Barrick exec sells $50m stake

Barrick exec sells $50m  stake
Golden glow. John Thornton, executive chairman of Barrick Gold.

Barrick Gold (NYSE:GOLD, TSX:ABX) announced Wednesday that executive chairman John Thornton sold 2,632,153 shares in the company, worth just shy of $50m.

According to the release, the sale was based on “personal portfolio considerations” and that Thornton would “continue to retain and seek to build on what remains a meaningful equity stake” in the company, the world’s number two miner of the metal.

The shares represented approximately 50% of Thornton’s prior holding, and Thornton now holds 2,642,127 shares. Barrick said Thornton sold shares “that he purchased using his personal funds which were not subject to holding restrictions.” 

Thornton, a past co-president of investment bank Goldman Sachs, joined the Barrick board in February 2012, and was appointed executive chairman in April 2014.

Barrick shares closed up 3% on the NYSE at $18.87 per share for a market valuation of $33.4 billion. Shares in the company have gained more than 40% over the last 12 months.