The Globe and Mail reports in its Thursday edition Barrick Gold has appointed Woo Lee president in charge of China. The Globe's Rachelle Younglai writes China forms a big part of Barrick chairman John Thornton's strategy. Mr. Lee served as a U.S. State Department representative in Asia for about 15 years. Mr. Lee is the latest in the series of hires Mr. Thornton has made since becoming Barrick's chairman in April, including the taking on of a former British military commander to serve as chief of staff. Meahwhile, Barrick reported a weaker third-quarter profit due to lower gold prices and sales. However, the company said its efforts to reduce costs have started to pay off. Barrick said it cost $834 to produce an ounce of bullion in the three months ended in September, compared with $914 last year (all figures U.S.). It lowered the total costs of production for 2014 to between $880 and $920 from a previous forecast of between $900 and $940. Like the rest of the gold industry, Barrick is looking for more ways to reduce costs. Barrick's shares are down 25 per cent this year, trading at a decade low of $14.34 (Canadian). Third quarter earnings were $125-million, down from $172-million last year.