Trading in the shares of the new company created by the merger of Barrick Gold and Randgold Resources started at the opening of business on the New York and Toronto Stock Exchanges. The ringing of the opening bell at the NYSE was performed by the company’s executive chairman, John Thornton, accompanied by the president and chief executive officer, Mark Bristow.
The new company is still known as Barrick but its trading symbol on the NYSE will change to GOLD, the ticker formerly held by Randgold on NASDAQ. On the TSX, the ticker remains ABX.
The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets: Cortez and Goldstrike in Nevada, USA (100per cent); Kibali in DRC (45 per cent); Loulo-Gounkoto in Mali (80 per cent); and Pueblo Viejo in Dominican Republic (60 per cent), and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100 per cent) and Turquoise Ridge (75 per cent), both in the USA).
Following the closing of the merger, Barrick’s board of directors was reconstituted with the following nine directors: John Thornton (executive chairman), Mark Bristow, María Ignacia Benítez, Gustavo Cisneros, Christopher Coleman, Michael Evans, Brian Greenspun, Brett Harvey (lead independent director), and Andrew Quinn.
At the opening of markets, Barrick had a market capitalisation in excess of US$23.75 billion, with the largest reserves base among its senior gold peers.
In a joint letter to stakeholders, John Thornton and Mark Bristow said that with the best asset base and the strongest management team in the sector, Barrick was well placed to be the world’s most valued gold mining business.
“We will do so by optimising our existing operations, pursuing new opportunities that meet strict investment criteria, and developing them with disciplined efficiency. In all that we do we will be guided by a long-term strategy and clear implementation plans designed to deliver sustainable returns to our owners, and real benefits to our partners, host countries, and communities,” they said.