Ann: Black Cat Acquisition Adds 115koz to Fingals Gold Project, page-18

(Not just in Africa)


Barrick Gold CEO Mark Bristow on Wednesday said the gold industry in Africa should consolidate further, as he warned of a “serious reserve crisis” looming for the sector.

A dearth of exploration has seen average mine life across the gold mining sector fall from 20 years to closer to 10 years, he added, speaking at the Joburg Indaba mining conference.

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“The prospect of a serious reserve crisis is looming,” said Bristow. Gold production across the industry has only increased by 1.6% every year for the past two decades, he said.

Bristow said this week’s deal between Northern Star Resources and Saracen Mineral Holdings was a “great example” of industry consolidation that should be celebrated.