London, England — 21 August 2013 – African Barrick Gold plc “’ Tanzanian-focused spinoff of Barrick Gold Corporation, the largest gold mining company in the world “’ has named Bradley A. Gordon as the company’s new CEO with immediate effect, after Greg Hawkins resigned to pursue other opportunities.
Gordon has 30 years of gold mining experience and will join the board as an executive director, the London-based company said in a statement released here.
Bloomberg News reports that African Barrick has been dogged by operational setbacks since it was spun off from Toronto-based Barrick Gold Corporation in 2010. In July, it wrote down the value of its mines by US$727 million as it reported a first-half net loss of US$701.2 million, compared to a year-earlier profit of US$73.7 million.
African Barrick, which has forecast its lowest annual production since it first sold shares, has slumped 65% this year in London trading. It has identified savings of US$185 million, US$100 million of which can be made this year, it said on July 30.
Gordon, who will relocate to London from Australia, was previously CEO of Intrepid Mines Limited, which operates in Indonesia, African Barrick said. Before that, he was CEO of Emperor Mines Limited and worked for Placer Dome Incorporated.
“Brad has a proven ability to deliver the maximum potential from the operations he has managed, from reducing costs and increasing production to achieving operational efficiencies and extending mine lives,” African Barrick said.
There are no other matters requiring disclosure, the company added.
Source: Bloomberg News. For more information, click here.