By Cameron French
TORONTO, Dec 23 (Reuters) - Barrick Gold (ABX.TO) has appointed accountant and former mining executive Aaron Regent as its new chief executive, replacing Greg Wilkins, who stepped down earlier this year due to illness, the company said on Tuesday.
Regent, 43, who is quitting his job as co-chief executive of Brookfield Asset Management's infrastructure group (BAMa.TO) to take the position, will take over the reins of the world's largest gold-mining company on Jan. 16, Barrick said.
Formerly president of Canadian nickel miner Falconbridge before it was taken over by Xstrata (XTA.L) in 2006, he rejoins the mining industry as weak metals prices and tight credit markets have forced companies to cut costs and focus on capital preservation.
Gold prices have been volatile this year, although they are now actually up slightly so far in 2008 due to a recent rally. Spot gold <XAU=> was at $842 an ounce on Tuesday.
"In these times in particular, gold is a unique property as a store of value that is emerging as an asset class of increasing importance," Regent said in a statement, calling the current climate both "exciting and challenging" for the gold industry.
Barrick produces about 8 million ounces of gold annually from 27 mines around the globe, and is counting on new production from capital-intensive projects in Alaska, Africa, and Latin America to replace aging mines and lower production costs.
Wilkins went on medical leave in March and officially resigned in July, but has stayed active in the company as it searched for a permanent replacement. The company has not publicly disclosed his illness.
Company chairman and former CEO Peter Munk had been acting as interim CEO.
Barrick's shares were up C$1.10, or 2.8 percent, at C$40.75 on the Toronto Stock Exchange following the news.
John Ing, president of Toronto investment dealer Maison Placements, said Regent's accounting background -- previous CEOs Wilkins and Randall Oliphant are also accountants -- is in keeping with Barrick's approach to mining as a buyer rather than an explorer.
"I think it's keeping with the DNA of the company," Ing said.
"Barrick's problem is like all of the gold companies in that they're on a treadmill. They have to replace ounces. A money man with his background will be useful." ($1=$1.22 Canadian) (Reporting by Cameron French; editing by Peter Galloway)
(Adds background, analyst's comment)
