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Barrick Gold CEO Mark Bristow believes that mergers and acquisitions will not expand the copper supply necessary for the energy transition.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.is projected to surge in the coming decades. According to BloombergNEF, the transport sector alone is expected to increase demand by 11.1 times by 2050 from 2022. Additionally, demand to expand the global electricity grid is forecasted to rise by 4.8 times by 2050 from 2022.
“Until we can see some clarity, there’s no interest from us in this opportunity. In our view, it’s not an opportunity,” Bristow said.A 2021 pre-feasibility study gave the project a 10-year mine life, averaging 108,500 oz. of gold equivalent output per year.Despite the hype, man-made diamonds only account for 20% of global diamond jewellery sales and analysts expect their price to fall.Group revenue for the first half of the year fell 6% to 8.25 billion euros, roughly in line with expectations.
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