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Barrick Gold finance head departing to lead new venture

Published 2016-03-16, 05:51 p/m
© Reuters. Barrick Gold finance head departing to lead new venture
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TORONTO, March 16 (Reuters) - Barrick Gold ABX.TO 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 BLK.N 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 FNV.TO , Royal Gold
RGLD.O and Silver Wheaton SLW.TO 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.

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