Barrick Gold has a new CEO who says the gold industry should brace for a shake-up.
The company announced its $5.4 billion purchase of Randgold Resources last fall.
Mark Bristow was the chief executive at Randgold and took the CEO position at Barrick.
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Bloomberg reports with its takeover of Randgold, Barrick says it will oversee half of the world’s best gold mines.
Investment in gold mining is down amid flat bullion prices and mounting debt from industry shifts over the past year.
This merger could inspire a trend of consolidation in the gold business, which Bristow says has “too few assets with too many management teams” and “needs reorganization.”