Gold miner Barrick Gold CEO Mark Bristow on Tuesday stressed to delegates attending the Investing in African Mining Indaba, in Cape Town, the importance of partnerships between countries and investors to make the most of the world's natural resource endowment.
He stated that some major mining countries in Africa were starting to see the merit in partnering with investors, but noted that, in other countries, there was a lingering readiness by both government and investors to sacrifice long-term growth for short-term gains.
He further emphasised the need for investors to earn a social licence to operate in the countries in which it wanted to establish a presence.
Bristow also spoke about the merger between Barrick and the former Randgold Resources, which he said had been "enormously successful". He stated that the merged entity had delivered on every promise made and that it had established a model for a modern mining company that was lean, agile, efficient, future-focused and socially conscious.
He stated that the company had laid a five-year foundation for a ten-year plan that would be shared with the market along with its annual report in March.