Gold miners probably won’t return to “large-scale” selling of future output seen in the 1990s that added to supply even as the co-chairman of Barrick Gold Corp., the top producer, says hedging makes sense, Barclays Plc said.
Barrick Gold Corp. said founder Peter Munk will retire after more than 30 years with the world’s biggest gold producer and it nominated four new directors after some investors criticized the independence of its board.
Peter Munk built Barrick Gold Corp. into the world’s largest gold producer by expanding into Africa and South America. Now former Goldman Sachs Group Inc. President John Thornton is betting on China to help revive the beleaguered company’s fortunes.
More U.S. companies are luring top executives with multimillion-dollar “golden hello” signing bonuses, undeterred even as high-profile flameouts such as Ron Johnson’s short tenure at J.C. Penney Co. expose the risks.
Barrick Gold Corp. is discussing the succession of Chairman Peter Munk, who previously announced his intention to retire, and expects governance changes to take effect at the company’s next annual general meeting.
Barrick Gold Corp. has explored cash-raising options ranging from a strategic equity investment to a sale of part of its copper business during a months-long effort to cut debt, said people with knowledge of the matter.
– Barrick Gold Corp. founder Peter Munk sees a successor in former Goldman Sachs Group Inc. President John Thornton as the world’s biggest gold miner tries to reverse a 54 percent plunge in market value in the past year.
Barrick Gold Corp. will temporarily suspend construction at its $8.5 billion Pascua-Lama mine on the Argentina-Chile border as the world’s largest producer of the metal tries to conserve cash after prices slumped.
Barrick Gold Corp. investors including Canada’s six biggest pension fund managers criticized as excessive a $11.9 million signing bonus paid to John Thornton, co-chairman of the world’s biggest gold producer.