Barrick's Mark Bristow says rival Newmont is trying to get bigger for 'big's sake'
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Newmont’s bid to get even bigger comes amid a series of consolidations in the gold sector in recent years, including the take over of Yamana Gold Inc. by two Canadian rivals — Agnico Eagle Mines Ltd. and Pan American Silver Corp. — for about US$4.8 billion in a deal that closed earlier this year.Article content, as executives and investors seek to maintain margins amid higher production costs and declining grades of the metal.
However, Bristow argued that his purchase of Randgold made sense because it added to Barrick’s production value and offered an opportunity to grow through the exploration of potentially valuable assets. He said Newmont’s pursuit of Newcrest looked like an attempt to get big for “big’s sake,” as the company would simply be bulking up, rather than improving its mix of assets.
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