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Aaron Regent steps in as Barrick Gold CEO

Aaron Regent steps in as Barrick Gold CEO

Aaron Regent took over the reins Friday as chief executive officer of gold mining company Barrick Gold Corp.
Regent, 43, replaces Barrick founder and chairman Peter Munk, 81, who had been acting CEO since March, when former CEO Greg Wilkins went on a medical leave. Wilkins later resigned in July.
Regent was previously the president of Falconbridge Limited, a Canadian-based global mining company with over 14,000 employees and operations in 18 countries following its merger with Noranda Inc. in 2005.
After the sale of Falconbridge, Regent joined Brookfield Asset Management Inc. as a senior managing partner and co-CEO of the Toronto investment company's infrastructure group.
Regent said he will focus on exploration, project development and acquisitions, but added that shareholders should not expect to see a big difference in the way things are done.
Regent takes control of Barrick as the worst economic slowdown since the 1930s forces the company to reduce costs and conserve cash while continuing to dig mines in South America and Africa. The company also has four regional business units in Australia and North America.
The Toronto-based Barrick Gold Corp. is the largest pure gold mining company in the world. Like all mining companies, Barrick has been hurt by nearly frozen credit markets, although it has weathered the financial crisis relatively well due to a healthy balance sheet. Although gold hasn't been hit as hard by the economic downturn as other commodities, the precious metal's price dropped sharply in October as the U.S. dollar gained ground.
The two are seen as safe-haven investments in times of economic uncertainty and often move in inverse relation to each other.
In its latest quarter, Barrick reported net profits of $254 million, down from $345 million a year earlier.
The company, which reports in U.S. dollars, said its profit drop reflected $97 million in impairment charges on Barrick's interest in Highland Gold and other portfolio investments.


Updated : 2021-10-18 19:13 GMT+08:00