Barrick Turns Back to M&A as It Retreats From Riskier Regions

From Bloomberg

Barrick Mining Corp. said it will pursue acquisitions while scaling back exposure to riskier jurisdictions, marking a reversal of its strategy over the previous decade of aggressive expansion in Africa and Asia.

The shift was outlined by Chairman John Thornton in his first public comments since the Canadian miner replaced former Mark Bristow as chief executive officer in September and announced a plan to spin off its top North American assets.

“For many years, we have viewed our shares as undervalued,” Thornton wrote in a letter to shareholders Wednesday. “North American Barrick will be the most attractive pure gold company in the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline.”