Barrick Gold founder Peter Munk has died aged 90
Canadian entrepreneur and philanthropist Peter Munk has died peacefully in Toronto at the age of 90.
The founder of Barrick Gold came to Canada in 1948 after his family had fled their native Hungary when the Nazis invaded in 1944. He overcame a lack of English and social connections to become an icon in Canadian business.
Munk took less than 25 years to build Barrick Gold, founded in 1983, into one of the world’s largest gold mining companies. By 2011, the company was valued at $50 billion.
The Canadian Mining Hall of Fame said of Peter Munk: “He transformed the industry that made him a titan into something it had never been before—a financially sophisticated business able to compete with other industries for investment capital.”
Other business interests included real estate firm TrizecHahn Corp., and the audio products company Clairtone.
His legacy in this regard includes the Peter Munk Cardiac Centre, established with his wife Melanie in 1997. He gave a total $175 million to the institution at Toronto General Hospital including a $100 million donation in 2017, the largest ever single donation to a Canadian hospital.
The Munk School of Global Affairs at his alta mater, the University of Toronto, he gave $47 million.
Peter Munk died on Thursday March 28, 2018 and is survived by his wife of 45 years Melanie; by his five children, Anthony, Nina, Marc-David, Natalie, and Cheyne; and by his fourteen grandchildren.
Barrick Gold says that the company is deeply saddened by the passing of its founder and chairman emeritus.
