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Barrick CEO says African gold industry should consolidate further

JOHANNESBURG, Oct 7 (Reuters) - Barrick Gold CEO Mark Bristow on Wednesday said the gold industry in Africa should consolidate further, as he warned of a “serious reserve crisis” looming for the sector which is not exploring enough and has seen average mine life fall.

The average life of mine across the gold mining sector has fallen from 20 years to closer to 10 years, he added, speaking at the Joburg Indaba mining conference.

“The prospect of a serious reserve crisis is looming,” said Bristow. Gold production across the industry has only increased by 1.6% every year for the past two decades, he said. (Reporting by Helen Reid and Jeff Lewis)

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