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Barrick Gold’s Former Chief Sees Virtue in Being Small

New Gold Inc. Executive Chairman Randall Oliphant, who helped build Barrick Gold Corp. into the world’s largest producer of the precious metal, says he prefers running a smaller gold miner than a big one.

Companies that produce fewer than 2 million ounces annually have more opportunities to increase output, said Oliphant, who was chief executive officer of Toronto-based Barrick from 1999 to 2003 and joined Vancouver-based New Gold six years later. It’s “very challenging” to expand a large, established gold company, he said.