The world’s largest gold producer has signalled a new restraint on expansion, declaring that it would no longer pursue size for size’s sake as it pruned growth targets and shelved projects.
The move by Barrick Gold came after the miner revealed an up to a $3bn blowout in the cost of a flagship project on the Chile-Argentina border.
Jamie Sokalsky, who took over as chief executive from Aaron Regent in June, pledged that “returns will drive production, production will not drive returns” as he announced a review of the miner’s assets.
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