Barrick Gold Corporation – Page 55

Barrick fires chief Regent; CFO appointed to top job – BNN.ca staff (Business Network News – June 6, 2012)

June 6, 2012

http://www.bnn.ca/Home.aspx

Aaron Regent is out as chief executive of Barrick Gold, and CFO Jamie Sokalsky has been appointed to the top job. The company cites its disappointing share performance as the main reason for the change, while sources tell BNN the move was a result of conflicting strategies on the miner’s future direction.

“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our Board has every confidence in Jamie’s experience and commitment to take our company forward,” said Peter Munk, Barrick founder and chairman, in a statement.

But, a source close to the company tells BNN’s Howard Green that the real issue was corporate strategy. “This wasn’t around performance of the company, this was around the direction of the company,” the source, who asked not to be identified, said.

Recent moves — such as dividend hikes — to improve share performance have failed to significantly boost the share price.

Barrick ousts CEO in major shakeup – by Peter Koven (National Post – June 6, 2012)

June 6, 2012

The National Post is Canada’s second largest national paper.

In a surprise move, Barrick Gold Corp. announced it is replacing chief executive Aaron Regent as its share price continues to underperform.

Chief financial officer Jamie Sokalsky has been named the new CEO in the shakeup. As well, Barrick director John L. Thornton has been appointed co-chairman with Peter Munk. Barrick provided few details about why it decided to make this dramatic move, though Mr. Munk pointed to the weak share price.

“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our board has every confidence in Jamie’s experience and ability to take the company forward,” he said in a statement.

Mr. Munk has constantly praised Mr. Regent’s actions in the past, so this move caught investors off-guard. Despite the weak share performance, Mr. Regent was well regarded among investors.

NEWS RELEASE: CFO Jamie Sokalsky Appointed Barrick CEO; John L. Thornton Assumes Role of Co-Chairman with Barrick Founder Peter Munk

June 6, 2012

June/06/2012

TORONTO — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) announced today that its Board of Directors has appointed Executive Vice President and Chief Financial Officer Jamie Sokalsky as President and Chief Executive Officer, replacing Aaron Regent. Mr. Sokalsky has also replaced Mr. Regent on Barrick’s Board of Directors.

In addition, John L. Thornton, currently a Barrick Director, has been appointed Co-Chairman of Barrick’s Board of Directors. These leadership appointments are effective immediately.

“On behalf of our Board, I would like to thank Aaron for his significant contribution to Barrick’s development. We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our Board has every confidence in Jamie’s experience and commitment to take our company forward,” said Peter Munk, Barrick’s Founder and Chairman.

Mr. Sokalsky said: “I feel enormously privileged to take on this role at Barrick, a company that combines operational excellence and financial strength with a track record of successful execution. My focus will be on maximizing shareholder value and our mission of superior performance.”

Barrick defends itself against Occupiers – by Dana Flavelle (Toronto Star – May 3, 2012)

May 3, 2012

The Toronto Star, has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

Under siege by the Occupy Toronto movement, Canada’s largest gold miner spent a large part of its annual general meeting Wednesday defending its track record as a responsible corporate citizen.

A heavy police presence ensured most Occupy protestors remained in Simcoe Park across the street from the Metro Convention Centre where Barrick Gold Corp. held its annual gathering of shareholders.

But even before a proxy holder representing indigenous groups in Chile raised some difficult questions inside the corporate meeting, Barrick founder and chairman Peter Munk acknowledged the protestors’ presence.

“Last night, I went home and to avoid the demonstrators who try to Occupy Wall Street, who try to Occupy Bay Street — I’m sure they’re all well-meaning and determined people and I was going to ask my driver, don’t avoid them, take me there. I want to talk to them. I don’t have all the facts — but wiser heads than me prevailed and I was taken home through a difficult route.”

CIDA funds seen to be subsidizing mining firms – by Daniel LeBlanc (Globe and Mail – January 30, 2012)

January 30, 2012

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

OTTAWA— The Harper government weathered a storm when it cut funding to long-standing foreign-aid groups, but is now facing more controversy over its decision to launch development projects in partnership with mining firms.

The Canadian International Development Agency has established three foreign-aid pilot projects in Africa and South America with large mining corporations, as part of a plan to ensure that foreign aid also fuels economic growth and international trade at home.

Critics argue that Canada is needlessly subsidizing the foreign operations of profitable corporations, but the government is encouraging non-governmental organizations to come up with more projects with the private sector.

Barrick’s Hemlo Operation leads the way with Towards Sustainable Mining honour

December 12, 2011

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

Barrick Gold’s Hemlo Operation in Northwestern Ontario was presented with the Mining Association of Canada’s Towards Sustainable Mining (TSM) Leadership Award at a Mining Day on the Hill event in Ottawa last month. Other Ontario Mining Association members to receive TSM accolades were De Beers Canada, Teck Resources and Xstrata.

“Whether in Canada or abroad, Barrick strives to meet high standards for corporate social responsibility,” said Kelvin Dushnisky, Barrick Executive Vice President Corporate and Legal Affairs. “We are proud to see our Hemlo Operation recognized as a leader in responsible mining by Canada’s mining industry and congratulate everyone involved in this great achievement.”

“Barrick is only the second company to win a Leadership Award since the TSM Awards were inaugurated in 2006,” said MAC President Pierre Gratton. “We are honoured to be receiving this special award,” said Roger Souckey, Superintendent of Employee Relations at Hemlo. “At Hemlo, we place great value on our relationships with First Nations, local communities and on environmental stewardship.” Mr. Souckey has been a member of the OMA Education and Outreach Committee since its inception in 2006.

Big [Nevada gold] discovery by Barrick Gold gets industry attention – by Rob Sabo (Northern Nevada Business Weekly – December 5, 2011)

December 5, 2011

Northern Nevada Business Weekly: http://www.nnbw.com/Default.aspx

Barrick Gold Corporation’s two new gold discoveries in Nevada represent the biggest mining story in the state for 2011, says Alan Coyner, administrator for the Nevada Division of Minerals.

In September, Barrick said it had found estimated resources of nearly 3.5 million ounces of gold at its Red Hill and Goldrush claims a few miles southeast of the company’s flagship Cortez mining operations 75 miles southwest of Elko.

Barrick is conducting further drilling on the claim area to determine the full scope of the discovery and to move the estimated, or inferred, resource amount into proven reserves.

“It is the story of the year because of its size,” Coyner told a standing-room crowd of top-level mining executives last week at the annual Northwest Mining Association conference at John Ascuaga’s Nugget.

NEWS RELEASE: $18 Million Gift from Peter and Melanie Munk Builds On Past Support at Peter Munk Cardiac Centre

November 24, 2011

Lead gift launches $100 million campaign in support of cardiac care

TORONTO, Nov. 24, 2011 /CNW/ – Dr. Robert Bell, President and CEO of University Health Network (UHN), announced today that the Peter and Melanie Munk Charitable Foundation is donating $18 million to the Peter Munk Cardiac Centre at UHN. This new gift brings the total investment by Peter and Melanie Munk in UHN to $65 million.

“Peter and Melanie’s new gift builds on their tremendous support over the 18 years they have been involved in creating a world-class cardiac centre,” said Dr. Robert Bell. “Their generosity will continue to transform the standard of cardiac care in Canada, North America and around the world. At the Peter Munk Cardiac Centre, heart surgeons, vascular surgeons, radiologists and cardiologists all work and train together on an integrated team – something that is setting the standard for the care of heart patients.”

The gift will support innovation, recruitment and retention of top cardiac talent by leveraging the incredible patient care and research discoveries already taking place. It will help recruit, retain and train top minds in cardiovascular medicine, surgery and imaging from around the globe.

[Barrick’s] Munk’s $18-million donation aimed at attracting top brains – by Patrick White (Globe and Mail – November 24, 2011)

November 24, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

It took four words and four days to land one of the biggest donations in the history of Canada’s largest hospital network.

It was May 13, 2010, and Peter Munk, the 84-year-old chair of Barrick Gold, had just completed a tour of his namesake cardiac centre at Toronto General Hospital. As medical director Barry Rubin explained the research frontiers he hoped to conquer in the coming decade, Mr. Munk had just one question.

“How can I help?” Within four days, Dr. Rubin had an answer.

On Thursday, the two men will make the answer public: an $18-million donation to fund four new heart study centres aimed at attracting the calibre of medical brains Canada has often lost to the United States and Europe.

Miners turn to renewable energy to cut costs – by Brenda Bouw (Globe and Mail – November 16, 2011)

November 16, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER – Mining companies are gluttons when it comes to energy use as they haul, grind and process ore, but soaring costs and environmental concerns have many turning to cleaner alternatives.

With energy now representing about 25 per cent of production costs, more companies are making huge long-term investments in wind, solar and other renewable energy projects to cut expenses and clean up their operations.

Companies such as Barrick Gold Corp., Teck Resources Ltd. and Rio Tinto PLC have ambitious wind-farm projects under way that will reduce energy costs and provide the much-needed social benefit of showing the communities where they work that progress is being made to reduce their environmental footprint.

Lucky Sudbury, Far North Act and Mining Industry Terrible Image Speech – by Stan Sudol (November 8, 2011)

November 9, 2011

Stan Sudol gave the keynote address at the Ontario Prospectors Association’s 2011 Ontario Exploration & Geoscience Symposium – Sudbury, Ontario – November 8, 2011

Stan Sudol is a Toronto-based communications consultant and mining columnist. www.republicofmining.com stan.sudol@republicofmining.com

Check Against Delivery

Sudbury: The luckiest city in Canada

It’s always great to get back to my hometown.

Way back in 1977, I worked for Inco at their Clarabell Mill complex for a year before going to college. And in 1980, I was a summer student replacement worker at their Frood-Stobie mine.

So I will always be a “Sudbury boy” regardless of where I live.

Without a doubt, Sudbury is this country’s epicenter of mining.

In fact, the Sudbury Basin is the richest mineral district in North America and among the top three hardrock mining regions in the world.

Only South Africa’s Witwatersrand gold region, and their legendary Bushveld platinum complex, can match the concentration and expertise of underground mining here.

We are the luckiest city Canada.

Gold miners bump up their dividends – by Brenda Bouw (Globe and Mail – October 23, 2011)

October 27, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER – Gold miners are sweetening their shareholder payouts in an attempt to lure investors as they dive back into the precious metal.

Barrick Gold Corp. and Newmont Mining Corp. two of the world’s top producers, announced increases to their dividends on Wednesday, while Goldcorp Inc. hinted a hike is in the works.

Gold companies traditionally have paid low dividends, but they’re stepping up payouts as they compete for investors in the precious metals industry.

More investors are turning to gold as a haven amid turmoil in global financial markets, which stems from worries about a replay of the last global recession.

Barrick Gold’s Tanzanian headache: Blood and Stone – by Geoffrey York (Globe and Mail – Report on Business Magazine – October, 2011)

September 29, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Across the cavernous pits and the mountains of waste rock, the alarm wails eerily, warning that an explosion is imminent. Dozens of villagers gather silently at the edge of a pit, past the holes that have been torn in the fence, waiting for their chance.

Then comes the blast. As a plume of smoke curls into the sky, the scavengers scramble into the pit, eager to prise a living from the freshly smashed rock.

Suddenly the police appear, careering over the rocky road from another corner of the vast mine. The pickup truck full of armed men in green uniforms bounces across the wasteland like a scene from Mad Max. The truck hurtles toward the scavengers, but is halted by a boulder that they have pulled across its path. By the time the police can leap down and move the boulder, the scavengers have scattered into the nearby trees, where they wait for their next opportunity.

This is the daily ritual of conflict at the North Mara gold mine in Tanzania: Intrude and retreat, pursue and withdraw—punctuated by flare-ups that sometimes leave people dead.

For an eyewitness, it’s difficult to reconcile this cycle of violence with the avowed community-friendly policies of the mine’s parent company, Barrick Gold Corp. and the professed goal of its founder, Peter Munk, of making good corporate citizenship the “calling card that precedes us wherever we go.”

Gold miners seek to close the gap with bullion – by Brenda Bouw (Globe and Mail – September 20, 2011)

May 16, 2012September 20, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER— The world’s top gold miners are forging ahead with expansion plans and higher dividend payments, despite worries that bullion is bound for a correction after a spectacular runup beyond $1,900 (U.S.) an ounce earlier this month.

The companies are vowing to tackle the issue of share values that lag gold prices through aggressive growth plans, rising margins and sweetened dividends, despite the challenges of rising costs and increased competition for investors.

Executives believe that the price of gold will continue to rise and that equities will soon catch up and could even surpass physical gold in returns to investors.

“I do think the equities will respond,” Barrick Gold Corp.chief executive office Aaron Regent told investors at the Denver Gold Show in Colorado Springs, Colo., on Monday. “The equities have not reflected the strong fundamentals of the underlying businesses.”