By Helen Reid

CAPE TOWN (Reuters) – Barrick Gold, (NYSE:) Corp. has more than doubled the inventory of certain key supplies at its mines to weather any disruptions caused in part by Russia’s invasion Ukraine. This was disclosed Wednesday by Chief Executive Mark Bristow to Reuters.

World’s second largest gold miner had once held a month worth of supplies. But, that was before the COVID-19 pandemic in early 2020.

Barrick increased its inventories to up to five-months’ worth of key supplies, such as explosives and cyanide.

In an interview, he stated that “we’ve taken some stock up to five month because of Russia issue” during the Mining Indaba conference.

Russia’s February invasion of Ukraine has caused disruptions in supply chains around the world and sent metal and gas prices skyrocketing, turbo-charging inflation.

Bristow said that he was also concerned by fuel scarcity.

He stated that “our concern is that stock-outs will be seen all over the globe, with significant consequences.” This is not an ideal situation.

Both consumers and companies are being affected by the rising cost of inflation. Gold Fields Ltd. (NYSE:) Ltd., said on Monday that inflation has eroded its contingency budget for Salares Norte Chile, its largest project.

The Barrick CEO stated that China’s COVID-19 lockdowns had dampened the demand. However, if things get back to normal, it could put more strain on global supply chains.

He said, “We really are investing and trying to protect ourselves as best as we can.”