Barrick Gold names Catherine Raw as CFO, promotes exploration chief

TORONTO — Barrick Gold is making changes to the 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 following the company’s annual meeting on April 26, replacing Shaun Usmar. Barrick said Usmar is leaving the company to guide a new mine financing venture in Toronto backed by U.S. hedge fund Elliott Management.

Raw and Krcmarov will be on the three-member committee centered on growth techniques for the Toronto-based company.

The third person in the committee is Kevin Thomas, Barrick’s senior executive for strategy.

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Krcmarov joined Barrick in 2001 and it has been most recently its senior vice-president for global exploration.

Raw joined Barrick in May 2015 and was once co-manager of mining funds for BlackRock.

Usmar’s new venture will be focused on royalty, streaming and other alternate types of investments within the mining industry, Barrick said. Barrick said Usmar is going to be available in an advisory capacity for another two months to aid a seamless transition.

Streaming the likes of Franco-Nevada, Royal Gold and Silver Wheaton provide upfront funds for miners in return for some of a mine’s future output. They have rapidly become the go-to financiers for a lot of debt-laden miners in recent months.

The Canadian Press, with files from Reuters