He has stared down and outmanoeuvred one of the most Machiavellian mining CEOs on the planet, helping to squeeze out more money for shareholders than most ever dreamed of.

He has run multimillion-dollar businesses for a storied Canadian financial firm - before the age of 30.

Those who have worked with him say he is affable, self-assured, disarmingly well spoken and a savvy negotiator with a whip-smart business mind.

Yet Aaron Regent has never faced a challenge quite like this.

Next Friday, he begins his first day as chief executive officer of Barrick Gold Corp., Canada's largest mining company and the world's biggest gold producer.

Without a doubt, it is one of the most high-profile executive jobs in the country, if not the entire global mining industry. Just 43 years old, Mr. Regent seems well aware that his every move is sure to be overanalyzed, ruthlessly scrutinized and publicly mused over.

For added pressure, Barrick's outspoken chairman and its former CEO will be the most watchful critics.

"Barrick is an organization that, if you are in the space, if you are Canadian, you have known the company for a long period of time ... Barrick is an iconic Canadian company," Mr. Regent said in a recent interview.

At first blush, Mr. Regent's new job appears deceptively simple.

After some rocky months, the price of gold has got its groove back amid the worst financial crisis since the Great Depression. Barrick's management is widely considered the best in the industry. And the company's bulging portfolio of 27 operating mines includes the flagship Goldstrike operation in Nevada - the cash-printing deposit that was picked up for a song and has proven a consistent star in good times and bad.

"Barrick is certainly one of those companies that could run on auto pilot. It has such a depth of management," says BMO Nesbitt Burns analyst David Haughton.

Of course, Barrick is not without its share of pressing issues - none more than finding new sources of gold that will allow the company to increase its already massive production levels. Adding to the urgency is the fact that output is starting to decline. Toronto-based Barrick produced just over eight million ounces of gold in 2007. This year, it expects to produce between 7.6 million and 7.8 million ounces.

Barrick has always grown primarily through acquisitions and that is unlikely to change with Mr. Regent running the show. In fact, with the costs of building new mines remaining high and gold mining asset values plunging in the wake of the stock market crash, it's likely to accelerate.

"We're looking to grow the company," Mr. Regent said. "Given what's going on in the world markets these days, there's going to be some interesting potential acquisition opportunities. So it's going to be pretty exciting."

Began as a CA

Born in Ireland and raised in Alberta, Mr. Regent earned a bachelor of arts degree from the University of Western Ontario before getting his start in business as a chartered account. Yet he says he is attracted to the entrepreneurial as well as the blue-collar aspect of mining "If you go to the mines, if you go underground, these are just terrific people, salt of the earth, working hard," he says. "I like that ... I really like the sector. I like the people in it , I like the challenges that come with it."

He won't be facing those challenges alone, but that could prove claustrophobic. There are few larger presences in Canadian business than Barrick's 81-year-old chairman Peter Munk, who is sure to keep a close hand on the tiller of a company he founded a quarter century ago.

"Peter's a great guy, he's an inspiring guy and he's just a great Canadian when you look at not only what he's done with Barrick, but other things as well ... It's going to be a great partnership," said Mr. Regent, who is a board member at the Sick Kids Hospital Foundation in Toronto and a former board member of the National Ballet of Canada.

In addition to Mr. Munk, Barrick's new CEO will also find himself working closely with his own predecessor. Greg Wilkins is a Munk prot�g� who had been groomed for the top Barrick job for more than a decade when he took on the role in 2003. He had to resign the post last year after being diagnosed with a serious illness. While he continues to receive treatment, Mr. Wilkins remains the company's executive vice-chairman, putting in a full shift at the Barrick offices in Toronto most weekdays.

Mr. Regent has certainly proven himself a team player before. He has spent most of his career at the company that was once known as Brascan Corp. and is now called Brookfield Asset Management - the Canadian conglomerate renowned for its brainy team of executives and ruthless deal making.

One of Mr. Regent's closest colleagues over the years has been Derek Pannell, the chairman of the Brookfield Infrastructure Fund (where Mr. Regent was co-CEO) and the former CEO of the combined mining firms Falconbridge and Noranda (where Mr. Regent was president).

Brookfield's culture is exceedingly collaborative, Mr. Pannell points out. The company's executives are situated in an open concept office that resembles a trading floor and are in constant communication. "Aaron has dealt with situations like that extremely well. That's not going to be anything new," Mr. Pannell says of his former colleague's ability to get along with others and build consensus.

Mr. Regent served as CEO of Falconbridge before its merger with Noranda. At the time, Falconbridge was 59 per cent controlled by Brascan. Despite Brascan's stranglehold on the nickel miner, Mr. Regent was able to effectively manage and grow the company ahead of the deal, while balancing the demands of the controlling shareholder with those of other investors.

"He had the experience of being pretty closely watched, as you can imagine. But he also satisfied the minority shareholders," Mr. Pannell said.

Together, Mr. Pannell and Mr. Regent combined as the key figures on the Falconbridge team that managed to win an $18-billion or $63.25-a-share takeover bid from Anglo-Swiss miner Xstrata PLC in 2006.

Those involved in the frenzied takeover battle credit Mr. Regent with helping keep Xstrata motivated to raise its offer, despite the fact that it controlled nearly 25 per cent of Falconbridge. The young executive spearheaded a deal to sell the company's Nikkelverk nickel refinery in Norway. The $650-million offer for the facility added credence to Falconbridge's proposed three-way merger with rival Inco and U.S.-based Phelps Dodge, as it was made to meet competition concerns from European regulators.

"It kept the tension up with Xstrata enough that they needed to raise their offer [for Falconbridge]," said an executive involved in the deal.

Mr. Regent's tactical moves were so impressive that Xstrata's burly CEO Mick Davis reportedly offered him the chance to run Xstrata's nickel division once the takeover was complete. Mr. Regent, however, returned to Brookfield where he was soon offered the co-CEO role at the conglomerate's new infrastructure fund. Much of the fund's investments have been internationally focused, including deals for power assets in South American countries such as Brazil.

None of that, however, has likely prepared him for the political challenges that Barrick is facing, particularly at its operations in Africa.

African setbacks

For Barrick, Tanzania was supposed to be a new source of bullion riches and a country that would serve as a staging ground for expansion into Africa.

Yet so far, it has proven an exceedingly difficult place for the gold giant to operate.

Last month, more than a thousand people stormed Barrick's North Mara gold mine, forcing a temporary production halt. The attackers stole gold ore, destroyed mining equipment and set an excavator ablaze, causing more than $7-million (U.S.) in damages.

The shocking incident has raised questions about the company's future in Tanzania, where it operates three mines and is in the late stages of constructing a fourth. The average cash costs for the Tanzania mines has climbed to more than $600 an ounce, among the highest at the company. North Mara is the most problematic. Production costs skyrocketed to more than $1,000 an ounce in the third quarter, well above the price of gold.

"It's a difficult operating environment to say the least," says Barrick spokesman Vince Borg.

As its operations in more stable regions such as the United States and South America continue to be depleted, Barrick has had to go further afield to find new gold and replenish its reserves. Last year, its Tanzanian mines produced 605,000 ounces of gold, less than 10 per cent of the eight million ounces Barrick produced from its entire fleet of operations. Yet the North Mara situation illustrates the inherent difficulties of mining in Africa.

Barrick wants the Tanzanian government to not only improve security but also introduce measures to boost the area's economy and create viable employment for those who don't work at the mine.

Tundu Lissu, a Tanzanian lawyer and activist, who has represented clients in opposition to Barrick, said the loss of artisanal mining and associated economic activities is at the crux of the problems between the company and the community. He said the compensation paid to some locals to offset the loss of income has been largely inadequate.

"The process of creating this mine, which is now owned by Barrick, meant economic ruin to thousands of people," Mr. Lissu said in an interview.

The lawyer, who is based in Dar es Salaam, said many Tanzanians have come to have a deep mistrust of major mining companies and the industry in general. Several Tanzanian cabinet ministers are facing corruption allegations related to mining.

The hunt for assets

If Mr. Regent is going to top up Barrick's diminishing gold assets, he's likely going to have to head to other politically and socially difficult regions. There just aren't enough big gold deposits left in developed countries to have an impact on Barrick's production profile.

"The thing with Barrick is that when they already produce eight million ounces of gold per year, which is nearly 10 per cent of global mine supply, it needs to be something big," BMO's Mr. Haughton said.

As for what might be on Barrick's shopping list, industry sources have speculated that the company could look to Centerra Gold Inc.'s promising but politically challenging gold operations in Kyrgyzstan and Mongolia that have the potential to add more than half a million ounces of production per year. Another potential target is Australia's Lihir Gold Ltd., an Australian miner which has a major mine in Papua New Guinea, a country where Barrick already operates.

To be sure, as Barrick is forced to more challenging places to mine gold, Mr. Regent will have to call on his full arsenal of people skills. Already an accomplished negotiator, deal maker and financial whiz, he will have to add gold sector diplomat to his list of credentials.

Mr. Haughton says Mr. Regent won't only be representing Barrick, but because of the company's size, he'll be an ambassador for the entire industry.

"He would have to be cognizant of that burden ... it's a very prominent position in the industry, one that Barrick has earned."

THE GLOBAL PUSH

Barrick was founded in 1983 by Peter Munk. It has 27 operating mines and reserves of 124.6 million ounces. Revenue for 2007 was $6.33-billion (U.S.). Below are key developments in the company's global reach.

1994: Barrick branched out beyond North America with the acquisition of Lac Minerals, which had mines in Canada, the U.S. and Chile.

1996: Expanded its South American presence by acquiring Arequipa Resources, which had exploration properties in Peru.

1999: Moved in to Africa with the purchase of Sutton Resources, adding mineral properties in Tanzania, including the Bulyanhulu gold project, which began production in April, 2001. That year, Barrick produced about 3.6 million ounces of gold.

2000: Acquired Pangea Goldfields, a mining exploration company with properties in Tanzania, Canada and Peru. As part of the purchase, the company obtained a 70 per cent interest in the Tulawaka mine in Tanzania. Tulawaka began production in 2005.

2001: Barrick merged with Homestake Mining Co., and added mines in North America, South America and Australia to its portfolio.

2004: Formed strategic partnerships in Russia and Central Asia. Gold production was 4.96 million ounces.

2006: Acquired Placer Dome Inc., adding twelve new mines and a number of advanced exploration and development projects to its global portfolio.

2007: Production of gold hits 8.06 million ounces.

Source: company website, annual reports

Barrick Gold Corp.

Yesterday's close $39.20, unchanged

Q&A WITH ROBERT R. PRECHTER, AUTHOR OF CONQUER THE CRASH

Why has gold been seen historically as a safe haven, and who has used it as such? Has it really been one?

Gold has been a safe haven in times of utter monetary breakdown, but not in other hard times. Contrary to myth, since gold was freed in 1970, it has not been a very a good investment on average during economic contractions. It has performed far better during economic expansions. In 2008, I did a study that shows this point clearly. That's why I was not surprised to see gold and silver peak in March, shortly after the economy stopped expanding and the recession began.

How has it performed versus other asset classes, for example, over an extended period of time?

Gold has underperformed just about every investment. You can make gold look good by choosing the dates of lows in gold to do your measuring, but not otherwise. Gold is money. It does not benefit from production, as stock shares so, or from compound interest, as bonds do.

Thus far, is it maintaining this status in the current financial market turmoil, if not, why not, if so, is this expected to continue and/or strengthen?

Gold has been quite stable, rising less than many other commodities from 1999 to 2008 and falling less since the highs. I expect it to continue falling less than other commodities. But during deflations, such as we have now, cash is usually the best thing to have. This time, the fiat monetary system is at risk, though, so I have advocated holding some gold.