Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
One of Barrick Gold’s largest shareholder, investment fund Oldfield Partners, is calling on director Anthony Munk to step down from the board.
The Wall Street Journal reports that Oldfield wrote to the company “expressing ‘concern'” over the resignation of two directors last month and pushing for Munk’s resignation.
Anthony Munk is the son of Peter Munk – the founder of Barrick who stepped down last month.
Two other directors, Donald Carty and Robert Franklin, also left the company in December. According to the WSJ, they resigned “in protest” over Peter Munk’s alleged continued influence on the company – an allegation that Barrick has denied.
“We feel that retirement from the board after very long service of Anthony Munk at the same time as his father would be helpful demonstration of commitment (to shareholder returns) by the new leadership,” the letter from Oldfield Partners read, as reported by the WSJ.
