.22. Dryden Gold – More than just drill holes in the ground In Ontario's well-established gold belt, Dryden Gold (TSXV:DRY) is focusing on a large, consolidated land package of over 700 sq km around the town of Dryden, targeting high-grade gold structures. The Gold Rock Camp project stands out in particular, where both historical and current drilling has confirmed exceptional gold grades, in some cases up to 53,700 g/t, in near-surface, cluster-like zones. But what truly sets Dryden apart from other explorers is its location: existing roads, power, and an experienced local workforce help keep drilling costs well below the industry average at around CAD 250 per meter and allow for year-round exploration. A data-driven drilling program of 15,000 meters is currently underway and is already delivering spectacular results. In May, 80 meters from the main Jubilee zone, gold grades of 301.67 g/t over 3.9 meters were discovered in the newly discovered Hanging Wall Zone in drill hole KW-25-003. Surface samples confirm an extension of the mineralized trend by 2 km. On June 19, high-grade discoveries of up to 28.6 g/t and 25.8 g/t were also reported in the Laurentian and Pearl target areas. No detailed assay results are available yet for the two most recent drill holes, but the Company was able to report that visible gold was found in the drill core. At the end of the fully funded drill program, the Company expects to have a clear understanding of the overall extent of the properties. Dryden pursues an iterative exploration style. Field programs and drill results are continuously analyzed to dynamically adjust target areas, both in the known Gold Rock Camp and at new depths and regional targets such as Hyndman. This flexible, data-driven approach, combined with operational efficiency and a mining-friendly environment, forms the foundation for potential value creation. The Company is led by professionals who have proven time and again how to successfully build and sell exploration companies. Well-known industry giants such as Centerra Gold and Alamos Gold among the shareholders highlight the confidence in the project and strategy. Management and insiders themselves hold substantial shares, which is always a positive sign. The stock is currently trading at CAD 0.215. Deutsche Bank – Between interest rate pressure and new strength Falling key interest rates are weighing heavily on Deutsche Bank, particularly in its private and corporate banking business. In the current year, it has already lost around 4% of its net interest income, mainly due to narrower margins on deposits and loans. While traditional interest-earning business is suffering, other areas are proving more robust. Investment banking and asset management are benefiting from stable commission income. The bank is partially offsetting interest rate pressure through higher deposit volumes, but the normalization is clearly putting traditional sources of income under stress. Despite the headwinds in interest income, the bank recently reported its highest quarterly profit in 14 years. The key lies in its broader positioning. Strong trading results in investment banking, due to market volatility and solid asset management, offset the weaknesses. At the same time, consistent cost management is optimizing the operating base. The cost-income ratio is already below 65%. In addition, active interest rate management via hedging mitigates fluctuations. This mix of diversification and discipline supports the target return on equity of over 10%. However, structural challenges remain. Regulatory risk and sustained market confidence continue to be critical issues. Internally, the bank is working to fully implement its efficiency targets and tap into growth areas. For example, wealth management in Germany was recently reorganized to streamline management and expand market share. For investors, the question remains whether the bank can translate its operational strength into lasting credibility. The ambitions are there, and the test is underway. A share currently costs EUR 25.38. The central banks' gold rush is fueling demand, but players must overcome various challenges. Barrick Mining is battling the crippling Mali conflict despite its operational strength and attractive valuation. Dryden Gold is scoring points with cost-efficient exploration in established areas and a determined search for high-grade deposits. Deutsche Bank is struggling with falling interest rates, but is partially offsetting this through diversification and cost control. While mines and explorers are benefiting from the tailwind provided by the gold price, the financial sector must prove its earning power in the new interest rate era – gold remains a strategic anchor in times of crisis. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a 'Transaction'). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships. For this reason, there is a concrete conflict of interest. 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Business Insider
2 days ago
- Business
- Business Insider
Canadian miner shifts focus to Zambia with $2 billion investment deal amid Mali tensions
Canadian mining giant Barrick Gold Corporation is ramping up its investment in Zambia with a $2 billion expansion plan, a move seen as a strategic pivot amid escalating tensions with Mali's military-led government. Barrick Gold Corporation is investing $2 billion in expanding the Lumwana copper mine in Zambia to enhance production capabilities. The emphasis on Zambia comes amidst Barrick's ongoing legal disputes with the Mali government concerning mining agreements. The expansion includes doubling copper output and introducing new infrastructure like a high-capacity processing plant and energy supply lines. Canadian multinational, Barrick Gold Corporation is pressing ahead with its $2-billion expansion of the Lumwana copper mine in Zambia, positioning the southern African nation's status as a global copper hub and deepening local industrial capacity. The expansion, already under way, aims to double annual copper output at Lumwana to 240,000 tonnes, using a new processing plant that can handle 50 million tonnes of ore annually. The project also includes new electricity lines being built with Zambia's national power company, ZESCO. Speaking during a visit to Lusaka, the country's capital city, Barrick Gold's CEO, Mark Bristow, said the mine's transformation signals not just operational progress, but a long-term commitment to Zambia's economic future. ' When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it's a growing force in African copper.' He said ' With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,' Bristow said during a recent visit to Lusaka.' He added. Since taking over Lumwana, Barrick has contributed over $4 billion to the Zambian economy through taxes, wages, and local business contracts. In just the first quarter of 2025, 81% of the mine's spending, about $177 million went to Zambian suppliers. Nearly all the mine's 12,000 workers are Zambian, and almost half come from nearby communities. The company is also building new facilities, including the Manyama township, a training centre to help Zambians gain mining and technical skills, and a regional airstrip. These projects support Zambia's long-term mining development plans under the Mining and Minerals 2031 policy. Environmental sustainability is also central to the Canadian mining giant's strategy. The company is reportedly working with local leaders and Zambia's Forestry Department on a large forest protection project that will cover up to 300,000 hectares. The aim is to protect the environment, support local livelihoods, and create carbon credits i n the future. 'Lumwana is becoming a flagship for sustainable copper mining. It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment and expanding economic opportunity, ' Bristow said. Mali targets Barrick in mining row Barrick Gold's dispute with Mali began after the country's 2023 mining code granted the state up to a 50% stake in projects and sought to apply the new terms retroactively. Barrick rejected this, calling it a breach of existing agreements tied to its Loulo–Gounkoto mine. Tensions escalated when the junta appointed a provisional administrator and seized one tonne of gold—worth about $107 million—by military helicopter, following earlier seizures and export blocks. Barrick has since launched international arbitration, accusing Mali of violating investment treaties in a case that underscores rising resource nationalism across military-led African states. Barrick Gold's investment in Zambia underlines Africa's growing importance in the global energy transition as copper becomes increasingly vital for electric vehicles and green technologies. With no major environmental incidents reported and strong quarterly performance, Lumwana is not only expanding production but also strengthening its legacy across Zambia and Africa.
Business Insider
5 days ago
- Business
- Business Insider
Mali's military helicopter airlifts $117 million worth of gold from Barrick's mine amidst tension
Malian military helicopters made an unannounced landing at Barrick Gold Corp.'s mine on Thursday and seized over a metric ton of gold, the company said. Malian military helicopters seized over a metric ton of gold at a Barrick Gold Corp. mine in an unannounced operation. Mali's actions are part of broader trends in the Sahel region, where resource control by military governments is increasing. The confiscation follows actions to fund operations through gold sales amidst disputes over mining profits and regulations. Malian military helicopters made an unannounced landing at Barrick Gold Corp.'s mine on Thursday and seized over a metric ton of gold, the company said. On Thursday morning, a brown-and-green military helicopter landed at the Loulo-Gounkoto gold mine's tree-lined airstrip, according to a source familiar with the matter. The passengers were escorted by the mine's security team to the processing plant, where the gold room is located. Roughly five hours later, the helicopter departed with gold bullion on board, a source told Reuters. Barrick said the helicopters landed 'unannounced' and seized over one metric ton of gold, roughly 2,204 pounds, potentially for sale by the court-appointed administrator. However, the company noted that the situation remains fluid, and the final intent is still unclear. One metric ton of gold was worth approximately $117.2 million on Thursday, based on gold prices trading around $3,324 per ounce, Bloomberg reported. Earlier in January, Business Insider Africa reported that the Malian government confiscated three metric tons of gold from the Loulo-Gounkoto mine, with sources estimating the value of the seized bullion at approximately $245 million. Growing tensions These developments have further escalated tensions in Mali's mining sector, where the government has been tightening its grip and pushing for a larger share of profits from resource extraction. The standoff dates back to 2023 when Mali's cash-strapped military regime began demanding that foreign investors pay alleged back taxes and comply with a new mining code granting the state greater royalties and increased equity in joint ventures. The conflict has since deepened, with authorities detaining senior executives from Barrick and even issuing an arrest warrant for the company's CEO, Mark Bristow. While Barrick's dispute remains unresolved, other major gold miners operating in Mali, including B2Gold Corp., have reached settlements involving state payments and higher royalty rates. Tensions in Mali's mining sector mirror a broader trend across the Sahel, where military governments are asserting control. In neighbouring Burkina Faso, the junta has threatened to revoke mining permits, while in Niger, authorities recently seized a French-operated uranium site, moves that have alarmed Western mining companies.
Yahoo
5 days ago
- Business
- Yahoo
Copper's positive, long-term trajectory unchanged despite US tariff, Barrick CEO says
By Chris Mfula LUSAKA (Reuters) -Copper miners remain bullish on the metal's future prospects even as a looming 50% U.S. tariff creates short-term price volatility, Barrick Mining Corp CEO Mark Bristow said in Zambia, where the company is expanding its operations. U.S. President Donald Trump said on Wednesday he would impose the new copper tariff from August 1 to promote domestic development of an industry critical to defence, electronics and automobiles. The announcement propelled U.S. Comex copper futures to an all-time high. But analysts predict prices outside the U.S. could be dragged down as countries like Chile, the world's top copper producer and the United States' biggest supplier, shift supplies elsewhere in response to the tariffs. "The copper price is going to be unstable just like everything else in the world, and we will have to get out of this instability," Bristow told journalists in Zambia's capital, Lusaka, late on Thursday. However, he said that, despite the fallout from U.S. tariff policy decisions, copper's long-term trajectory remained unchanged. "We are seeing a shortage in supply, and growing demand particularly with the data centres, the movement to cleaner energy, and just generally as the emerging markets start investing in industrialisation, which is a big consumer of copper," Bristow said. "So, everyone is in agreement that the copper demand is outgrowing the supply side," he said. Barrick, the world's second-largest gold producing company by output after Newmont, is currently investing in boosting its copper production. It is carrying out a $2 billion plan to double annual output from its Lumwana copper mine in Zambia to 240,000 metric tons by 2028. Barrick will also extend the mine's life to 2057. "Most of the copper industry today is only looking at marginal expansion," Bristow said. "We are very excited that we made this commitment to invest ahead of this tightening." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
