Mark Bristow praises Saudi Arabia for showing interest in Pakistan copper and gold mine in province riven by violence
email rounding up the latestBarrick Gold chief executive Mark Bristow has slammed western fund managers for their short-sighted focus on making quick returns.
He said money from passive funds that track markets rather than actively pick stocks and assets was “not conducive for mining investments” as they failed to support “pioneer-type opportunities”. That has made it challenging to find the right sort of capital to press ahead with long-term projects such as Pakistan’s $7bn Reko Diq mine, which Barrick is developing and which is unlikely to deliver returns for years.
Ma’aden and PIF expressed interest in taking a stake in the mine at a gathering in Islamabad for Pakistan’s first mineral conference this month.
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