Gold giant Barrick has been seeking to expand in copper, and a deal with First Quantum would transform the company into one of the world’s biggest producers. The smaller Canadian miner has been left vulnerable after Panama ordered the closure of its biggest and most profitable asset, creating a potential opportunity for Bristow — an industry veteran with a history of building and running mines in challenging locations.
Bristow has been closely monitoring the situation since First Quantum’s problems escalated in October, one of the people said. The CEO has said he is confident that Barrick could resolve the situation in Panama as well as run First Quantum’s African mines, the people said.
First Quantum’s biggest shareholder is the Capital Group with 22%, according to data compiled by Bloomberg. China’s Jiangxi Copper Co. owns 18%, and is among those that have been approached by Barrick, the people said.
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