HomeBusiness and policyHongyu Cai appointed to Barrick's Board as independent director

Hongyu Cai appointed to Barrick’s Board as independent director

Barrick Gold Corporation has announced the appointment of Hongyu Cai to its Board as an independent director.

Cai is a finance and investment professional with close to two decades of experience. After graduating from Massachusetts Institute of Technology (MIT), she worked firstly with Goldman Sachs Group (GS) in the United States and then with China International Capital Corporation (CICC) in the Greater China region until spring 2021.

When covering the American natural resources sector in New York with GS as an equity research analyst, Cai was highly ranked by StarMine. Subsequently, she followed the US technology sector.

At CICC, as a managing director, she expanded her scope, from metals and mining and basic material, to advanced manufacturing and tech-enabled industry upgrades.

Cai was ranked as Best Analyst by Institutional Investor and Asia Money in their China Research Sector Polls for multiple years. The cross-border financing and M&A tractions she led at CICC also won various awards from Asia Money and The Asset.

She is a Chartered Financial Analyst and Chartered Alternative Investment Analyst and was educated at Tsinghua University in China and MIT in the US, with two master’s degrees from MIT and multiple fellowship awards.

Executive chairman John Thornton said Cai was extensively versed in equity markets and all aspects of corporate finance, from strategic planning to M&A transactions.

“Her experience in both the American and Chinese capital markets will bring a unique perspective to the Board, particularly given China’s position as a leading producer and consumer of gold, and the biggest driver of copper demand in the world. Our strategic partnership with Chinese mining companies in Argentina and Papua New Guinea sets a good precedent for effective collaboration in future,” he said.

On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.