Barrick CEO says growing copper biz “ourselves” when asked about First Quantum interest

“We are growing our copper ourselves…so it’s a good place to be (as) it makes us stronger by the day,” Mark Bristow told Reuters, when asked whether Barrick has interest in acquiring First Quantum.

“This is a reinforcement of what I stand for in Barrick… For me M&A is an ad hoc opportunity to create value. It shouldn’t be the core to anyone’s strategy,” he added.

First Quantum shares lost nearly half their value in the three trading days of this week after the Panama government said it will hold a referendum to decide whether to revoke the Canadian miner’s contract to operate one of the biggest and the newest copper mines in the world.

The stock rose about 5.1% on Thursday.