Barrick is one of several miners that have struggled to capitalize on the bullion boom amid higher mining costs and weaker output. But among the largest precious metal producers — Newmont Corp., Agnico Eagle Mines Ltd. and AngloGold Ashanti Ltd. — Barrick has routinely underperformed, with its shares virtually unchanged since the beginning of January. Gold, meanwhile, has soared 30% in the period.
Chief executive officer Mark Bristow’s explanation: “We’re rebuilding the business.”
Barrick has spent years working to improve its balance sheet after amassing debt from acquisitions. Bristow, who joined as CEO in 2019 as part of the Canadian company’s takeover of Randgold Resources Ltd., has paid down that debt while exercising restraint in dealmaking. He has also pursued diversification into copper.
Bristow’s explanation doesn’t seem to be winning over investors. Some of Barrick’s top investors have…
