PDAC MEGA ISSUE: PACKED WITH THE BEST INDUSTRY NEWS AND INSIGHTS Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM
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Bristow seeks to build the world’s most valuable gold company GOLD |
New Barrick CEO sums up post-merger progress transaction, we were very clear about that — the aim was never to be bigger,” Bristow continued. “It was to combine world-class assets with world-class people in a business capable of sustainable, profitable growth, and industry leadership.” The priority in the initial days and weeks of the business combination was to “have teams and structures fit for purpose,” Bristow explained, and Barrick now has put in place fully functioning, regional executive teams, with North America under Catherine Raw, Latin America under Mark Hill, and Africa under Willem Jacobs. Supporting the executive teams “is a new corporate team with a mix of skills and experience,” Bristow said, and “when you put it all together on a side-by-side analysis, there is
BY TRISH SAYWELL tsaywell@northernminer.com
I
n a one hour and forty-five minute conference call on Feb. 13, barely seven weeks after the merger of Barrick Gold (TSX: ABX; NYSE: GOLD) and Randgold Resources became effective on Jan. 1, newly installed president and CEO Mark Bristow said he was excited “by the prospect of putting the Barrick brand back where it belongs, and that is at the head of the gold mining industry,” and that the new team had already made “a really strong start towards our goal of becoming the world’s most valued gold company.” “For both John [Thornton] and I, when we were motivating this
BY TRISH SAYWELL tsaywell@northernminer.com
A
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| Newmont says combination with Goldcorp represents best opportunity
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“THE AIM WAS NEVER TO BE BIGGER. IT WAS TO COMBINE WORLDCLASS ASSETS WITH WORLDCLASS PEOPLE.”
not another resource company on this planet that has the depth and breadth of skills that Barrick can boast today.” The corporate office and the satellites have been restructured “to move people and functions, such as the
Barrick launches hostile bid for Newmont
innovation and digital departments, out of the backrooms and into the operations where they belong,” the South African mining executive told analysts and investors on the conference call. “So, you know, those short little hysterical cries about us closing down stuff is unfounded. We really put people back to where they’re supposed to be to ensure that we do lead properly in the mining industry.” Structurally, the new Barrick has also put in mineral resource management teams at each of the mines, and is revising systems “to give management the kind of real-time data access we had at Randgold.” Mining plans are being moved from a cash flow optimization base to a model focused on optimizing the orebody, Bristow declared, and “using input costs to drive the margin and design, rather than high-grading revenue to drive the cash flow. “This strategically-repositioned Barrick that is beginning to take shape is in line with my vision, and what an agile and effective modern mining company should be, and I can assure you it has been hard work and a little bit of stress, but we’re at that point
merger of Newmont Mining (NYSE: NEM) and Barrick Gold (TSX: ABX; NYSE: GOLD) would create over US$7 billion in real synergies, with more than half of them stemming from Nevada, where the two companies have complementary assets, Barrick president and CEO Mark Bristow declared late February, as part of the “industrial logic” behind Barrick’s launch of a hostile takeover bid. “There have been many unsuccessful attempts over the years to forge such a merger and the reason for not doing it escapes me, because this opportunity has strategic and financial rationale, and is obvious and compelling,” See NEWMONT / 2
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