BARRICK Mining has appointed an executive leadership team for its North American operations as the gold producer moves ahead with plans to list the business in an initial public offering later this year, said Bloomberg News in a report on Wednesday.
The seven-strong team, confirmed in an internal memo on Tuesday, will oversee Barrick’s mines in Nevada and the Dominican Republic.
Tim Cribb has been named chief operating officer, Wessel Hamman chief financial officer and Megan Tibbals, previously general manager at the Nevada Gold Mines venture, chief technical officer, said the newswire. Richard Peattie will take on the role of Barrick’s group chief technical officer.
The new structure was necessary because the entity “needs dedicated leadership to focus on its specific priorities,” Barrick’s CEO Mark Hill said in the memo, with changes taking effect on Wednesday.
Barrick is pursuing the spinoff as it seeks to draw a line under a period of operational setbacks and management upheaval, including the abrupt departure last September of longtime CEO Mark Bristow, said Bloomberg News.
A North American listing – which could value the business at more than $60bn – would separate higher-quality Nevada and Dominican Republic assets from operations in riskier jurisdictions such as Mali and Pakistan.
The IPO is expected to involve a stake of between 10% and 15% in the new entity, the newswire said.
