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Barrick loses president to AngloGold Ashanti; Dushnisky to move to Johannesburg

Last Updated Jul 23, 2018 at 12:40 pm EDT

Barrick Gold president Kelvin Dushnisky speaks during the company's annual general meeting in Toronto on Tuesday, April 25, 2017. Barrick Gold Corp.'s second-highest ranking executive will be leaving the company at the end of August to become chief executive of AngloGold Ashanti Ltd. in South Africa. THE CANADIAN PRESS/Nathan Denette

TORONTO – Barrick Gold Corp.’s second-highest ranking executive will leave the company at the end of August to become chief executive of AngloGold Ashanti Ltd. in South Africa.

Toronto-based Barrick said Monday a replacement for president Kelvin Dushnisky will be announced at a later time. John Thornton remains executive chairman.

“It has been a privilege to spend the past 16 years at Barrick,” said Dushnisky in a statement, who joined Barrick in 2002.

He has been Barrick’s president since 2015 and has represented Barrick on the World Gold Council and other international and Canadian business organizations.

The company, which is currently the world’s largest gold producer, does not have a chief executive officer position.

Dushnisky is departing as Barrick faces falling reserves and its top producer spot is threatened after it sold assets in recent years in an effort to tackle debt.

The company also remains in a dispute with the Tanzanian government about its majority-owned Acacia Mining, which faces export restrictions on production and a major tax bill.

Dushnisky was named chairman of the board of Acacia Mining in 2013 when it was known as African Barrick Gold.

Barrick said last year that about six per cent of its total production was affected by the restrictions on Acacia. It said in a June news release that negotiations are ongoing but did not provide a timeline to resolve the issue.

AngloGold Ashanti said Dushnisky will relocate to Johannesburg, where the company has its head office.

He replaces Srinivasan Venkatakrishnan, who is leaving AngloGold at the end of August.

Barrick’s share price was down 40 cents or 2.46 per cent at $15.83 in midday trading on the Toronto Stock Exchange.

The company’s share price is still well off its peak above $50 in 2011 when gold approached US$1,900 an ounce. The price of gold has slipped in recent months from over US$1,350 in March to around US$1,225 Monday.

Companies in this story: (TSX:ABX)

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