Mark Bristow: Barrick Gold is not interested in bidding for Anglo American

However Bristow said that the company has received written assurances from the junta that there was no threat of its assets being nationalized.

Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner's CEO Mark Bristow said on Wednesday.

If BHP's proposed acquisition of Anglo is successful, it would create one of the world's biggest copper miners.

Analysts and investors expect rival bids to emerge after BHP's offer was rejected last week by Anglo, which said it was opportunistic, significantly undervaluing the company and its future prospects.

"We are not interested in bidding for Anglo American, as we are building (copper assets) of our own," Bristow told Reuters.

Bristow is betting on developing the Reko Diq copper project in Pakistan in which it holds a 50% stake, the first phase of which is expected to cost $5.5 billion.

Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the project, Bristow added.

"We are not interested in bidding for Anglo American, as we are building (copper assets) of our own," Bristow told Reuters.

Bristow is betting on developing the Reko Diq copper project in Pakistan in which it holds a 50% stake, the first phase of which is expected to cost $5.5 billion.

Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the project, Bristow added.

However Bristow said that the company has received written assurances from the junta that there was no threat of its assets being nationalized.

Source: Reuters