09 Mar PDAC 2016 Day Two Round Up
Barrick Gold president Kelvin Dushnisky told the PDAC how the company will be focusing on ‘margin growth’ in the coming years.
“We are managing the business to be profitable at any foreseeable gold price,” said Dushnisky. “Even at a gold price of $1000 we will be generating cash.”
Dushnisky added that he is encouraged by the change in government in Argentina and how the new administration’s policies will affect Barrick’s Veladero project.
George Fang, executive director of Zijin Mining Group Co. Ltd told audiences at the PDAC conference yesterday that China wants to become a global leading economy.
As part of a China-centred meeting, one of their key topics was how in order to succeed, Chinese companies need to be able to adapt to local environments.
Michael Laffin, a partner at Blake Cassels & Graydon LLP said tackling cultural issues is critical and they should focus on retaining and empowering good local employees, while delegating some authority.
The commodity bear market might be close to its end said veteran analysts during a panel at the convention.
Analysts said there are compelling signs of building up in the market, including signs of tighter supply, new projects, and an all-time low level of capital spending in the industry.
Greg Barnes, an analyst at TD Newcrest, said “New capital spending has been cut, no one is building new mines, no one is looking for new mines.”