M&A won’t alleviate looming copper shortage, Barrick CEO warns

From Mining.com

Barrick Gold (NYSE: GOLD) CEO Mark Bristow believes that mergers and acquisitions (M&A) will not expand the copper supply necessary for the energy transition.

While mining giant BHP (ASX: BHP) pursues a $39 billion deal for Anglo American (LON: AAL), the Barrick chief told the Financial Times that companies should prioritize investing in exploring and developing new copper deposits.

For Bristow, BHP’s approach to Anglo reinforces the necessity for industry investment in its future.

“You can consolidate, but it doesn’t bolster the production profile. Consolidation often leads to production reduction,” Bristow said.