Barrick Gold finance head departing to lead new venture

Wed Mar 16, 2016 5:51pm EDT
 
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TORONTO, March 16 (Reuters) - Barrick Gold said on Wednesday that its chief financial officer, Shaun Usmar, is leaving the company to lead a new mine financing venture in Toronto backed by U.S. hedge fund Elliott Management.

The Toronto-based miner said Catherine Raw, who is currently the head of business performance, will succeed Usmar, who took over as finance chief just over a year ago. Raw, a veteran fund manager, was co-head of BlackRock Inc's flagship mining funds before joining Barrick last May.

Usmar is set to step down on April 26, after the company's annual shareholder meeting. Barrick said Usmar will be available in an advisory capacity for another two months to support a seamless transition.

Usmar's new venture will be focused on royalty, streaming and other alternate forms of investments in the mining industry, Barrick said.

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.

(Reporting by Euan Rocha)