LEADERSHIP

"This can't continue..."

Barrick's Bristow on Tanzania troubles and plan to cut over 100 jobs from HQ

Staff reporter

This article is 6 years old. Images might not display.

The enlarged gold mining company came into effect last week following its all-share merger with the Bristow-founded Randgold Resources.

Bristow declined to discuss details with the Wall Street Journal about the negotiations in Tanzania, where Barrick subsidiary Acacia Mining was hit with a US$190 tax bill in 2017 and has been banned from exporting gold concentrate.  

However, he told the newspaper: "We will find a solution.

"This can't continue, every stakeholder is hurting."

Bristow also expects to unveil "a number of strategic changes" in February.

He told the WSJ the company was reviewing the possible sale of its 50% stake in Kalgoorlie Consolidated Gold Mines, the Hemlo gold mine in Canada and Lagunas Norte in Peru.

He also said he planned to shrink Barrick's head office from a team of nearly 200 to about 60 people.

In a joint statement last week, Bristow and Barrick executive chairman John Thornton said the company would optimise its existing operations, pursue new opportunities that met strict investment criteria and develop them with "disciplined efficiency". 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.