Barrick Gold Corp. has overhauled its global exploration department, as several stalwart executives retire from the world’s second biggest mining company in the midst of a difficult time for the industry.
Mark Bristow, the chief executive officer of Barrick Gold Corp., said in an interview that he’d recently made a slew of personnel changes as the Toronto-based miner navigates a deep and protracted downturn.
“I’ve changed, in the last six months, the entire exploration leadership, apart from the exploration manager in Nevada,” he said in an interview following the release of the company’s second-quarter results. “It’s a core part of our business. Exploration is like R&D. You have to reinvent it regularly,” he said.
Finding new economic gold deposits is a cornerstone of Barrick’s long-term growth plan. Over the past few years, Barrick has largely shunned large-scale mergers and acquisitions, and instead is increasingly spending on exploration.
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