Peter Munk seeks to regain investor confidence
Peter Munk established Barrick Gold Corp in 1983. Munk had been long driven with the agenda for Barrick Gold. However, several missteps were done that raised questions about Munk's leadership that was once deemed visionary in the industry.
Munk owned less than a quarter of Barrick's stake. However, his position as chairman made him to still steer the strategy in the company. Currently, Munk had been attempting to shore up the miner's position in the gold industry. However, a number of investors were left in doubt regarding the direction that the company had been taking. Investors are also worried about several misguided decisions and problems at several mines. This left them to question Munk's role at Barrick.
Gold miners around the world had been struck by decreasing bullion prices and a surge in costs. Barrick Gold had fared worse than its competitors as it outlined about USD13 billion in write offs this year alone.