- Barrick Gold (ABX -1.3%) examined and passed up a number of deal opportunities last year because it will not be pressured to buy assets simply for the sake of growth, says Executive Chairman John Thornton.
- “We simply will not yield to the pressure to, quote, just find something in order to, quote, grow," Thornton tells the company's investor day in Toronto, adding that history shows when times are good, mining companies overpay for “mediocre assets and invest in projects with low returns... At Barrick, this will not happen."
- ABX has made progress in all areas but also has sometimes either failed to deliver the required standard or has yet to do so, Thornton says, citing Acacia and Veladero as glaring examples.
- Thornton says it is tempting to see 2016 as a year in which ABX seemed to execute well on everything and 2017 as “almost the reverse... the truth is, we were neither that good or that bad... We’ve made good progress in both years, but we are nowhere near where we want to be and where we know we can and will be."
- Now read: Barrick Gold: Market Won't Like Falling Production Levels
Original article