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Speaker 1: Still about what's happening with the commodity space. The Canadian

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Speaker 1: gold miner. Is it a gold miner? Is it a

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Speaker 1: copper miner? Barrack profiting from higher gold and copper production,

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Speaker 1: lower costs, cost stabilizing in the second quarter. Let's talk

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Speaker 1: more about where we go from here. Let's get some details.

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Speaker 1: Let's go to Toronto, Mob Bristow standing by Barrett, President

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Speaker 1: and CEO Mark. The top line looks okay, we can

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Speaker 1: talk about that in the moment, but I'm really interested

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Speaker 1: to talk to you about what is happening in the

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Speaker 1: middle and what is happening with this cost story. And

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Speaker 1: we're seeing some signs of stabilization at a relatively elevated level.

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Speaker 1: Is that why these costs stay? Do they start to

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Speaker 1: come down? Just give me some guidance on how sticky

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Speaker 1: this inflation is.

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Speaker 2: Yeah, so I think it's quite sticky, a guy, and

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Speaker 2: complicated by the global supplied chains. You know, the world

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Speaker 2: is still not one world anymore. And also there's the

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Speaker 2: inflation I think is going to be around for a while.

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Speaker 2: I mean, if you just look street looking for lower costs,

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Speaker 2: more and more sort of vitality in the economy. The

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Speaker 2: Fed very clearly pointing out that there, but concern is

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Speaker 2: still about inflation, and so, you know, I think you know,

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Speaker 2: this is a long, gentle slope that we've got to manage.

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Speaker 3: Well. Marque, it's Alex. It's great to see you.

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Speaker 4: I was talking to an oil producer last week who

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Speaker 4: said that we're still going to see twenty percent inflation.

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Speaker 4: We're not going up anymore, but we're certainly not coming down.

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Speaker 4: Can you give me some insight as to the number

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Speaker 4: that you're looking at for inflation and where the biggest

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Speaker 4: stickiness is.

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Speaker 2: So I think that right now the current inflation figures

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Speaker 2: are probably there to stay for a while. You know,

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Speaker 2: a lot of it's driven by the oil price and

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Speaker 2: how the oil producers manage supply. And again we've seen

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Speaker 2: these very hot summers, you know, air conditioning and the

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Speaker 2: consumption has been higher. And as we go into fall

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Speaker 2: in the northern hemisphere, we'll get an easing of the

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Speaker 2: fuel price. But again, what's whenter going to look like.

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Speaker 2: And it's a very tight market, as you've seen, but

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Speaker 2: it's been quite resilient. We haven't seen it go as

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Speaker 2: high as our thought oil would go. But the rest

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Speaker 2: of the consumables. The general cost of living is not

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Speaker 2: coming down as quickly as everyone would like it to,

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Speaker 2: and so you know, and commodity prices are under pressure

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Speaker 2: because the costs are high.

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Speaker 1: Mark, Let's talk a little bit about what you're doing

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Speaker 1: with your business. It was reported that a while ago

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Speaker 1: you made a bit for first quantum in the copper space.

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Speaker 1: Are you still looking for copper assets? Is copper where

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Speaker 1: you want to go? And how do you maintain the

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Speaker 1: balance if that is the case, between being a gold

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Speaker 1: miner and a copper minor, and which one of those

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Speaker 1: is the priority for you?

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Speaker 2: So I've started the last first guy, and that is

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Speaker 2: the priority is quatier one assets. So I think we've

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Speaker 2: discussed this before as far as gold goes, Just to

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Speaker 2: put it in perspective, this last quarter we had the

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Speaker 2: highest we experienced the highest blended goal price for a

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Speaker 2: quarter ever.

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Speaker 3: So gold is high.

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Speaker 2: And getting back to our first point, it's really a

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Speaker 2: measure of the risk, and I think risk is still

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Speaker 2: very much on and it's compounded by the sort of

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Speaker 2: Western behavior, all the free money and also the use

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Speaker 2: of the dollar as a weapon. So there's a whole

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Speaker 2: lot of debate going around currencies, global transactions, etc. And

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Speaker 2: we're a gold company. What we have recognized is the

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Speaker 2: importance to remain a high quality, growing gold company, we

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Speaker 2: need to migrate into big, poor free deposits which come

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Speaker 2: with copper, like Ricodek in Pakistan. And so we are

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Speaker 2: guiding we should be thirty percent of our business will

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Speaker 2: be copper by the end of the decade, and it

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Speaker 2: might be very much more on the bottom line because

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Speaker 2: of the copper price, because copper is going to run

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Speaker 2: out with as far if you believe in the forecast

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Speaker 2: growth in copper, and I do, yeah.

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Speaker 4: I mean it feels like for the energy transition, you've

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Speaker 4: got to have a lot of copper in a very

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Speaker 4: short term. Though, Mark it was pretty dismal trade data

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Speaker 4: out of China.

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Speaker 3: Copper's getting hit really hard today. Can what is your

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Speaker 3: take on China right now?

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Speaker 2: So I think the point is that we're not going

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Speaker 2: to see China go back to where it was. It's

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Speaker 2: a very big component of the global economy. It's a

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Speaker 2: consumer of all metals. But also I think we've got

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Speaker 2: be minded by the fact that if we're going to

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Speaker 2: build a better world for everyone, we need to invest

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Speaker 2: in development. So all metals are important. Copper is the

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Speaker 2: most strategic of all those metals. Whatever you do, if

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Speaker 2: you want to green the world, green the grids, build,

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Speaker 2: you know, industrialize in a more modern, more sort of

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Speaker 2: user friendly way. Copper is a key metal, and we

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Speaker 2: don't have enough of it defined in our minds today.

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Speaker 2: So that's really important. What we have. I'll come back

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Speaker 2: to your first question, guy, But what we have is

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Speaker 2: real organic growth. So Barrick is looking to grow it's

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Speaker 2: gold equivalent, so including copper, about twenty five percent by

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Speaker 2: the end of this decade organically. Of course, every time

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Speaker 2: somebody thinks of a potential transaction, everyone brings up Barrack.

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Speaker 2: So you know, maybe something I've got use used to.

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Speaker 3: I'm listening to you.

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Speaker 1: I'm listening to you speaking, and it sounds like you've

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Speaker 1: got money burning a hole in your pocket. It sounds

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Speaker 1: like you're getting ready to do a deal.

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Speaker 3: You're shaking your head.

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Speaker 1: But that's what I'm hearing. From what you're saying, I

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Speaker 1: can understand why people when they think M and A

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Speaker 1: think Barrack. If this is the way you speak.

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Speaker 2: You know you've known me for so long. I'm very

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Speaker 2: careful and cautious about how you build businesses in this market.

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Speaker 2: And to do big m and A you need currency,

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Speaker 2: you need market support. It's not something you wake up

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Speaker 2: as a CEO and sort of lubb it on the table.

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Speaker 2: So and you saw me manage the Barrack merger. There

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Speaker 2: was a long haul and you were part of that.

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Speaker 2: So you know this is not a short term game.

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Speaker 2: And right now they're only a handful of pure copper

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Speaker 2: plays and everyone's looking at them. And the big dilemma

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Speaker 2: is the big guys, the really big guys, would love

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Speaker 2: that copper, but you know shareholders don't want that copper

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Speaker 2: to disappear under the umbrella of iron ore. And so

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Speaker 2: you know, there's a real support in the market of

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Speaker 2: these pure copper plays, and we've got to balance the

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Speaker 2: opportunity to find and develop our own and you know,

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Speaker 2: take the opportunity if it arises, to be able to

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Speaker 2: merge or combine businesses. And that's we're not there yet,

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Speaker 2: Mark Barrick.

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Speaker 4: Anyway, if interest rates were lower, you got like thirty seconds.

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Speaker 4: If interest rates are lower and the cost of capital

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Speaker 4: was lower, would this change your mind?

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Speaker 1: No?

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Speaker 3: No, that was the shortest answer I think I've ever

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Speaker 3: heard you say, what would you rather do? Build your

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Speaker 3: own mind or buy? Build or buy?

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Speaker 2: Build makes real value, creates real value.

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Speaker 4: Mark Look, we really appreciate it. Thank you for joining us.

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Speaker 3: Always wonderful.

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Speaker 2: Is that pleasure