Court Rules in Favor of Barrick Gold

Reno, Nevada — A U.S. District Judge today ruled in favor of Barrick Gold Corp. (ABX: $38.96) by declined to grant an injunction regarding the Bureau of Land Management’s recent approval of Barrick’s Cortez Hills Project in Lander County, Nevada.

District Judge Larry Hicks’ ruling followed four days of testimony and oral argument after two activist groups and two Native American tribes, one in California and one in Nevada, sought to stop the project.

“This is very good news for rural Nevada and for everyone who has supported us in this dispute,” said Greg Lang, President of Barrick Gold of North America. “We respect anyone’s right to oppose our activities but, in this case, the judge’s ruling makes it clear that we can continue with the project’s construction.”

Cortez Hills is an expansion of Barrick’s Cortez Mine, which has produced gold continuously since the late 1960s. Altogether, the existing Pipeline surface mine and the Cortez Hills Project support about 800 families in Elko, Eureka and Lander counties, including many Western Shoshone. The company expects to add another 100 employees at the site in 2009.

Barrick’s plans for the development of Cortez Hills came after several years of work and careful study. The Bureau of Land Management issued a Record of Decision approving the project in early November. A Colorado-based attorney for the Western Shoshone Defense Project, Great Basin Resource Watch, the Timbisha Tribe in California and the Te-Moak Western Shoshone Tribe filed with the court to stop the implementation of the Bureau’s decision.

The Cortez Hills Project includes both surface and underground mining operations in an area where dozens of smaller mines have produced a variety of metals since the 1870s. This new expansion is expected to increase gold production at Cortez to an average of 1 million ounces annually in the first full five years.

Cortez is the largest mining operation in Lander County and has provided essential tax revenue and jobs to several rural communities since the late 1960s according to statements made by Barrick Gold.

“As we watch the continuing economic turmoil in urban Nevada and elsewhere, we are fortunate to be able to provide hundreds of good jobs and the many other benefits this project brings to rural Nevada,” Barrick’s President Lang said. “In particular, we look forward to continuing to work with the Western Shoshone communities to ensure that the project is beneficial to their interests.”

Add comment January 28th, 2009

Barrick Gold Appoints New CEO Aaron Regent

Toronto, Ontario –Peter Munk, Founder and Chairman of Barrick Gold Corporation (ABX: $38.96), announced today that Aaron Regent has been appointed President and Chief Executive Officer of the Company, effective January 16th, 2009.

“Aaron’s outstanding strategic capabilities and highly-focused results orientation will fit in well with Barrick’s unique corporate culture,” said Munk. “Our Board’s thorough and professional search for a new leader has resulted in someone whom we believe will work most effectively and collaboratively with Barrick’s proven management team. Aaron is uniquely qualified to both preserve Barrick’s leadership position and to take us forward.”

Mr. Regent, 43, is a chartered accountant and an experienced executive with combined expertise in the mining and finance sectors. He is currently Senior Managing Partner of Brookfield Asset Management Inc. and Co-CEO of its Infrastructure Group. Brookfield is a global asset management company with over $90 billion under management.

Mr. Regent was previously the President of Falconbridge Limited, a Canadian-based global mining company, with over 14,000 employees and operations in 18 countries following its merger with Noranda Inc., in 2005. The combined company was sold to Xstrata PLC in 2006. The Cdn$27 billion transaction was then the largest in the mining industry’s history.

From early in his career Mr. Regent progressed swiftly through increasingly senior executive roles. His leadership and strategic experience also includes, President & Chief Executive Officer, Falconbridge Limited from 2002 to 2005; Executive Vice President & Chief Financial Officer, Noranda Inc.  from 2000 to 2002, among others.

“Barrick is a dynamic mining enterprise and an iconic Canadian company,” said Mr. Regent. “In these times in particular, gold is a unique property as a store of value that is emerging as an asset class of increasing importance. I am really pleased to join the Company at a time that is both exciting and challenging for the gold industry.”

Mr. Regent assumes his new role from Barrick Founder and Chairman Peter Munk, who has been Acting CEO since earlier this year.

Add comment December 23rd, 2008