Barrick Gold Chases Returns Instead of Ounces: Corporate Canada
This article is for subscribers only.
After years of takeovers and mine expansions buoyed by soaring gold prices, Barrick Gold Corp.’s former chief financial officer is bringing the company back down to earth.
Barrick, the world’s biggest gold producer, said yesterday it began a review of all its assets. Chief Executive Officer Jamie Sokalsky, who’s been in the job seven weeks, said some development projects don’t meet new requirements and output targets will be lower. Production growth will be driven by rates of return, “not the other way around,” he said.