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.
Gold giant Barrick Gold Corp. (TSX, NYSE:ABX) announced Thursday that Ned Goodman has resigned from the company’s board of directors to focus on a new business venture in resources and other hard assets.
Goodman, a veteran Canadian money manager, was appointed to the board in December 2013 and took chair in April 2014. His nomination was part of a move to bring new faces to the table and increase the number of independent directors, as demanded by shareholders.
Barrick chairman John Thornton thanked the departing director for his contributions during what he called a “transformative period for the company.”
Goodman founded Dundee Corp, a Canadian asset management company that invests primarily in the resources, real estate and infrastructure sectors.
Image: Screen grab via YouTube.
5 Comments
Sincratic
Smart move Ned.
marathonian
There goes literally the only Barrick director who knew anything at all about mining.
LAMB
BARRICK will now be directed by a board of Accountants who will make ‘accounting’ decisions NOT based on Mining philosophy, taking the company deeper into oblivion – THE END OF A PRIME CANADIAN GOLD COMPANY.
Chad Hiley
I wonder if he is going to spend any time at Club Med Pascua Lama on his time away from Barrick. I wonder if he spent any time there during the slow motion train wreck that project was.
paul Renken
‘Transformative period’ is right. Multi-decade level destruction of shareholder value.