The
The profit amounted to
In a call with analysts, Barrick CEO
"We're absolutely in inflationary times, and we can wish that away, but it's not going to happen until somebody does something about it, so we are dealing with costs," he said.
"And on top of that, we've got the Eastern European crisis, which has brought a very stressed fuel market to bear."
Bristow feels handling the intensifying inflation will take diligence, agility, innovation and a highly-skilled workforce — all which he feels Barrick has.
"We're absolutely comfortable with our ability to manage the cyclicality of the commodities that we mine," he said.
"We've taken about
Though some predict inflation will soon plateau, Bristow warned his experience from 40 years ago is causing him to take a cautious approach.
"Like every crisis and particularly every big inflation period or global economic crisis that I've lived through, it's always worse than it seems, and it takes longer to come out of," he said.
His remarks came as Barrick said its second quarter revenue totalled
On an adjusted basis, Barrick earned
Gold production in the quarter was 1,043,000 ounces, up from 1,041,000 in the same quarter of 2021, while its average realized gold price rose to
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