The world’s second-largest gold producer has added to stockpiles of cyanide, explosives and other vital raw materials as it battles rising inflation exacerbated by the war in Ukraine.
Mark Bristow, chief executive of Barrick Gold, said the miner had increased its inventories of key “consumables” to five months’ supply from three to protect its cost base against rising prices.
“With the Russian invasion, we responded very quickly and increased some of our inventory up to five months . . . like cyanide and explosives for instance,” he told the Financial Times. “We now have price stability for up to five months.”
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