Gold Council awaiting U.S. clarity on gold bar tariffs, Barrick CEO says
TORONTO (Reuters) -Barrick Mining CEO Mark Bristow said on Monday that the World Gold Council is waiting for clarity from the United States regarding potential tariffs on gold bars, but he added that the impact on mining companies would be minimal as they are 'price takers.'
In an interview with Reuters, Bristow also said Barrick is not acting as a facilitator between Saudi Arabia and Pakistan for the Reko Diq copper-gold project. Saudi Arabia's sovereign wealth fund PIF was in talks with the Pakistani government to invest in the project.
Concerning Barrick's ongoing dispute with Mali, Bristow said the company has not considered selling its Loulo-Gounkoto gold mine complex to a third party at this stage.
The Canadian miner beat analysts' expectations for second-quarter profit on Monday, as a surge in gold prices helped to offset a drop in production, including from Mali.
The West African nation's military government temporarily took over Loulo-Gounkoto in June, escalating a dispute over the company's alleged refusal to sign a new mining contract and non-payment of taxes.
Barrick in its results released on Monday said that due to this loss of control of the mine in Mali, the company had recorded a pretax loss of $1.03 billion.
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