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.
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.
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. 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 and Chairman Peter Munk said his company’s “unorthodox” C$7.3 billion ($7.6 billion) acquisition of copper producer Equinox Minerals Ltd. was necessary to fund new gold mines.