More than likely it will be in Canada - Barrick Gold's Mark Bristow hints at next move

Barrick Gold (TSX:ABX) is focused on replacing the ounces it mines through exploration, says President & CEO Mark Bristow.
In February Bristow spoke to Kitco Mining at the 33rd BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida.
“We've really invested in the quality of our explorers and that's what adds value,” he said, noting that Barrick is spending 60 percent of its exploration budget this year on greenfield (early-stage) projects.
Bristow said Barrick’s most effective growth strategy is to acquire large mines with long lives, rather than trying to manage several small mines. The company is currently focused on copper, two examples being the Reko Diq copper-gold project in Pakistan and the Lumwana copper mine’s Super Pit expansion in Zambia.
“For me, what we set out to build is a sustainable, infinite business in Barrick,” said Bristow, referring to when the company was first incorporated under Bob Smith and Peter Munk. “It created huge value through exploration discovery and early-stage M&A. I copied it in Randgold, that same philosophy just in North Africa, so that's what we’ve got to do again.”
Barrick recently permitted the Goldrush underground mine in Nevada, expected to start production this year at 130,000 ounces and grow to 400,000 oz per annum by 2028. Also in northern Nevada, site of the Nevada Gold Mines joint venture with Newmont Mining (TSX:NGT), Bristow said Barrick is executing on its brownfields five-year horizon to replace the gold that it has mined. Next to Goldrush is the Fourmile project, discovered in 2015, to which Barrick has committed $42 million towards a prefeasibility study.
“I'm absolutely convinced that we've got more Fourmiles around in that district, and in Turquoise Ridge as well, we've now opened the orebodies in both directions,” said Bristow.
Barrick’s end-of-year goals are building flexibility into underground development in Nevada; securing new ground within the Central African Copper Belt; exploring joint ventures around Reko Diq in Pakistan; and pursuing opportunities in Saudi Arabia.
Bristow said he also wants to bring all-in-sustaining costs down to around $1,000 an ounce.
He concluded the interview by hinting where Barrick could next make a move.
“We need something for the North American team to chew on and ideally in the short-term it will more than likely be Canada.”
Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).
Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

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