Weekly News

Goldman Banker Takes On World's Largest Gold Miner—and Gets Pushback

August 06,2018 19:13

“You can't replace a quality asset like that,” said Pierre Lassonde, a Canadian gold mining entrepreneur and retired Newmont vice chairman. “Financial discipline is important, but if you don't invest money to explore or acquire quality gold reserves ...and more »

Mining is famously boom and bust. Money and patience are mandatory. In bad times, companies sell assets and close mines. In booms they buy up all they can.
John Thornton threw that rulebook out when he took over struggling Barrick Gold Corp., the world’s largest gold producer. The former Goldman Sachs Group Inc. president was an industry amateur, as were most of his top hires. He followed Goldman as a model for company compensation. Instead of buying when prices recovered, he cut costs and sold assets.

barrick v newmont,former goldman sachs bankers,gold mining,how to succeed in mining,is gold a good investment,what is the price of gold,who is john thornton,who is the world',s biggest gold miner,Barrick Gold,ABX.T,Acacia Mining,ACA.LN,UK:ACA,John Thornton,ownership changes,corporate actions,corporate,industrial news,divestments,metal ore mining,banking,financial investments,investment banking,basic materials,resources,credit,financial services,gold ore mining,investing,securities,mining,quarrying

Share this article

Related videos

Using Blockchain to Fix Money and Capital Markets | Caitlin Long
Using Blockchain to Fix Money and Capital Marke...
Gold and Silver News October 18, 2011 07:08 AM
Gold and Silver News October 18, 2011 07:08 AM