African Barrick Gold, one of the continent’s five biggest producers of the precious metal, today brought in new blood at the top following a rout in prices of the precious metal.
The Tanzania-focused mid-cap miner unveiled $185 million (£118.1 million) of cost cuts last month as it attempted to counter the ill effects of June’s three-year low in the gold price of less than $1200 a troy ounce. But the plan was not enough to save the job of chief executive Greg Hawkins, whom African Barrick said had left to “pursue other opportunities”. The Australian had been at the helm since the company was spun out of parent Barrick Gold and listed in London in 2010.
Hawkins has been replaced by industry veteran Brad Gordon, who previously ran Indonesia-focused precious metals explorer Intrepid Mines. Gordon said it was “imperative that we implement and further expand upon the initiatives identified in the operational review”.
