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.
Barrick Gold’s (NYSE:ABX) boardroom will be getting some fresh faces.
The company announced on Tuesday that long-time directors Donald Carty and Robert Franklin had resigned with immediate effect.
Both men were directors of Placer Dome and joined Barrick when the mining giant acquired the firm in 2006.
Chairman of Barrick Gold, Peter Munk, thanked Carty and Franklin for their service in a statement released Tuesday.
This boardroom shake-up isn’t the first this month. Munk, who founded the company in 1983, is also leaving Barrick, as reported at the begining of December. When Munk announced his retirement Barrick also notified shareholders of the departures of directors Brian Mulroney – a former Canadian prime minister – and Howard Beck.
