On Monday morning, Barrick Gold Corp.’s chief executive Mark Bristow visited the mining giant’s Toronto headquarters to announce second quarter earnings, and to take a victory lap on what’s shaping up to be a good summer.
“It’s a been a fun six months,” Bristow told the assembled analysts, bankers, journalists and others. “Today, I’m glad to share with you the enormous progress our teams have made.”
Barrick recently negotiated to purchase its troubled subsidiary in Tanzania, trimmed overhead and helped make other cost saving moves that helped propel its stock up 50 per cent since June.
“That’s a lot of boxes ticked,” he told the assembled crowd. Having taken over in January after Barrick acquired his former company Randgold Resources Ltd., Bristow has managed to fix several lingering problems, including the empty CEO office.
He’s also benefited from several fortuitous events including a run-up in the price of gold, all of which have helped make Barrick the world’s “most-valued” gold mining company with US$31.4 billion of market capitalization.