Deals
Barrick Gold Outlook Takes a Hit Over Pacific Mine Dispute
- CEO says Barrick and PNG ordered to hold ‘substantive’ talks
- Bristow sees ‘dynamic’ M&A environment and more consolidation
Photographer: Andrey Rudakov/Bloomberg
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A Pacific island nation that’s been demanding a bigger share of its mineral wealth from resources companies has forced Barrick Gold Corp. to do what a global pandemic could not -- cut its 2020 production guidance.
Less than a month after saying its output was secure, the world’s second-largest gold miner said it expects to produce 4.6 million to 5 million ounces of gold this year, lowering its range by 200,000 ounces, after running into conflict with the government of Papua New Guinea.