Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canadian Barrick Gold (NYSE, TSX: ABX) announced Thursday three of its South American executives have resigned, Reuters reports.
Guillermo Calo, president for South America, along with Robert Mayne-Nicholls, the general director of operations, and Rodrigo Jimenez, the regional vice-president for corporate affairs, have quit the unit.
Calo, an Argentinian, started with the company last July.
Earlier in April, a Chilean court suspended Barrick’s $8 billion Pascua-Lama project, which lies on the border of Chile and Argentina.
Mining industry sources have claimed the mountainous project was poorly managed.
Related: Chilean court halts Barrick’s contentious Pascua-Lama project
Image courtesy Barrick Gold
