Barrick’s Dushnisky quits, becomes AngloGold new CEO

Kevin Dushnisky at the BMO Capital Markets Metals & Mining Conference in 2017. (Image courtesy of Bloomberg | YouTube.)

Barrick Gold’s (TSX, NYSE:ABX) president, Kelvin Dushnisky, is leaving the world’s top miner of the precious metal to become South Africa’s AngloGold Ashanti  (JSE:ANG) (NYSE:AU) new boss.

Dushnisky will take the helm at AngloGold in September, ending the search to replace Srinivasan Venkatakrishnan, who in April said he was leaving the world’s third-biggest gold miner by output to run India’s Vedanta.

Dushnisky will replace Srinivasan Venkatakrishnan, who is leaving AngloGold Ashanti at the end of August to run India’s Vedanta.

“AngloGold Ashanti has a strong portfolio of assets and an exciting pipeline of organic growth opportunities,” Dushnisky said in a statement.

The mining executive, who joined Barrick in 2002, is also chairman of Acacia Mining (LON:ACA), the London-listed gold producer, majority owned by Barrick, which is tangled up in a running dispute over taxes with Tanzania’s government. He was considered to be the second most senior executive among Barrick’s management team, as the gold miner did away with the chief executive position a few years ago.

“We would like to extend our gratitude to Kelvin for his commitment to Barrick over many years,” Barrick Executive Chairman John Thornton said in a separate statement. “His passion for building enduring, trust-based relationships with host governments, communities, shareholders, and other partners has made an important contribution to Barrick’s growth and development.”

The Canadian gold giant, which is due to report second quarter results on Wednesday, noted it would announce a successor to Dushnisky in due course.