Globe says Regent looks to expand Barrick
2009-01-12 06:43 ET - In the News
The Globe and Mail reports in its Saturday edition that Aaron Regent this Friday begins his first day as chief executive officer of Barrick Gold ($39.20).
The Globe's Andy Hoffman and Virginia Galt write that at just 43 years old, Mr. Regent is aware that his every move is sure to be overanalyzed and ruthlessly scrutinized.
Mr. Regent's new job appears deceptively simple. After some rocky months, the price of gold has got its groove back amid the worst financial crisis since the Great Depression. Barrick's management is widely considered the best in the industry.
The company boasts a portfolio of 27 operating mines, including the cash-printing deposit Goldstrike in Nevada. Barrick has always grown primarily through acquisitions and that is unlikely to change with Mr. Regent running the show. In fact, with the costs of building new mines remaining high and gold mining asset values plunging in the wake of the stock market crash, it's likely to accelerate. "We're looking to grow the company," Mr. Regent said. He previously served as CEO of Falconbridge before its merger with Noranda. Despite Brascan's stranglehold on the nickel miner,
Mr. Regent was able to expand the company ahead of the buyout.
