Barrick Gold (ABX) Taps Waterton Global Resource;s Hill as CIO

August 30, 2016 7:47 AM EDT

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Barrick Gold Corporation (NYSE: ABX) announced the appointment of Mark Hill as Chief Investment Officer, effective September 12.

In this newly-created position, Mr. Hill will chair Barrick's Investment Committee, and will ensure a high degree of consistency and rigor is applied to all capital allocation decisions at the company-whether at existing operations, development projects, exploration (both near-mine and greenfields), or potential acquisitions and divestments.

Mr. Hill brings added technical experience to the investment review process at Barrick, complementing the economic and financial expertise of Chief Financial Officer Catherine Raw. He will join the company's Executive Committee, as well as our Growth Group, and will oversee an Evaluations team, who will independently scrutinize proposed expenditures before they go to the Investment Committee.

Mr. Hill has more than 25 years of experience in the mining industry. He re-joins Barrick after four years at Waterton Global Resource Management, where he is currently a partner and Head of Mining. In this role, Mr. Hill leads Waterton's Evaluations group, and works with a multi-disciplinary team to conduct asset evaluations and due-diligence reviews.

"The creation of this role reflects our belief that effective capital allocation is a core responsibility of the head office," said Barrick Executive Chairman John L. Thornton. "Mark's previous experience at Barrick, combined with his time at Waterton-a private investor with an outstanding track record of capital allocation-make him an ideal choice to become the company's first Chief Investment Officer."

Prior to Waterton, Mr. Hill's positions at Barrick included Vice President, Evaluations, and Vice President, Capital Projects. He has also held senior positions with BHP Billiton, AngloGold Ashanti, Placer Dome, and WMC Ltd. Mr. Hill holds a Bachelor's degree in Mining Engineering, and a Graduate Diploma in Mineral Economics.

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