Ben van Beurden Appointed Lead Director of Barrick, Succeeding Stalwart Brett Harvey in the Position
Mr van Beurden, former CEO of Shell, joined Barrick's Board in May 2025 and brings nearly four decades of global leadership in the energy and natural resources sectors. At Shell, he led the company's strategic transformation from an oil-focused business to a diversified energy leader, with significant investments in natural gas and renewables. He also streamlined Shell's structure, consolidated its headquarters in London and positioned the company among the leaders in the energy transition.
In addition to his role at Barrick, Mr van Beurden is a senior advisor on energy transition investments at KKR, an independent member of the Board of Supervisors of Mercedes-Benz Group AG and Chairman of Clariant, a Swiss specialty chemicals company.
Brett Harvey has been a member of the Board since 2005 and has served as Lead Director since 2013. Over more than a decade in that role, he has been a driving force in strengthening the company's governance, fostering board renewal and advancing diversity to better reflect the regions and communities in which Barrick operates. He will continue to serve as a valued member of the Board.
Barrick Chairman John Thornton said: 'Brett's tenure as Lead Director has been marked by exceptional leadership and a steadfast commitment to sound governance.'
He added that Mr van Beurden had already brought valuable insights to the Board's deliberations and that his appointment as Lead Director would build on that contribution.
'Ben's strategic acumen, global perspective and deep experience in sustainable business management will further enhance our ability to deliver lasting, responsible value to shareholders,' Thornton said.
Thornton noted that van Beurden's appointment reflects Barrick's continued commitment to board renewal as part of a broader ongoing strategic initiative to refresh the Board's composition and ensure the Company has the leadership needed to navigate the evolving dynamics of the industry.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world's Tier One gold mines — Barrick's operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol 'B' and on the Toronto Stock Exchange under the symbol 'ABX'.
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Toronto Sun
21 minutes ago
- Toronto Sun
Here's what Canada's effective U.S. tariff rate might look like after carve-outs
Published Aug 12, 2025 • 3 minute read The Canadian flag flies near the Ambassador Bridge at the Canada-U.S. border crossing in Windsor, Ont., on Saturday, March 21, 2020. Photo by Rob Gurdebeke / THE CANADIAN PRESS OTTAWA — When you peel back the many layers of tariffs and exemptions imposed by the United States, the effective tariff rate on Canada looks much lower than the headline figures suggest, some economists say. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account RBC senior economist Claire Fan said in an interview that the effective tariff rate is an average of the import duties paid on goods heading to the United States that accounts for exemptions tied to the Canada-U.S.-Mexico Agreement (CUSMA) on trade. While U.S. President Donald Trump ramped up blanket tariffs on Canada to 35% at the start of the month, that move maintained an exemption for goods compliant with the CUSMA. RBC estimates the effective tariff rate on Canadian goods is closer to 6% today. BMO's calculations from the start of the month place that figure a little higher, at around 7%. Read More Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The Bank of Canada said in late July — before Trump's latest escalation — that it estimated the effective U.S. tariff rate was around 5%, up from almost nothing at the start of the year. RBC's calculation is based on export volume data from 2024. Other sets of data offer slightly different measures of the tariff strain facing Canadian businesses. Fan said that, according to data published by the U.S. Census Bureau, Canada's effective tariff rate was roughly 2.4% in June, before the latest wave of higher tariffs came into effect. That figure captures the actual duties paid at the Canada-U.S. border, she said, and may fall short because of delays in reporting and general confusion over tariff levels among businesses. This advertisement has not loaded yet, but your article continues below. 'It's not surprising that there's a certain amount of disarray at customs,' she said. The effective tariff rate could also be lower in practice as U.S. businesses shift away from importing Canadian goods that carry the highest levels of tariffs, Fan said. RECOMMENDED VIDEO While the effective tariff rate offers a simple explanation for the total level of U.S. tariffs facing Canada, Fan warned that it can underestimate the on-the-ground impact. 'It's not the best gauge of the severity of tariffs, but it's one of the only ones that we have, unfortunately,' she said. CUSMA compliance does not broadly exempt Canadian goods from sector-specific tariffs like those levied under Section 232 of U.S. trade legislation. This advertisement has not loaded yet, but your article continues below. Ongoing U.S. tariffs of 50% on steel and aluminum, for example, will have an outsized impact on those sectors going forward, Fan said. At roughly 6%, Canada's effective tariff rate is well below the cumulative rate facing the United States' other trading partners right now, which RBC pegs at around 15% to 17%. 'That's the key point right there, which is why we're still one of the countries that's facing the least amount of U.S. tariffs right now,' Fan said. It's not fully clear to economists how much of the Canadian goods entering the United States are tariff-free under CUSMA. The Bank of Canada said in its monetary policy report in late July that it assumes Canadian businesses will collectively achieve CUSMA compliance on 95% of non-energy goods under a scenario that sees the tariff situation hold steady over the coming three years. This advertisement has not loaded yet, but your article continues below. The central bank doesn't assume perfect compliance, since some businesses might not want to go through the administrative burden of securing a carve-out. But Fan said the CUSMA exemption is the critical element giving Canadian exporters a 'competitive advantage' over other highly tariffed economies. Oxford Economics' lead economist Adam Slater said in a report issued Monday that, despite tremendous uncertainty tied to disruption of trade with the United States, Canada and Mexico may extract some benefit as long as CUSMA remains active. That trade agreement is up for renegotiation in 2026. Based on U.S. Census Bureau data from June, Oxford calculates the effect tariff rate for China at 35%, Japan at 15% and the United Kingdom at 8%. The firm suggests that — at 2.5% — Canada's effective tariff rate is a bit higher than RBC's estimate based on the U.S. Census Bureau data, while Mexico's effective tariff rate is estimated at 4%. 'If the relatively low tariffs apparently being paid on imports from Mexico and Canada persist, these two economies could pick up some benefits from shifts in supply chains, although uncertainties over the endgame for tariffs and the future of the (CUSMA) deal will be near-term drags,' Slater wrote. Opinion Toronto Blue Jays Toronto & GTA Canada Toronto Blue Jays
Vancouver Sun
21 minutes ago
- Vancouver Sun
Opinion: A treaty beats a handshake
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Please try again Interested in more newsletters? Browse here. Amidst the confusion, the answer is clear. The rules-based trade framework embodied in the Canada-U.S. Mexico agreement (CUSMA) and its free trade predecessors (NAFTA, Canada-U.S. Free Trade Agreement) has, for now, held. Perhaps the most disturbing thing about Canada's inability to reach a bilateral deal with the U.S. last month was not the 10 per cent tariff bump on CUSMA non-compliant exports. It was the fact that Canada's negotiators did not find out until the very last minute that the CUSMA framework had survived President Trump's Sharpie in signing his July 31 executive order on Canada. In what is being called the 'CUSMA carve-out,' up to 95 per cent of Canada's non-energy exports face free or very low-tariff access to the U.S. market as long as they comply with CUSMA rules. 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A year ago, some Canadian exporters of, say, widgets considered the expenses of complying with CUSMA's widget rules of origin to be greater than the cost of absorbing the minimal U.S. widget tariff applied to other countries shipping widgets to the U.S. This tariff, known in WTO terms as the most favoured nation rate, was on average less than two per cent for exports to the U.S. Now that this average tariff has soared to 35 per cent for Canadian widgets, exporters are reportedly scrambling to get inside the CUSMA-compliant tent to secure the duty-free access they had foregone before. The CUSMA carveout does not apply to extraordinary Trump tariff levies on key sectors of Canada's exports including automobiles (25 per cent on non-U.S. content) and steel, aluminum and copper (all at 50 per cent). Nor does it have bearing on the ever-growing levies on our softwood lumber exports which, through a process initiated under the Biden administration, is on track to face tariffs in the range of 35 per cent by the end of this year. In the topsy-turvy world of U.S. trade deals, several countries have agreed to accept tariffs at much higher levels with fewer carveouts and some extraordinary commitments. For example, at the end of July, the EU agreed to suspend over 93 million euros of retaliatory tariffs against U.S. imports in return for accepting a tariff of up to 15 per cent on its exports to the U.S. (The previous average rate had been 1.2 per cent). In addition, the EU has also agreed to buy an additional $750 billion in U.S. energy products over the next three years and make $600 billion in investments in 'various U.S. sectors' by 2029. 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The agreement, which came into effect in 2020, was the result of a negotiation initiated in President Trump's first term to replace NAFTA, which he had called 'the worst trade deal in history' We should be constantly reminding him that CUSMA is his agreement — the 'Art of the Deal' magician at the top of his game. Importantly, CUSMA was approved into law by the U.S. Congress in. As such, it cannot be simply torn up by a U.S. President in a foul mood — for now, at least. This shifts the focus to CUSMA's renewal, which is scheduled for a review in July 2026. At that time, the parties may recommend revisions to the agreement which, if agreed, would extend the agreement by another 10 years. If, however, any party wishes to withdraw from CUSMA they need only provide six months notice Despite being the author of the agreement, it's hard to believe that Mr. Trump will be in the mood to accept a few tweaks here and there as he arguably did in the conversion of NAFTA to CUSMA. Moreover, we are already hearing a slow and steady drumbeat that CUSMA renewal talks will be advanced — perhaps as early as the end of this year. What is apparent is that trade with our largest trading partner will be framed in the future by more complicated rules and restrictions. In addition to some tariffs, we can expect tighter rules-of-origin and more quantitative restrictions on our exports to the U.S., making trade more managed than free. The era of relatively friction-free trade and just-in-time supply lines is, for now, on a death watch. It is imperative that CUSMA can adapt to this new reality. Canada's trade negotiators will need to demonstrate a greater degree of creativity and resilience than has been needed in the ancient normal times. At the same time, we need to aggressively building a new trade profile that is more diversified and less dependent on our isolationist America First neighbour. CUSMA is Canada's most important economic agreement delivering significant benefits for an open economy such as ours. Over almost four decades of free trade, our exports to the U.S. have grown to constitute a full quarter of Canada's GDP. No small share. The world is changing rapidly and Canada needs CUSMA to safely evolve with it. We need agreed rules and commitments that can govern what will still be our largest trade relationship for a long time to come. As Prime Minister Carney is fond of saying 'A plan beats no plan' and, I might add, a treaty beats a handshake. Stuart Culbertson is a former deputy minister in the government of B.C. He served as B.C. trade representative during the Canada-U.S. Free Trade Agreement negotiations
CTV News
21 minutes ago
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Construction in Halifax-area impacting businesses
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