Mining CEOs Who Were Sent Packing Return to the Industry.
Mining-company chief executives who were recently sent packing are beating a trail back to the industry, and two have already established investor funds and are looking for backers.
Is it smart to fund people who, if their companies were combined, had billion-dollar write-offs on assets acquired during their watch?
Aaron Regent, the former CEO of Barrick Gold Corp., ABX.T -4.06% thinks so. “There are opportunities out there, and there may be situations where you see value that others don’t,” he says.
Mr. Regent started a Toronto-based fund this year mainly to buy mines in the Americas. He says he signed deals with “a number of financial partners” but concedes it is a challenging market. “The Chinese are going to be competitors for sure.”
Mr. Regent is one of the five major mining bosses ousted in the last two years, due in large part to cost overruns and poor share performance. Others in the group are Cynthia Carroll of Anglo American AAL.LN -0.81% PLC, Tom Albanese of Rio Tinto, Mick Davis of Xstrata PLC, and Marius Kloppers of BHP Billiton Ltd. BHP.AU -0.60%. Continue Reading →