Barrick CEO: Gold Council awaits U.S. clarity on gold bar tariffs
Barrick Gold CEO Mark Bristow said on Monday that the World Gold Council is awaiting clear guidance from the United States regarding potential tariffs on gold bars. Despite the uncertainty, Bristow believes the impact on mining companies will be minimal, as they are primarily “price takers” in the market.
In a Reuters interview, Bristow also clarified that Barrick is not acting as an intermediary between Saudi Arabia and Pakistan in discussions over the Reko Diq copper-gold project. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has been in talks with Pakistan about investing in the project, News.Az reports, citing Reuters.
Regarding Barrick’s ongoing dispute in Mali, Bristow confirmed the company has no current plans to sell its Loulo-Gounkoto gold mine complex. The Canadian miner reported stronger-than-expected second-quarter profits, boosted by rising gold prices despite production challenges, including the situation in Mali.
In June, Mali’s military government temporarily took control of Loulo-Gounkoto amid a dispute over contract negotiations and tax payments. Barrick disclosed that this loss of control led to a pretax loss of $1.03 billion in its recent financial results.
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