21 Aug 2013 07:00
21 August 2013
African Barrick Gold plc (the "Company" or "ABG")
Appointment of Chief Executive Officer
The Board of African Barrick Gold today announced the appointment of Bradley A. Gordon as Chief Executive Officer. Brad succeeds Greg Hawkins, who has resigned to pursue other opportunities. As CEO, Brad will join the Board as an Executive Director. His appointment takes immediate effect.
Brad is a seasoned executive with 30 years of experience in the gold mining industry, during which time he has successfully grown the value of large mining operations around the world. He has shown exceptional capability in challenging environments and his leadership skills to achieve change have led to lasting improvements in performance and culture. Brad has demonstrated a commitment to actively engaging with governments, local communities and employees in order to achieve sustainable mining operations.
Kelvin Dushnisky, Chairman of the Board, stated, "I am pleased to welcome Brad as our new CEO. We have recently announced the details of our Operational Review, which aims to make meaningful and lasting cost reductions, optimise mine plans and drive returns. The Board is confident that Brad's experience and track record in generating shareholder value, combined with his strong appreciation of community and employees, make him the right person to lead the Company at this pivotal time. The Board would like to thank Greg for his significant contributions to the Company's early development and we wish him well in his future endeavours."
Brad Gordon, Chief Executive Officer, said, "I am excited to join ABG at this critical time for the company and to put it on a path of future profitability and stability. I look forward to immersing myself in the business, getting to know the talented employee base and understanding the Company's strengths and its opportunities. It is imperative that we implement and further expand upon the initiatives identified in the Operational Review."
Brad was previously the CEO of Intrepid Mines, a Canadian and Australian listed precious metals exploration and development company with primary operations in Indonesia. Prior to his time at Intrepid, Brad was the CEO of Emperor Mines, the Australasian subsidiary of DRDGold before it merged with Intrepid.Before that, he held a series of progressively senior positions with Placer Dome. Brad has a proven ability to deliver the maximum potential from the operations he has managed, from reducing costs and increasing production to achieving operational efficiencies and extending mine lives.
Brad holds a Mining Engineering degree from the Western Australia School of Mines and an Executive MBA from INSEAD, France. He will be relocating from Australia to London over the coming weeks.
Brad will resign as a Director of Intrepid Mines effective on August 25th 2013. There are no other matters requiring disclosure under Listing Rule 9.6.13.
ENQUIRIES
For further information contact:
African Barrick Gold plc +44 (0)20 7129 7150
Andrew Wray, Head of Corporate Development & Investor Relations
Giles Blackham, Investor Relations Manager
RLM Finsbury +44 (0)20 7251 3801
Faeth Birch
Charles Chichester
About ABG
ABG is Tanzania's largest gold producer and one of the five largest gold producers in Africa. We have three producing mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. We have a high-quality asset base, solid growth opportunities and a clear strategy of optimising, expanding and growing our business.
Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives.
ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG and have a secondary listing on the Dar es Salaam Stock Exchange.
Historically and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation, our majority shareholder. ABG reports in US dollars in accordance with IFRS as adopted by the European Union, unless otherwise stated in this announcement.