The CEO of the world's biggest gold-mining company, Barrick Gold chief Gregory Wilkins, has been appointed chairperson of the World Gold Council with immediate effect, the body said on Wednesday.
Wilkins replaces Pierre Lassonde, who served in the position since March 2005.
The World Gold Council, which works to boost demand for the precious metal, represents 23 companies and more than 60% of obtainable gold production.
“The WGC has enjoyed many successes in recent years, not least the introduction of exchange-traded gold and the rejuvenation of the gold jewellery market in key geographies,” Wilkins said in a statement.
“I very much look forward to picking up the baton and working with the WGC’s talented team.”
Gold's attractiveness has surged over the last year, as investors go in search of 'safe haven' investments, although higher prices – often hovering closer to $1 000/oz than $950/oz this year – have had a negative effect on jewellery demand for the precious metal.
On the supply side, gold miners are spending increasing amounts of money to firm up resources, build new mines and expand existing operations, in a bid to stem production declines and take advantage of record prices.
Global gold mine production, which contracted by 1% last year according to metals consultancy GFMS, is suffering from years of underinvestment, while projects to boost output are often hamstrung by rising costs and shortages of equipment and skills.
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