Canada's Barrick Gold (TSX, NYSE:ABX), the world's largest producer of the precious metal by output, is claiming victory in its turnaround effort.
"Barrick is back," executive chairman John Thornton said during the company's annual general meeting, held Tuesday
Barrick Gold has reduced its debt load, reshuffle management and sold several assets.Known for his flamboyant statements, he added: "We will not be satisfied with being a leading mining company. We mean to be nothing less than one of this century's leading companies in any industry, in any region."
In the last year, Barrick has reduced its debt load, reshuffle management and sold several assets.
The Toronto-based company's share price has nearly doubled since January as it is finally being helped, instead of damaged, by current gold prices.
Barrick said it is now seeking a deal with a Silicon Valley company to help it generate more value from its mines.
Read John Thornton's speech: