Barrick revamping organizational structure

Toronto-based Barrick Gold (NYSE: ABX), the world's third largest producer of the precious metal, said Peter Kinver will take over as its COO from January 1, replacing John Carrington. The move is part of what the company called a new organizational design, which involves creating three regional business units: North America, South America and Australia/Africa. In other changes, Igor Gonzales, currently general manager of Barrick's Pierina mine in Peru, will become VP/Peru, overseeing Pierina and the Alto Chicama project. Ray Threlkeld will be VP/Chile and Argentina, where he is currently VP of project development, overseeing the Veladero and Pascua-Lama projects. "The appointment reflects the current significance of the projects, which, in time, will be part of the South American business unit (including Peru)," Barrick said. Carrington will remain as vice chairman of the company, and focus on "integration." Analysts welcomed the changes as an attempt to bolster Barrick's sluggish share price performance. The modifications are the first major organizational changes since Greg Wilkins took over from Randall Oliphant as Barrick's CEO in February.