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8/10/18

Barrick (ABX): Thornton says they're not buying Detour Gold (DGC.to)

Barrick (ABX) Chair John Thornton gave a wide-ranging interview to Bloomie today with plenty of corners covered (sounds like he wants to get rid of those "he's a banker he doesn't know mining" comments that have started to swirl), but the paydirt comment is the one about Detour Gold (DGC.to) and whether or not they're interested in buying:


"The company will be as disciplined in making acquisitions as it was divesting assets, Thornton said, and that means it will not be buying Detour Gold Corp. Barrick was recently said to be the undisclosed gold miner cited by Paulson & Co. as interested in potentially buying Detour. It doesn’t meet the three criteria to be a tier 1 mine, Thornton said, “so guess what the answer is as to whether we are going to buy it. The answer is no.”"

So now you know.