Barrick Gold Shows CEO Sokalsky the Door
Mining giant Barrick Gold Corp. is giving president and CEO Jamie Sokalsky the boot as the company unveiled a new executive management structure on Wednesday. The announcement comes two years after Sokalsky was appointed to the leadership position.
The restructuring will allow the company to better manage relationships with local governments, communities and stakeholders in the countries where it operates, says Barrick.
The Toronto-based gold company said Sokalsky will step down effective September 15, and its position will be replaced by senior executive vice-president Kelvin Dushinsky and executive vice-president Jim Gowans. The two will be responsible for execution of the company’s strategic priorities and operations plans.
Barrick says the changes will help the company “meet the distinct demands and challenges of the mining industry in the 21st century.”
The ousting of Sokalsky comes three months after merger talks broke down with Newmont Mining. People close to the situation say the move will give Chairman John Thornton, who took control in April as Barrick’s sole chairman, more power.
"The fact that a CEO has not been named suggests that John Thornton, Chairman, will continue to be very active in the management of the company in a de facto CEO role," said TD Securities analyst Greg Barnes in a note to clients.
Other planned changes to the management structure include appointing chief financial officer Ammar Al-Joundi to the additional role of senior executive vice-president to work on the company’s strategic initiatives.
This past year has brought Barrick Gold a slew of challenge as metal prices decline and demand for gold softens. The company has been selling off non-core operations in an effort to reduce its debt.
Unmanned train to allow Vale to reopen iron ore plant
Brazilian miner Vale SA will be able to resume operations at its Timbopeba iron ore dry processing plant in up to two months thanks to the use of an unmanned train, the company said in a statement this week.
Vale - Timbopeba iro ore plant
With the train, Timbopeba will be able to operate at least at 80% of its capacity of 33,000 tonnes of iron ore “fines” per day, reports Reuters.
Vale was forced to shut down the plant in the Alegria mine complex recently after labor authorities in Minas Gerais state banned activities close to the Xingu dam due to concerns of a risk of collapse.
Vale said access by workers and vehicles continues to be suspended in the flood zone of the dam due to the ban even though it remains at emergency level 2, which means there no imminent risk of rupture.
But some workers are allowed entry under strict security precautions and they will get the unmanned train going once it has been tested, which would take between one and two months, the company said.
The unmanned train will travel automatically along 16 kilometers (10 miles) of track operated by a system that can control the speed and activate the brakes, Vale said.
Vale announces first ore at Voisey’s Bay mine extension
Vale has reached the milestone of first ore production at the Reid Brook deposit at the Voisey’s Bay mine expansion project in Northern Labrador, Canada - recognised as the safest mine in Canada.