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TORONTO – The second officer of Barrick Gold Corp. will leave the company in late August to become CEO of AngloGold Ashanti Ltd. in South Africa.
Barrick, of Toronto, announced Monday the replacement of President Kelvin Dushnisky will be announced later. John Thornton remains Executive President
"It was a privilege to spend the last 16 years at Barrick," said Dushnisky in a statement, which joined Barrick in 2002.
He has been President of Barrick since 2015 and has represented Barrick at the World Gold Council and other international and Canadian business organizations
The company, which is currently the largest gold producer in the world, does not have a CEO position .
Dushnisky steps down while Barrick's main producer position is threatened after selling his badets in recent years in an effort to tackle the debt.
The company also remains in conflict with the Tanzanian government over its majority-holding mine Acacia Mining,
Dushnisky was appointed chairman of Acacia Mining's board of directors in 2013 when he was in charge. he was known as African Barrick Gold.
Barrick said last year that about six per cent of his total production was affected by restrictions on Acacia. He said in a June press release that negotiations are underway, but has not provided a timetable to solve the problem.
AngloGold Ashanti stated that Dushnisky will move to Johannesburg, where the company is headquartered.
He replaces Srinivasan Venkatakrishnan, who was leaving AngloGold at the end of August
Barrick's share price was down 40 cents or 2.46% to $ 15.83 in stock exchange on the Toronto Stock Exchange
. in 2011, when gold approached US $ 1,900 an ounce. The price of gold has slid in recent months from over US $ 1,350 in March to around US $ 1,225 on Monday.
Companies in this story: (TSX: ABX)
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