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Barrick Gold names Catherine Raw as CFO promotes exploration chief

TORONTO — Barrick Gold is making changes to its senior management team, including two promotions.The company says Rob Krcmarov has been named executive vice-president for exploration and growth.Catherine Raw will become chief financial officer after the company’s annual meeting on April 26, replacing Shaun Usmar. Barrick said Usmar is leaving the company to lead a new mine financing venture in Toronto backed by U.S. hedge fund Elliott Management.Raw and Krcmarov will be on a three-member committee focused on growth strategies for the Toronto-based company.The third member of the committee is Kevin Thomas, Barrick’s senior executive for strategy.Barrick Gold looks to keep momentum with US$2 billion debt reduction target for 2016Barrick Gold Corp is back on top as Canada’s best-performing stock and the world’s most valuable gold companyKrcmarov joined Barrick in 2001 and has been most recently its senior vice-president for global exploration.Raw joined Barrick in May 2015 and was previously co-manager of mining funds for BlackRock.Usmar’s new venture will be focused on royalty, streaming and other alternate forms of investments in the mining industry, Barrick said. Barrick said Usmar will be available in an advisory capacity for another two months to support a seamless transition.Streaming companies like Franco-Nevada, Royal Gold and Silver Wheaton provide upfront funds for miners in exchange for a portion of a mine’s future output. They have rapidly emerged as the go-to financiers for many debt-laden miners in recent months.The Canadian Press, with files from Reuters

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