GOLD - Ben van Beurden and Pekka Vauramo Nominated for Election to Barrick Board of Directors

Barrick Gold Corporation has announced the nomination of Ben van Beurden and Pekka Vauramo for election to its Board of Directors at the upcoming Annual and Special Meeting of Shareholders on May 6, 2025. Ben van Beurden, the former CEO of Shell, brings over 40 years of extensive experience in the energy and natural resources sectors. His tenure at Shell was marked by a strategic shift from oil dependency to a diversified energy portfolio, with a particular focus on natural gas and renewable energy. This transformation helped position Shell among the top investors in the energy transition, enhancing shareholder value through significant organizational simplifications and headquarters consolidation.

Currently, van Beurden holds roles as a senior advisor at KKR specializing in energy transition investments and as chairman of Clariant. His governance experience extends to serving on the Board of Supervisors of Mercedes-Benz Group AG.

In parallel, Pekka Vauramo offers robust leadership credentials, particularly in the mining and logistics industries. As the former CEO of Metso, he was pivotal in the successful merger with Outotec, resulting in a powerhouse in sustainable technological solutions. His leadership at Metso Outotec involved strategic divestments and acquisitions, enhancing market competitiveness and focusing on cultural improvement and profitability.

Vauramo’s resume also includes significant leadership positions at Finnair, where he achieved a financial turnaround, as well as at Cargotec, Sandvik, and Outokumpu, emphasizing his mining expertise. Vauramo currently chairs the boards of Huhtamaki Oyj and Valmet Oyj and serves on the board of Nokian Renkaat Oyj.

Barrick Chairman John Thornton expressed confidence that both candidates' global perspectives and industry expertise would significantly enhance the Board’s ability to advance Barrick’s strategic objectives and uphold its commitment to sustainable mining practices.

Barrick Gold Corporation's nomination of Ben van Beurden and Pekka Vauramo to its Board of Directors signifies a strategic shift that could reshape its operational and market trajectory. As we anticipate their election at the Annual Shareholders' Meeting on May 6, 2025, investors should take note of the potential implications for the company’s future.

Ben van Beurden’s extensive experience in the energy transition sector is particularly relevant as global markets gravitate towards sustainability. His successful leadership at Shell, particularly in diversifying energy investments and streamlining corporate structures, could bode well for Barrick as it seeks to enhance its operational efficiency and stakeholder value. Investors might interpret van Beurden's appointment as a signal of Barrick's commitment to integrating more sustainable practices, potentially mitigating risks associated with environmental regulations and market shifts towards cleaner mining.

Pekka Vauramo’s robust background in mining and logistics, coupled with his experience in orchestrating mergers and focusing on core competencies, will likely guide Barrick's operational strategies to enhance profitability. His leadership in turning around Metso emphasizes a capacity for strategic growth and market fortification—something critical in the highly competitive mining sector. Vauramo’s insights into Asian markets might open avenues for expanding Barrick's reach and market share.

Overall, the addition of these two seasoned executives to Barrick's Board can be viewed as a proactive measure to strengthen its leadership in an evolving industry landscape. Investors should consider this development as a positive signal, anticipating potential improvements in governance and strategic direction, ultimately aiming for enhanced shareholder value. As Barrick navigates the contemporary challenges in the gold mining sector, close attention to its execution of these insights will be essential for ongoing investment considerations.