CEO Mark Bristow noted that the impact of any potential tariffs on gold bars would be minimal on mining companies as they are “price takers.”
Barrick Mining CEO (ABX) Mark Bristow reportedly said that the World Gold Council was looking for more clarity from the United States regarding the recent news about potential tariffs on gold bars.
According to a Reuters report, he added that the tariffs on gold bars would have minimal impact on mining companies as they are “price takers.”
Retail sentiment on Barrick Mining remained unchanged in the ‘bullish’ territory, with chatter at ‘extremely high’ levels, according to Stocktwits data. Last week, media reports said that the White House was planning to issue an executive order to clear up any confusion around tariffs on gold bars after futures linked to the precious metal hit a record high.
The Financial Times said on Friday, citing documents, that the Customs and Border Protection agency said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies.
Barrick on Monday also reported its second-quarter results and noted that during the quarter, it increased gold and copper production and advanced its pipeline of Tier One projects. The company said second-quarter gold output rose 5% and copper production increased by 34% compared to the first quarter, supported by a strong contribution from Lumwana.
Bristow also told Reuters that Barrick was not serving as an intermediary between Saudi Arabia and Pakistan concerning the Reko Diq copper-gold project. Regarding the dispute with Mali, Bristow stated that Barrick has not explored the option of selling its Loulo-Gounkoto gold mine complex to a third party, Reuters added.
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