The brand new authorities, led since July by President Jose Raul Mulino, has mentioned the way forward for the mine – which accounted for 1% of worldwide copper output and 5% of Panama’s GDP – can be determined subsequent yr.
“On the finish of the day, it’s the Panamanian authorities that has to resolve what it needs to do with this asset, and we in fact, stand out there to be thought-about as a possible associate someday sooner or later,” Bristow informed Reuters at his Toronto workplace.
First Quantum initiated proceedings final yr towards Panama on the Worldwide Courtroom of Arbitration in Florida, looking for $20 billion over the mine shut-down.
First Quantum and the Panamanian authorities didn’t instantly reply to requests for remark.
Whilst demand for copper property heats up amongst huge miners, Bristow mentioned Barrick will take a conservative method to deal-making and stays cautious of paying a premium, regardless of a current surge in copper costs.
“We at all times say, ‘watch out about paying on the prime of the market,’” Bristow mentioned.
Among the largest copper miners seen by bankers and business insiders as potential acquisition targets are Anglo American and Teck Sources.
BHP’s failed bid to amass Anglo American for $49 billion and Lundin Mining’s current three way partnership with BHP have spurred expectations of extra big-ticket copper offers.
Teck’s controlling shareholders, Norman Keevil and Sumitomo Metallic Mining Co, rejected final yr a hostile bid from Glencore. Teck later spun off its coal property to Glencore for C$8.9 billion and mentioned it could give attention to copper.
Bristow mentioned Barrick opinions every part it considers world-class copper and gold property and that it had checked out Teck, however added that its share construction could possibly be a hindrance to any deal.
“We have now a powerful stability sheet, we’ve got no actual debt, and we’re Canadian. In order that can also be essential,” mentioned Bristow.
Teck has a twin class share construction with a number of voting rights connected to its class-A typical shares, nearly all of that are managed by Keevil and Sumitomo.
Bristow famous that Teck’s dual-share construction sunsets in 4 years, so there’s time to assume via choices.
Teck mentioned the corporate doesn’t touch upon market rumors or hypothesis.
(By Divya Rajagopal and Felix Njini; Modifying by Kevin Liffey and Rod Nickel)
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