07:24:25 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,215,209
Close 2016-05-06 C$ 23.83
Market Cap C$ 27,767,078,430
Recent Sedar Documents

Globe says Munk upbeat now that Barrick's on the mend

2016-05-09 07:45 ET - In the News

The Globe and Mail reports in its Saturday edition that Peter Munk wants to be known for Barrick Gold. The Globe's Eric Reguly writes that Mr. Munk, 88, on Friday announced the sale of Porto Montenegro to the Investment Corp. of Dubai, the Persian Gulf country's sovereign-wealth fund. Selling the resort marks the end of an era for Mr. Munk. He says he has still got a few deals left in him, but he is unlikely to take on a project as big again. He is more concerned with his legacy. "Barrick is my legacy," he told The Globe. "It's what I'm known for. It's what I did for 34 years. ... Barrick is completely back to its glory days." Well, not quite, but there is little doubt that the worst is over for the top name in the gold business. A couple of years ago, Barrick shares, and the shares of other resources companies, were taking BlackBerry-like plunges, victims of stunning cost overruns at projects in Latin America and the falling price of gold. Barrick went below $8 a share last year from more than $50 in 2011. In the past six months, the shares have gained 137 per cent. Mr. Munk cannot take credit for the turnaround. That goes to John Thornton, 62, the lavishly paid former Goldman Sachs president.

© 2024 Canjex Publishing Ltd. All rights reserved.