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Barrick Gold Corp
Symbol ABX
Shares Issued 1,167,158,762
Close 2018-10-04 C$ 15.06
Market Cap C$ 17,577,410,956
Recent Sedar Documents

Globe shows how Barrick's Thornton courted Bristow

2018-10-04 07:03 ET - In the News

The Globe and Mail reports in its Thursday edition that the biggest gold-mining takeover in seven years got its start with an arranged meeting. The Globe's Niall McGee and Rachelle Younglai write that a mutual friend introduced John Thornton, Barrick Gold's executive chairman, to Randgold Resources' founder and chief executive officer Mark Bristow, and in late 2015 they sat down together, with Mr. Thornton hosting Mr. Bristow at his villa in Palm Beach, Fla. At that time, Barrick had lost the confidence of investors and Barrick's stock hit a 26-year low, trading for less than $9 a share. Mr. Thornton and Mr. Bristow chatted broadly about the mining industry and found they had a lot in common. They agreed on the advantages of a small headquarters, the importance of a partnership culture, a focus on quality assets and an emphasis on the long term. In February of this year, serious merger talks between Mr. Thornton and Mr. Bristow began, and they started to meet regularly. Ultimately, Mr. Bristow was won over by the challenge of moving from running a mid-sized gold company in Africa to taking charge of the biggest gold company on the planet. At Barrick, one director, Nancy Lockhart, was not in favour of the deal.

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