Barrick Gold Corp does not want to buy copper mining giant Freeport McMoRan Inc ...
), although it is interested in its rival’s flagship Grasberg mine in Indonesia, Chief Executive Mark Bristow said on Thursday.
Rumors that Barrick, the world’s second-largest gold miner, planned to bid for Freeport are “completely wrong”, Bristow told Reuters on the sidelines of the Mining Indaba conference in Cape Town. “People jump to conclusions,” he said. Buying Grasberg - the world’s largest gold mine and second-largest copper mine - would fit nicely into Barrick’s strategy of expanding in the Pacific Rim and capitalizing on rising copper demand from the electric vehicle industry.A Freeport spokeswoman did not immediately respond to a request for comment. In an interview with Reuters last week, Freeport CEO Richard Adkerson declined to discuss Barrick.
Freeport in late 2018 relinquished majority control of Grasberg under pressure from the Indonesian government. The deal smoothed relations with Jakarta and keeps Freeport the mine’s operator until 2041.
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