Barrick Gold Corporation (USA) (NYSE:ABX) Looses Two Directors To Backroom Politics


Dallas, Texas 12/18/2013 (Financialstrend) – Barrick Gold Corporation (USA) (NYSE:ABX) is a Canadian gold mining and production firm which has totalled up market valuation of $17.22 billion. It is also involved in the production of copper and  other precious metals like nickel from its mining assets in Africa. The firm has its operations spread across seven major business units which include “regional gold businesses, a global copper business unit, an oil and gas business, and a capital projects group”.

Yesterday after close of business, Barrick Gold Corporation (USA) (NYSE:ABX) announced that two key directors have decided to put in their papers with immediate effect. While the company did not officially disclose the reason for this sudden departure of its known activist directors, people in the know of these developments have linked these exists to the backroom politics being played by the outgoing chairman of the board. It has been reliably learnt by the trade magazines that the outgoing chairman has been wheeling and dealing in the background to make sure that his personal choice of directors will make it to the board and yesterday’s resignations were sent out as a note of protest.

Readers should note that the globes premier gold producer had in the recent past been seen to be executing a series of changes in its corporate governance structure so as to avoid being seen as a company which lacks transparency in its corporate structure and operations. These resignations seem to indicate that those fears were well founded.

Barrick Gold Corporation (USA) (NYSE:ABX) stock  in the recent past had been struggling to post solid returns at the browsers. In fact the stock has managed to post a loss of 48.9 percent over the past one year and is currently trading at price points which are 51 percent below its prior 52 week high price points.