TORONTO, – Barrick Mining CEO Mark Bristow said on Monday that the gold industry is awaiting clarity from the White House regarding potential U.S. tariffs on gold bars, but added that, regardless of the outcome, the impact on miners would be minimal.
According to a ruling published on the U.S. Customs and Border Protection service’s website on Friday, Washington may place the most widely traded gold bullion bars in the U.S. under country-specific import tariffs.
A White House official later
it would issue an executive order “clarifying misinformation”.
The ruling has disrupted global bullion flows and injected fresh volatility into gold markets. Gold
“Let’s see how things are clarified, because right now it is speculation,” Bristow told Reuters in an interview.
He said gold miners are “price takers”, meaning they could actually benefit from higher prices if that was the end result of the U.S. tariff turmoil.
Barrick beat analysts’ expectations for second-quarter profit on Monday, as a surge in gold prices helped offset a drop in production, including from Mali, where it is involved in a prolonged dispute with the country’s military government.
Barrick was forced to suspend operations in mid-January after Mali blocked its exports and detained some of its executives.
Reuters reported last month that a Malian military helicopter airlifted gold from its Loulo-Gounkoto complex just days after sources said a court-appointed administrator for the site planned to sell its bullion to finance operations.
Bristow told Reuters the company has not considered selling Loulo-Gounkoto to a third party at this stage, even as Barrick recorded a $1.03 billion charge due to its loss of control of the mine.
This article was generated from an automated news agency feed without modifications to text.
