'Makes no sense to me': Barrick CEO Mark Bristow says West's deglobalization push a tragedy via financialpost
said the country risks being “left behind” if it doesn’t introduce new measures to keep pace with the American act, which includes a mix of tax incentives, grants and loans to boost the clean-energy and transportation sectors.
Canada’s decision to ban Chinese investments in three lithium miners received a mixed response from analysts and the industry. The move created among mining companies listed on the Toronto Stock Exchange, the index’s operator said on Jan. 17, and could have the unintended consequence of denting Canada’s reputation as a safe place to invest.Article content Some analysts, though, said the decision was necessary in the current geopolitical environment where democratic nations face increased competition for influence from China, Russia and other autocratic states, and that miners would be able to replace the lost funding from other companies belonging to friendlier nations. Barrick is currently looking to explore non-traditional mining regions such as Pakistan and Saudi Arabia for copper and gold. Local officials visit the gold and copper mine site, in Reko Diq district in southwestern Pakistan’s Baluchistan province, in 2017.with Saudi Arabian Mining Co. SJSC to explore two copper exploration projects. Barrick already has a joint venture with the Middle Eastern company that runs the Jabal Sayid mine, which recorded an improved copper output in 2021 compared to 2018.Article content It also aims to start producing copper at its Reko Diq project in Pakistan’s Balochistan province from 2028 onwards. Barrick said the region hosted the “largest undeveloped copper project in the world.” Countries such as Pakistan and Saudi Arabia could hold the key to the transition away from fossil fuels, Bristow said, since nations like Chile, Peru and Argentina, which are more commonly known for producing key EV metals, are getting “riskier” to work in. “The risk and reward of exploration versus discovery … the risk is high, and the reward is lower,” he said.He added that it also gives a chance to employ thousands of workers in poverty-ridden regions such as Balochistan. Bristow said he is a firm believer of Barrick’s copper-gold strategy, describing copper as the most “strategic metal” on this planet alongside gold.Article content “I believe you can build a really big company with copper and gold,” he said. “You struggle to get into the top end of the size bracket for mining if you just focus on gold.” Copper plays a key role in renewable energy, given it is essential for most electricity-related infrastructure: solar photovoltaics rely on copper for wiring; wind energy technologies make use of the metal in their turbines; and it is also used to transfer electricity. Bristow said it is “strange” that the world is “obsessed” with EVs but not with “greening the grid” that will be powering these EVs. “If you really sat down and you analyzed how you are going to transition away from dirty or more complicated energy, you immediately should be focused on greening the grid … because right now we have got EVs that are being charged by coal,” he said.Article content
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