Barrick Mining and Newmont CEOs step down | 3
THE NORTHERN MINER | OCTOBER 2025
GLOBAL MINING NEWS
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Gold majors vow discipline MINING FORUM AMERICAS
| But past bull markets saw failed promises
BY HENRY LAZENBY COLORADO SPRINGS , COLO.
A
year of record bullion prices has the gold sector talking less about buying ounces in takeovers and more about finding them in their midst. At the Mining Forum Americas last month in Colorado Springs, the industry’s biggest producers, streamers and would-be builders struck a rare consensus: stick to tier-one assets, keep balance sheets clean and let grade, margins and jurisdiction do the heavy lifting. Franco-Nevada (TSX, NYSE: FNV) set the tone. CEO Paul Brink framed gold’s long run – about 9% a year against the U.S. dollar – as the backdrop for selective growth and shareholder returns. Wheaton Precious Metals (TSX, NYSE: WPM) echoed the message, citing how early-stage streaming can de-risk transactions without bloating operators’ capital plans. Barrick Mining (TSX: ABX; NYSE: B), Agnico Eagle Mines (TSX, NYSE: AEM) and Newmont (NYSE: NEM; TSX: NGT) each pressed the case that the next leg of production will come from a smaller set of better mines. “We’re not interested in growing for the sake of growing,” Brink said. “Our mantra is to grow profitably... and we’re just as happy to return cash to shareholders.” Franco sold 463,000 gold-equivalent oz. last year and sees “plenty of gas in the tank” from non-producing assets even though they have no output forecasts yet. He joked that a restart at Cobre Panamá would have the team “drinking champagne for a month” because the company invested nearly US$1.4 billion (C$1.94 billion) before the mine’s sudden closure nearly two years ago. Another cycle However, even with gold setting a new record above $3,780 near press time, miners face a range of obstacles, from permitting delays and rising construction costs to
unpredictable politics in host countries. Gold majors have made similar vows to be disciplined in past bull markets, only to chase growth through costly deals such as Barrick’s 2011 acquisition of Equinox Minerals at the height of the copper boom, or Newmont’s $10-billion purchase of Goldcorp in 2019, which left investors underwhelmed by the returns. Some see partnerships and creative financing as ways for developments to succeed. Wheaton CEO Randy Smallwood described the company’s $300-$400 million (C$413 million – C$550 million) stream tied to Barrick’s pending Hemlo sale in Ontario as both validation capital and due-diligence ballast. “Having a streamer come in and support the M&A side should help give confidence,” he said, calling Hemlo a “top notch asset” with room to run. Wheaton’s outlook calls for output to hit about 800,000
Similar vows to be disciplined in past bull markets only led to chasing growth through costly deals.
Participants at the Mining Forum Americas seemed to say gold is like golf – a good drive feels great, but disciplined follow-through wins the round. Some attendees tested the conference course in Colorado Springs, Colo. DENVER GOLD GROUP
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gold-equivalent oz. by 2027 and, by its internal profile, 1 million by 2031. “I’m confident we get there before then,” Smallwood said. Former Barrick CEO Mark Bristow leaned into discovery, calling Nevada’s Fourmile “quite simply, the greatest gold discovery of this century” and a “generational” project. An updated study released Sept. 16 points to a 25-year mine producing 600,000-750,000 oz. gold a year at all-in sustaining costs of roughly $650-750 per oz., using a $2,500 per oz. gold price base case. Capital costs would range from $1.5-1.7 billion. “Think about what that means for the upside,” Bristow said. “Results are pointing to a doubling of ounces by the end of this year.”
The growing copper contribution from Reko Diq in Pakistan and the Lumwana super-pit expansion in Zambia may see Barrick grow gold-equivalent output about 30% by 2029, he said. Agnico stays the course Agnico Eagle Mines’ CEO Ammar Al-Joundi distilled his message to four points: the business is performing, five major projects should add 1.3-1.5 million oz. of annual production starting in 2030, exploration is “exceptional” with 121 rigs currently turning and focus beats fads. “We’re not going to do anything crazy,” he said, adding the company is not considering a competing Gold 40 >
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Minerals for a Changing World
January 26 - 29, 2026 Vancouver Convention Centre East
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