TORONTO — Barrick Gold is making changes to its senior management team, including two promotions.
The company says Rob Krcmarov has been named executive vice-president for exploration and growth.
Catherine Raw will end up chief financial officer after the company’s annual meeting on April 26, replacing Shaun Usmar. Barrick said Usmar is leaving the organization to guide a new mine financing venture in Toronto backed by U.S. hedge fund Elliott Management.
Raw and Krcmarov is going to be on a three-member committee centered on growth strategies for the Toronto-based company.
The third person in the committee is Kevin Thomas, Barrick’s senior executive for strategy.
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Krcmarov joined Barrick in 2001 and has been most recently its senior vice-president for global exploration.
Raw joined Barrick in May 2015 and was once co-manager of mining funds for BlackRock.
Usmar’s startup company is going to be focused on royalty, streaming along with other alternate types of investments within the mining industry, Barrick said. Barrick said Usmar will be available in an advisory convenience of another two months to aid a seamless transition.
Streaming companies like Franco-Nevada, Royal Gold and Silver Wheaton provide upfront funds for miners in exchange for some of the mine’s future output. They’ve rapidly become the go-to financiers for a lot of debt-laden miners recently.
The Canadian Press, with files from Reuters
