VIRGINIA GALT

00:00 EST Wednesday, December 24, 2008

Aaron Regent, an accountant with the heart of a miner, will take over as chief executive officer of the world's largest gold producer next month with ambitions to make Barrick Gold Corp. even more of a global powerhouse.

"We're looking to grow the company," Mr. Regent, who has extensive experience in both the investment and mining industries, said in an interview yesterday.

"[Barrick's] in outstanding shape. There are organic growth opportunities that are already under way in the company. And ... given what's going on in the world's markets these days, there's going to be some interesting potential acquisition opportunities. So it's going to be pretty exciting," he said.

"Gold is a unique metal," he added. "Typically, in times of uncertainty, gold thrives, so hopefully we will benefit from that as well."

This year, Barrick is projected to produce roughly 7.3 million ounces of gold, which is currently trading at more than $835 (U.S.) an ounce.

Mr. Regent, 43, will take the reins on Jan. 16 from 81-year-old company founder and chairman Peter Munk, who has been acting president and CEO of Barrick since Gregory Wilkins left the post earlier this year for health reasons.

Mr. Regent resigned as an executive at Brookfield Asset Management Inc. to take the position at Barrick, which he described as a "dynamic mining enterprise and an iconic Canadian company."

A chartered accountant by training, Mr. Regent was executive vice-president and chief financial officer of mining company Noranda Inc. from 2000 to 2002, and president and CEO of Falconbridge Ltd. from 2002 to 2005. He moved to Brookfield after the two Canadian mining companies merged and were taken over by Swiss multinational Xstrata PLC in 2006.

But he said he has retained a love for the mining industry.

"It's a great entrepreneurial industry. ... The characters, many of the individuals, have very limited resources and yet they go out and bet it all on a moose pasture in the middle of the Yukon and ... find something."

Mr. Regent "is highly regarded in both the mining and investment businesses - he was a very effective CEO at Falconbridge for several years prior its acquisition by Xstrata," said analyst Greg Barnes of TD Newcrest.

Barrick has a history of promoting accountants to the CEO suite, and the strategy of having "a money man" at the top has served the company well, said John Ing, head of Maison Placements Canada Inc.

"The appointment is in keeping with the company's DNA."

Mr. Regent is "a modern-day miner," Mr. Ing said, and a good choice to lead Barrick. "There are professional managers, but there are very few with an entrepreneurial streak."

The company, which reported third-quarter profit of $254-million and had a cash balance of $1.7-billion as of Sept. 30, is well-positioned to expand, he said.

"Barrick has grown mostly through acquisitions, and now, with their stellar balance sheet and the best credit rating ... they are in a particularly opportune position to pick up all the plums that are out there," Mr. Ing said.

"My guess is that there are at least half a dozen big or small acquisitions out there that Barrick is actively looking at, so having a full-time manager will be beneficial," he said.

Barrick Gold (ABX)

Close: $41.14, up $1.49