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Barrick CEO Speaks Against Canadian’s Probe Into Glencore/Teck Deal

 |  May 5, 2023

Mark Bristow, CEO of Barrick Gold Corp., expressed concern that the political rhetoric surrounding Glencore PLC’s bid for Teck Resources Ltd. may have negative consequences for the mining industry in the future.

“We are proudly Canadian and we are desperate to grow in Canada,” said Bristow. “But at the same time, we do big deals around the world, and imagine if our host countries around the world denied us the ability to access their markets and industries,” he continued. “I guess it’s the sign of the times as we sort of become more inward-looking and nationalistic.”

The article reports on Bristow’s response to statements made by Canadian politicians regarding a potential deal involving Glencore PLC and Teck, based in Vancouver. The politicians indicated that Glencore might face challenges in gaining approval from Canadian authorities if Teck agrees to sell.

Teck has received two takeover offers from Swiss mining company Glencore, which they have rejected. Glencore’s CEO, Gary Nagle, has stated that if Teck’s management refuses to negotiate, he will take an improved offer directly to Teck’s shareholders.

Prime Minister Justin Trudeau told Bloomberg Television on April 28 that any takeover bid for Teck would have to get through a “rigorous process .” Earlier, three federal cabinet ministers — Finance Minister Chrystia Freeland, Industry Minister François-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson — said in a letter to the Greater Vancouver Board of Trade that they were watching the bid closely and stressed the importance of Teck to Canada.