Archive | Barrick Gold Corporation

Exclusive: Barrick offers PNG landowners a stake to resolve Porgera mine dispute – by Tom Westbrook and Melanie Burton (Reuters U.S. – May 29, 2020)

https://www.reuters.com/

SINGAPORE/MELBOURNE (Reuters) – Barrick Gold Corp (ABX.TO) has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners, according to a letter from its CEO, in a bid to break an impasse with the national government over the mine’s future.

Barrick, the world’s second-largest gold miner, was last month refused an extension of its expired lease over the mine that has been troubled by social unrest and pollution concerns.

Any deal would be the first struck by a resources company under economic nationalist prime minister, James Marape, who came to power a year ago seeking to retain a bigger share of the country’s resource riches. Continue Reading →

Politics and Porgera: why Papua New Guinea cancelled the lease on one of its biggest mines – by Jonathan Pryke and Shane McLeod (The Guardian – May 12, 2020)

https://www.theguardian.com/

Late in April, in the middle of a global pandemic and slow-boiling domestic economic crisis, the government of Papua New Guinea made the surprising announcement not to extend the mining lease on a goldmine that contributes roughly 10% of the country’s total exports.

The announcement not to renew the special mining lease for the Porgera mine was a shock, not least to the mine’s operator, Barrick Gold, and their joint venture partner Zijin Mining.

Porgera is one of Papua New Guinea’s longest running goldmines. Operating for 30 years in the highlands province of Enga, this large mine was expected to produce around 250,000 ounces of gold in 2019. Continue Reading →

Papua New Guinea seeks $191-million in back taxes from Barrick, Chinese partner as mining row escalates – by Niall McGee (Globe and Mail – May 7, 2020)

https://www.theglobeandmail.com/

Papua New Guinea wants Barrick Gold Corp. and its Chinese joint-venture partner to fork over US$191-million in back taxes, as the world’s second biggest gold producer dukes it out in court over whether it has the right to continue mining in the country.

Late last month, Papua New Guinea (PNG) refused Barrick’s request to renew its mining lease on the Porgera gold mine, citing environmental and other legacy issues.

Barrick subsequently took legal action against the government, filing a judicial review with the National Court of Justice. The court ordered both sides to negotiate and report on their progress on Friday. If the two can’t reach an agreement, a mediator will be appointed to hash out a settlement. Continue Reading →

Gold price boosts Barrick profit as miner eyes copper deals – by Arundhati Sarkar, Zandi Shabalala and Helen Reid (Reuters U.S. – May 6, 2020)

https://www.reuters.com/

(Reuters) – Barrick Gold Corp (ABX.TO) (GOLD.N) reported a nearly 55% rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive said.

Investors’ anxiety about a global economy brought to its knees by the coronavirus pandemic has boosted “safe-haven” gold XAU= by 12% so far this year, while copper CMCU3, seen as a bellwether for economic growth, is down about 15%.

Barrick CEO Mark Bristow has previously said the world’s No. 2 gold miner aims to increase its exposure to copper because of its expected higher use in electrification. He added on Wednesday the relative price performance between copper and gold made deals more attractive. Continue Reading →

Zijin warns Papua New Guinea of China anger over end of gold mine lease – by Tom Westbrook and Tom Daly (Reuters U.S. – April 29, 2020)

https://www.reuters.com/

SINGAPORE/BEIJING, April 29 (Reuters) – China’s Zijin Mining has warned Papua New Guinea that its failure to renew the lease of a gold mine it jointly owns with Barrick Gold Corp there could damage bilateral relations.

Papua New Guinea on Friday said it would not renew a 20-year mining lease at its Porgera gold mine, citing environmental damage and social unrest even as gold prices have soared to more than seven-year highs.

Barrick (Niugini) Limited (BNL), the local venture in which both miners have a 47.5% stake, suspended operations on Saturday, saying the government had not given it formal notification that it would not renew the lease, or any details of a planned transition. Continue Reading →

Papua New Guinea lashes out at Barrick for halting Porgera – by Cecilia Jamasmie (Mining.com – April 28, 2020)

https://www.mining.com/

Papua New Guinea is threatening to take immediate control of Barrick Gold’s (TSX: ABX) (NYSE: GOLD) Porgera mine after the company’s local unit halted operations over the weekend following news that the mining lease would not be renewed.

Barrick, the world’s second largest gold miners, and its joint venture partner, China’s Zijin Mining, had applied in June 2017 for a twenty-year renewal of the mine lease, which expired in August.

Since then, the company has faced backlash from landowners and residents over what they claim are negative social, environmental and economic impacts from the mine. Continue Reading →

Barrick says PNG’s Porgera decision is tantamount to nationalisation – by Mariaan Webb (MiningWeekly.com – April 24, 2020)

https://www.miningweekly.com/

Global miner Barrick Gold will challenge Papua New Guinea’s decision not to extend its special mining lease (SML) for the Porgera gold mine, saying the move is tantamount to nationalisation.

Prime Minister James Marape on Friday announced that Papua New Guinea had refused an application to extend mining at Porgera, citing alleged environmental and resettlement issues.

Barrick, led by president and CEO Mark Bristow, said it remained willing to discuss the matter with Marape and his government in the hope of averting what it described as a “catastrophic situation for the communities at Porgera and in Enga, and for the country as a whole”. Continue Reading →

Papua New Guinea snatches Barrick Gold’s Porgera mine – by Cecilia Jamasmie (Mining.com – April 24, 2020)

https://www.mining.com/

Papua New Guinea is set to take control of Barrick Gold’s (TSX: ABX) (NYSE: GOLD) Porgera mine after refusing to extend the company’s lease on environmental and social grounds, Prime Minister James Marape said on Friday.

“In the best interests of the state, especially in lieu of the environmental damages, claims and resettlements issues, the Special Mining Lease will not be renewed,” Marape said.

The decision comes nine months after the mining lease expired. During that time, the world’s second largest gold miner has faced backlash from landowners and residents over what they claim are negative social, environmental and economic impacts from the mine. Continue Reading →

Barrick to invest $10 million in Dominican-focused Precipitate Gold – by Cecilia Jamasmie (Mining.com – April 14, 2020)

https://www.mining.com/

Barrick Gold (TSX: ABX) (NYSE: GOLD) has inked an earn-in agreement with Precipitate Gold (TSX-V: PRG) that gives it the right to earn a 70% stake in the junior’s Pueblo Grande project, located right next to the gold giant’s Pueblo Viejo mine in the Dominican Republic.

To earn the set interest, the world’s second largest gold producer will have to invest a minimum of $10 million in exploration and deliver a pre-feasibility study within six years of the agreement.

As part of the deal, Barrick has also agreed to subscribe for $1 million (Cdn$ 1.39m) of Precipitate’s common shares in a private placement, the Vancouver-based junior miner said in a separate statement. Continue Reading →

Coronavirus to fuel gold-miner deals: Barrick Gold CEO – by Jonathan Garber (Fox Business – April 7, 2020)

https://www.foxbusiness.com/

The COVID-19 pandemic could lead to a flurry of deals in the gold mining industry, according to Barrick Gold CEO Mark Bristow.

The pandemic has caused some miners to put operations on care and maintenance, shrinking gold supplies. At the same time, major central banks and governments have been injecting cash into their economies, devaluing their currencies and spiking interest in gold, a traditional safe haven.

“There’s a real opportunity that there might be some acquisition options coming out of this,” Bristow told FOX Business. “We’re certainly keeping very busy looking at those options.” Continue Reading →

Barrick progressing towards modern miner goal – by Simone Liedtke (MiningWeekly.com – April 6, 2020)

https://www.miningweekly.com/

Following its merger with Randgold Resources, NYSE- and TSX-listed Barrick Gold has made progress towards its goal of being a modern mining business, according to executive chairperson John Thornton in the company’s information circular for 2020 published on April 6.

The circular follows the recent publication of Barrick’s 2019 annual report, in which president and CE Mark Bristow said the work done during the past year had equipped management well to take Barrick to the next level.

Included in the report is Barrick’s ten-year production plan which projects production of around five-million ounces of gold a year over the next decade. Continue Reading →

Barrick unveils 10-year plan to become world’s most valued gold miner – by Cecilia Jamasmie (Mining.com – March 26, 2020)

https://www.mining.com/

Barrick Gold (TSX: ABX) (NYSE: GOLD), the world’s second largest gold miner, has unveiled a 10-year production plan aimed at becoming the most valued bullion company.

The strategy, outlined in its first annual report since its merger with Randgold Resources, includes boosting Barrick’s production to about 5 million ounces of gold a year, with the bulk coming from its North American operations.

President and chief executive officer, Mark Bristow, said Nevada Gold Mines — its recent joint venture with Newmont (NYSE: NEM) — would be the “value foundation” of its business moving forward. Continue Reading →

Barrick Gold extends life of Argentina mine (Resource World – March 17, 2020)

https://resourceworld.com/

Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] President and CEO Mark Bristow said the life of Barrick’s Veladero gold mine in Argentina has been extended to at least 10 years following a comprehensive review of the company’s strategy and business plan.

Bristow made the comments while briefing an Argentinian audience of local media, government authorities and local business and community leaders about the mine’s progress from Barrick’s offices in Chile. The briefing was broadcast via a video conference to comply with Covid-19 related travel restrictions imposed by Argentina.

“Our review included the reinterpretation of the mine’s geology and an ongoing infill drilling campaign,” Bristow said. “We established exploration and resource management teams to identify satellite orebodies with the potential to deliver an increase in resources and reserves,” he said. “Our aim is to extend Veladero’s life-of-mine beyond 2030 and elevate it to a Tier One asset.” Continue Reading →

Australian mine contractor moves into Hemlo – by Staff (Northern Ontario Business – March 9, 2020)

https://www.northernontariobusiness.com/

Western Australian mining interests have been steadily scooping up gold exploration properties in northwestern Ontario. One company is mobilizing to run an underground gold mine in the region. Perth-headquartered Barminco has signed a letter of intent with Barrick to provide underground contract mining at its Hemlo Mine, near Marathon.

Barminco bills itself as one of the world’s largest hard rock underground mining services companies in the world with operations in Australia, Asia and Africa. This would be the company’s first foray into Canada, starting in April.

Under the three-year, $200-million mining services contract, Barminco’s scope of work would involve mine development, production and haulage, and using mine equipment provided by Barrick. Continue Reading →

Inside mining companies’ struggle to gain traction in the era of climate change – by Gabriel Friedman (Financial Post – March 7, 2020)

https://business.financialpost.com/

The focus on ESG is making life harder for mining companies

On Tuesday evening, Barrick Gold Corp.’s chief executive Mark Bristow stood inside downtown Toronto’s National Club, amid the dark wood panelling and paintings of pastoral scenes.

While a chef carved a rump roast under a heat lamp, dozens of mining executives, investment managers and foreign dignitaries gathered in the reception room to listen to Bristow — who has gained renown for discovering gold in Africa’s poorest countries, but also for his habit of lashing out at the rest of the mining sector for its shortcomings.

His talk at Barrick’s cocktail reception marked a finale of sorts to the Prospectors and Developers Association of Canada’s annual conference, which drew around 23,000 people to Toronto over the past week. Continue Reading →