Stock Update (NYSE:ABX): Barrick Gold Corporation (USA) Announces Refinements to Management Structure

Barrick Gold Corporation (USA) (NYSE:ABX) announced refinements to its management structure as part of the company’s 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.

Kelvin Dushnisky, most recently Co-President, has been appointed President. Richard Williams, previously Chief of Staff, has been appointed Chief Operating Officer and will report to Mr. Dushnisky. Basie Maree, most recently Senior Vice President, Technical Services has been appointed Chief Technical Officer. He will report to Mr. Williams. Jim Gowans, who has made significant contributions to the company as Co-President, will support this transition as a Senior Advisor to the Chairman until his retirement from Barrick on December 31, 2015. These appointments are effective immediately.

Mr. Dushnisky will have overall responsibility for execution of the company’s strategic priorities, with a focus on improving productivity and driving down costs. Mr. Williams will lead the day-to-day implementation of these objectives. They are charged with driving the organization to reach our target of $2 billion in reduced expenditures across the company by the end of 2016. Central to this effort is Mr. Maree, a seasoned mining industry professional with more than 35 years of experience in operations, mineral processing and mine plan optimization.

“As we become leaner, more efficient and more keenly focused on a smaller number of core assets, we are empowering our leaders in the field to function as true business owners. We believe that with the right talent in place, the best business decisions are made closest to the ground. Jim Gowans has trained and mentored our mine managers in this mindset for over a year and a half, preparing them to take on more responsibility and accountability. As we work to accelerate Barrick’s return to the lean, decentralized model that drove the company’s early success, the time is right to put a structure in place that supports this vision,” said Barrick Chairman John L. Thornton. “As President, Kelvin will ensure the entire company remains focused on our primary objective, maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions. As Chief Operating Officer, Richard will drive organizational efficiencies, with a focus on enabling our mine managers to deliver on our business objectives. Basie will provide strategic technical advice and support to the operations, ensuring our mine managers have the information and tools they need to realize the full potential of each mine.”(Original Source)

Shares of Barrick Gold closed last Friday at $7.68. ABX has a 1-year high of $19.09 and a 1-year low of $6.52. The stock’s 50-day moving average is $8.42 and its 200-day moving average is $11.14.

On the ratings front, Barrick Gold has been the subject of a number of recent research reports. In a report issued on August 7, Barclays analyst Farooq Hamed upgraded ABX to Hold, with a price target of $10, which represents a potential upside of 30.2% from where the stock is currently trading. Separately, on the same day, J.P. Morgan’s John Bridges maintained a Hold rating on the stock and has a price target of $10.50.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Farooq Hamed and John Bridges have a total average return of -12.1% and -26.9% respectively. Hamed has a success rate of 26.1% and is ranked #3637 out of 3737 analysts, while Bridges has a success rate of 12.7% and is ranked #3726.

Barrick Gold Corp produces and sells gold and copper. The Company business activities also includes exploration and mine development. It holds interests in oil and gas properties located in Canada.

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