Barrick said that Barceló was last in Panama in early 2023 for a mining conference. The spokesperson added Barceló has not been in contact with anyone from the fellow Canadian miner.
The Globe and Mail and Bloomberg have both reported recently that Barrick is gauging support for a potential deal with First Quantum from the target’s top shareholders.
The Vancouver-based miner was forced in November to shut down its giant Cobre Panama copper mine in the Central American country. The operation was its flagship mine and accounted for about 5% of Panama’s GDP and 75% of its exports.
First Quantum has admitted to be considering the sale of some smaller mines, and potentially selling stakes in larger operations, in an attempt to mitigate the financial damage caused by Cobre Panama’s closure.
The company announced this week a major restructuring to conserve cash, which included suspension of dividends. It also offered this week…
