The Globe and Mail reported that Juana Barceló, president of Barrick's Pueblo Viejo operations, met with First Quantum officials for a possible merger.

Barrick denies this claim, stating that Barceló’s last visit to Panama was in early 2023 for a mining conference. Despite reports of Barrick assessing support for a deal from First Quantum’s top shareholders, Barrick emphasizes no formal approach has been made.

As First Quantum has openly considered asset sales, Barrick's increasing copper interest with projects like the Lumwana super pit in Zambia and the Reko Diq mine in Pakistan have fueled speculations about an acquisition.

Still, First Quantum's main assets are in Panama and Zambia, the jurisdictions that Barrick's CEO Mark Bristow characterized as "challenging."

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Barrick also reported meeting production goals for its North Mara and Bulyanhulu mines. These mines, part of the Twiga Minerals joint venture with the Tanzanian government, now produce gold at a Tier One level. Conversion drilling has replenished reserves, and Barrick is exploring opportunities for further production.

Since Barrick’s takeover of the Tanzanian mines in 2019, they have become the most significant contributor to the government’s revenue and a top domestic employer. Yet, the company is not resting on its laurels; it is investing $30 million in the Future Forward education initiative, improving Tanzania's educational infrastructure by delivering classrooms, dormitories, and washroom facilities for an additional 49,000 pupils.  

"Barrick has made an enormous difference for the better on every front in Tanzania. The success of the partnership model we pioneered here represents, I believe, the future of mining, particularly in developing countries," Bristow said.

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