Two weeks ago, the Financial Post noted that Barrick Gold Corp. executives Kevin Thomson and Ammar Al-Joundi were loading up on shares. They have since been joined by one of the gold miner’s co-presidents.
According to a regulatory filing, Kelvin Dushnisky snapped up 15,000 shares earlier this month at a price of $13.50, meaning his total investment was $202,500. While that may sound like a lot, it is worth noting that he received US$15.8-million in compensation over the last three years.
His timing on this latest stock purchase was pretty good, as Barrick shares have subsequently climbed almost 9% on the back of an improving gold price. The stock is still down more than 20% in 2014 as the world’s biggest gold miner struggles with a high debt load, shrinking gold production and relatively weak prices.
It is interesting that Mr. Al-Joundi, Barrick’s chief financial officer, is among the executives that bought shares on the open market earlier this month. Barrick announced this week that he is leaving the company.
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