Dallas, Texas 12/04/2013 (Financialstrend) – Barrick Gold Corporation (USA) (NYSE:ABX), founded by Peter Munk, is a much beleaguered company, as nearly most others in the precious metal industry. Though, it has one of highest production output as these companies go, Barrick Gold Corp. (ABX) is looking for higher rates of consumption. Currently operating in Africa as well as South America, the company has been on mode of re-organizing and rebuilding, especially in the months after gold prices crashed.
It has also taken to cost-cutting, besides bringing to a pause, expensive and non-sustainable activities in several of its mines.
One of its major mines has been Pasua-Lama and the companies continue to plough through its restructuring course, suspending construction work at the site. Though, the few activities that cannot be suspended, such as regulatory aspects for the environmental department as well as other related boards are on course. Pausing Pasua-Lama activities and the gradual slow-down before that has helped the company cut its Capital expenses to the tune of $1 billion.
Besides, Barrick Gold Corporation (USA) (NYSE:ABX) is in the middle of more changes on the management levels as well.
The 86-year old founder, Peter Munk, is all set to retire when the company holds the next yearly event for shareholders. Munk has been at the helm of the company for over 30 years now and his stepping-down will signal many changes in the precious metal company for sure.
The first of the changes will be, with the person who will soon take his post.
The person selected for the same is John Thornton, who earlier held the President’s post at Goldman Sachs Group Inc. His confirmation will come on the 4th of December at a board meeting. The passing of the baton at the helm, the Toronto-based company has led to the company recording a gain of 0.71% beginning before markets at $15.65.