NEW YORK, September 14, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Barrick
Gold Corporation (NYSE: ABX). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=ABX
Highlights from our ABX Report include:
- Refined Management Structure - On
August 17, 2015, Barrick Gold
Corporation announced that it is refining its management structure
as part of its strategy to create long-term value for its owners as
a more focused and efficient business, in line with the mindset and
model that drove Barrick's early success. The Company informed that
Kelvin Dushnisky who up to most
recently served as the Co-President, has now been appointed
President. Richard Williams, who
served as the Chief of Staff, has now been appointed COO and will
be reporting to Mr. Dushnisky. Furthermore, Basie Maree has been appointed as Chief
Technical Officer from his recent position as Senior Vice
President, Technical Services and he would be reporting to Mr.
Williams. The Company added that Jim
Gowans, with significant contributions to the Company as
Co-President, would be supporting this transition as a Senior
Advisor to the Chairman until his retirement from Barrick on
December 31, 2015. As per the
announcement by the Company, all these appointments are effective
immediately.
- Responsibilities Associated with
Roles - The Company informed that in his new role Mr.
Dushnisky will have the overall responsibility for executing the
Company's strategic priorities, with a focus on improving
productivity and driving down costs while Mr. Williams will be
leading the day-to-day implementation of these objectives. The
Company highlighted that both of them are charged with driving the
organization to reach its target of $2
billion in reduced expenditures across the company by the
end of 2016. Meanwhile, Central to this effort would be Mr. Maree,
who is a seasoned mining industry professional and is having more
than 35 years of experience in operations, mineral processing and
mine plan optimization.
- Management Speak - Barrick Chairman John L. Thornton said that as the Company
becomes leaner, more efficient and more keenly focused on a smaller
number of core assets, it empowers its leaders in the field to
function as true business owners. He then acknowledged the
contribution of Jim Gowans towards
the Company's belief of right talent in the right place, as he said
that Jim had trained and mentored the mine managers in this mindset
for over a year and a half, preparing them to take on more
responsibility and accountability. Speaking about Kevin he said
that as President, Kevin would ensure that the entire Company would
remain focused on its primary objective, maximizing free cash flow
per share from a portfolio of high-quality gold assets in its core
region.
To find out how this influences our rating on Barrick Gold
Corporation read the full report in its entirety here:
http://www.aciassociation.com/reports?keyword=ABX
--
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