Barrick Gold Corp.�s new chief executive officer, Aaron Regent, stepped into his post today as the world�s largest gold producer plans to dig seven new mines amid a recession that has forced some rivals to cut costs.

Regent, 43, is a former CEO of miner Falconbridge Inc. and senior managing partner of Brookfield Asset Management Inc., a Canadian fund with $90 billion in assets. He is at least the fourth consecutive chartered accountant to head Barrick, replacing Greg Wilkins, who stepped down in March because of a serious illness.

Regent, introduced to investors today, joins Barrick as the worst economic slowdown since the Great Depression forces mining companies to conserve cash. The crisis helped drive gold to its eighth straight annual gain in 2008, prompting Barrick to press ahead with projects in the Dominican Republic, Argentina, Tanzania and Alaska to add to 27 existing mines.

Regent will hew close to Barrick�s strategy of being a mining company focused on gold, he said today on his first conference call with investors and analysts.

First, he will travel �extensively� to the company�s mines and projects to view its assets and meet staff. His initial focus will be on ensuring cost and production targets are met and that capital is spent appropriately, he said.

Toronto-based Barrick gained 64 cents, or 1.5 percent, to $42.70 at 4:10 p.m. in Toronto Stock Exchange trading. The shares climbed 7 percent last year, outperforming a 29 percent decline in the 16-company Philadelphia Gold & Silver Index.

Industry Management Changes

Regent�s appointment is the most recent management change for the world�s five largest gold producers in the past 18 months. Newmont Mining Corp.�sRichard O�Brien, appointed in July 2007, is now the group�s longest serving CEO. AngloGold Ashanti Ltd., Gold Fields Ltd. and Goldcorp Inc. all have named new chiefs since then.

�We could have found a dozen miners,� Barrick Chairman Peter Munk said. �We were looking for someone who could take the company forward, not just as a mining company, but as a business.�

An �unprecedented� number of candidates applied for the post, Munk said on a call with analysts and investors.

�An Industry Leader?�

�If he�s smart, he�ll go around those operations, show his face to the troops and see what he�s managing,� Greg Orrell, president of Livermore, California-based Orrell Capital Management, which includes Barrick shares among its $123 million in assets under management, said in an interview before the call. �We�ll see if we can get an idea of his vision, of whether he can be an industry leader.�

Regent joins a company that has made several acquisitions in recent years. Under Greg Wilkins, the purchase of Placer Dome Inc. in 2006 vaulted Barrick into first place among the world�s gold producers ahead of Denver-based Newmont.

Since then, the company bought Arizona Star Resources Corp. and Cadence Energy Inc., as well as the Kainantu gold mine in Papua New Guinea and a stake in the Cortez mine in Nevada from Rio Tinto Plc.

Barrick�s mergers and acquisitions team �have a lot of things they�re looking at,� Regent said. �That�s an area I have a lot of experience in, so it�s not a steep curve for me to get along.�

Regent�s Background

Regent was chief financial officer of copper producer Noranda Inc. before it merged with Falconbridge in 2005. Brookfield, the largest shareholder in Noranda, maintained a 20 percent stake in Falconbridge after that transaction.

Regent left Falconbridge and was hired by Brookfield in 2006 when the nickel miner was bought by Xstrata Plc.

Until accepting the position at Barrick, Regent was joint CEO of Toronto-based Brookfield�s infrastructure unit, which invests in electricity in Canada and South America, according to the asset manager�s Web site.

He will be joined on Barrick�s board by two of his predecessors. Wilkins has remained at the company as vice chairman, and Munk, Barrick�s founder who stood in as acting CEO for the past nine months, will continue as chairman.

To contact the reporter on this story: Stewart Bailey in New York at sbailey7@bloomberg.net.