Archive | Barrick Gold Corporation

Tanzania’s new mining law will compel foreign companies to boost local financial firms – by Abdi Latif Dahir (Quartz Africa – February 2, 2018)

https://qz.com/

Tanzania is set to overhaul its extractive industry after the government passed a new law that posits strict guidelines for foreign companies.

The new law gives companies three months to comply with the regulations, while also making them apprise the government of how they are enacting these changes.

As part of reform, the government wants to enhance the competitiveness of local mining and financial institutions by setting minimum employment levels and in-country spend for foreign firms, while also providing a structural monitoring and reporting system that ensures companies deliver on these objectives. Continue Reading →

Exclusive: Acacia, China miners in talks over Tanzania gold deal – sources – by Nicole Mordant and John Tilak (Reuters U.S. – February 16, 2018)

https://www.reuters.com/

VANCOUVER/TORONTO (Reuters) – China’s Shandong Gold Mining Co Ltd and Zijin Mining Group Co Ltd are in separate talks with Acacia Mining Plc to form a joint venture for the London-listed company’s gold mines in Tanzania, three people familiar with the matter told Reuters.

Acacia’s majority shareholder, Barrick Gold Corp, is involved in the discussions, the people said. Acacia, caught in a near year-long tax dispute with the government of Tanzania, has also has held talks with state-owned China National Gold Group about such a partnership, two of the people said, although it was not clear if those talks are ongoing.

Shares in London-listed Acacia, which were down around 3 percent, rebounded after the Reuters report to trade up as much as 3.4 percent. They closed down 0.9 percent, at 162.95 pence. Continue Reading →

Barrick mulls selling copper business as it faces lower production, higher costs – by Niall McGhee (Globe and Mail – February 16, 2018)

https://www.theglobeandmail.com/

Barrick Gold Corp. is contemplating getting out of the copper business. President Kelvin Dushnisky said a sale of the copper assets is a possibility, although the company is not running a sales process at this time.

“Would we consider divestment in some point in time? Yes,” Mr. Dushnisky said in an interview with The Globe and Mail.

Barrick acquired its copper assets primarily through its US$7.3-billion purchase of Equinox Minerals Ltd. in 2011. The high-priced acquisition, timed shortly before a global slump in metals prices, proved to be a financial disaster, as Barrick wrote down the value of these assets by US$3.8-billion less than two years later. Continue Reading →

Agnico Eagle CEO bullish on Canada as rivals falter overseas – by Gabriel Friedman (Financial Post – February 16, 2018)

http://business.financialpost.com/

Gold prices are rising after a prolonged period of sluggish performance, but not all gold producers will be able to use 2018 to grow — as three earnings announcements released this week by senior Canadian gold companies demonstrated.

Barrick Gold Corp., the world’s largest producer, cut its 2018 production outlook to 4.5 million to 5 million ounces whereas Goldcorp Inc., at nearly half the size, kept its production outlook unchanged at 2.5 million ounces. Meanwhile, the smallest of the pack Agnico Eagle Mines Ltd., increased its production guidance to 1.53 million ounces.

The different growth outlooks not only reflect the difference in size between the companies, but also varying approaches to risk management — whether related to the geography of operations, the approach to acquisitions and explorations or other aspects of management. Continue Reading →

Barrick Cuts Gold Output Forecast for Eighth Potential Drop – by Danielle Bochove (Bloomberg News – February 15, 2018)

https://www.bloomberg.com/

Barrick Gold Corp., the bullion producer that once towered over rivals, continues to shrink. The Toronto-based miner is predicting its eighth straight decline in annual production as it takes less gold out of the ground at its main mines.

The company expects to produce 300,000 fewer ounces in 2018 than it had previously forecast. It now projects total production will be 4.5 million to 5 million ounces this year, compared with a previous forecast of 4.8 million to 5.3 million ounces. Total gold output in 2017 was 5.32 million ounces.

Barrick also raised its forecast for all-in-sustaining costs to a range of $765 to $815 an ounce this year, compared with previous guidance of $710 to $770. Continue Reading →

Barrick sees drop in gold production ahead, putting its No. 1 spot at risk – by Niall McGee (Globe and Mail – February 15, 2018)

https://www.theglobeandmail.com/

Barrick Gold Corp. is on track to lose its long-held crown as the world’s largest gold producer after forecasting production for this year that will likely fall short of U.S. competitor Newmont Mining Corp.

In a release announcing its fourth-quarter results after the markets closed on Wednesday, Toronto-based Barrick said it expects to produce between 4.5 million to 5 million ounces of gold in 2018. In December, Newmont predicted that its 2018 gold production will be between 4.9 million to 5.4 million ounces.

While Colorado-based Newmont had already passed Barrick in terms of market capitalization, it had lagged Barrick in production. Continue Reading →

‘Curveballs’ force Acacia Mining to ditch dividend, post $700M loss amid Tanzania dispute – by Gabriel Friedman (Financial Post – February 13, 2018)

http://business.financialpost.com/

From the Democratic Republic of Congo to Tanzania, a raft of new laws were passed in 2017 that challenge how mining companies have hewed to previous agreements

Acacia Mining produces gold and copper, both of which are surging in price, so why did the company ditch its dividend and post a $700 million loss?

“We were thrown … a lot of curveballs,” chief executive Peter Geleta said on an investor earnings call on Monday. “In fact, I don’t think many people would have faced what we faced last year in their whole careers.”

He blamed the company’s woes on the Tanzanian government, which wants to renegotiate how it shares in the wealth from minerals extracted inside its borders. Continue Reading →

Gold Giant Barrick Faces Grilling After Fall to Bottom of Pack – by Daniel Bochove (February 12, 2018)

https://www.bloomberg.com/

Barrick Gold Corp. executives will have some explaining to do when the company releases full-year results Wednesday.

Even with rising gold prices and a strengthened balance sheet, the world’s largest gold producer left shareholders with the worst returns among its top North American peers last year and the third-worst performance in the 15-company BI Global Senior Gold Valuation Peers index.

That’s a sharp reversal of the heady gains a year earlier when the Toronto-based company appeared unable to put a foot wrong. In 2016, Barrick’s Canadian shares soared 110 percent as it unveiled a sweeping plan to streamline the company. That same year its biggest rival, Newmont Mining Corp., rose 89 percent. Continue Reading →

Northern Ontario First Nation wants gold exploration permit quashed in case that could have impact on Ring of Fire – by Jorge Barrera (CBC News Indigenous – January 27, 2018)

http://www.cbc.ca/news/indigenous/

Mining company pushed to end consultation after Barrick Gold came knocking

No one kept a record of what was said during the meeting between mining company Landore Resources Canada and the Ontario ministry in January 2016, but at stake was a potential deal with Barrick Gold, the largest gold mining firm in the world.

Landore, a subsidiary of Landore Resources Ltd., based in the Guernsey Islands, U.K., was eyeing potential gold deposits in an area with two lakes about 40 kilometres from Eabametoong First Nation where several families had camps, traplines and burial sites. Eabametoong First Nation is about 350 km northeast of Thunder Bay, Ont.

The mining company requested the “urgent meeting” with the Ministry of Northern Development and Mines because it wanted to wrap up consultations and obtain a permit to explore for gold, according to court records. Continue Reading →

Robert Friedland tells Frank Holmes why copper is ready to run – by Frank Holmes (U.S. Global Investors – January 29, 2018)

http://www.mining.com/

Interview syndicated from Frank Holme’s Frank Talk

Last week the U.S. Global Investors office was visited by a living legend in the junior mining industry, billionaire founder and executive chairman of Ivanhoe Mines, Robert Friedland. In case you don’t know, back in the mid-1970s, Robert was caretaker of an apple orchard south of Portland that one of his buddies from Reed College would often visit. That buddy’s name was Steve Jobs, who later went on to found a little company he named—what else?—Apple.

Before Robert and Steve Jobs began palling around, Jobs was known as shy and withdrawn. It was Robert who taught him his skills in what’s been described by many as “reality distortion.” Having seen numerous speeches by Robert over the years, I can attest to his masterful ability to utterly command a room of hundreds with his electric charisma.

Some of that charisma must have rubbed off on Jobs, helping the future iPhone innovator evolve into the shrewd, larger-than-life business leader he’s celebrated as today. Continue Reading →

Revamped Barrick harkens back to founding principles as ‘new generation’ of discovery, partnerships beckon – by Henry Lazenby (MiningWeekly.com – January 23, 2018)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – The world’s largest gold producer by output Barrick Gold is looking towards a more sustainable future based on a leaner, more tightly owned portfolio, with future growth increasingly hinging on forming synergistic partnerships with former mining rivals.

With the gold price off to a strong start in the first few weeks of 2018, up 2.32% since the start of the year and trending above the psychological $1 300/oz mark, Barrick president Kelvin Dushnisky told attendees at a Vancouver mining conference that the company had come full circle in the aftermath following gold’s historic bull run through the 2011s.

He recounted those years as ranking among the most difficult in the gold major’s history. “It was partnerships that laid the foundation for Barrick. Partnership has been at the heart of our culture from Barrick’s earliest days, personified by visionary entrepreneur Peter Munk, and operations manager Bob Smith,” he said. Continue Reading →

Regulator orders Barrick to close Chilean side of Pascua-Lama project – by Niall McGee (Globe and Mail – January 19, 2018)

https://www.theglobeandmail.com/

Chile’s environmental regulator has ruled that Barrick Gold Corp. must shut down its above-ground operations on the Chilean side of its massive Pascua-Lama gold and silver project.

But the latest admonishment by Chile is not expected to overly affect Barrick’s plans for Pascua-Lama, which sits at an elevation between 3,800 to 5,200 metres in the Andes, and straddles the border between Chile and Argentina.

For some time now, Barrick has been exploring the possibility of restarting the suspended project by building an underground mine on the Argentinian side, which may be less detrimental to the environment. Continue Reading →

Barrick Studies Impact of Chile’s Pascua-Lama Closure Order – by Danielle Bochove and Laura Millan Lombrana (Bloomberg News – January 18, 2018)

https://www.bloomberg.com/

Barrick Gold Corp. is analyzing revised sanctions on its Pascua-Lama project on the Chile-Argentine border after Chile’s environmental agency reduced a fine but imposed new conditions, including the definitive closure of the original project site.

Construction of the open-pit mine was halted by a Chilean court in April 2013. A month later, Chile’s environmental agency, known as SMA, fined the company and ordered it to take steps to safeguard water supplies.

The fine was the maximum the SMA could hand down and Barrick was able to cut it to about $16 million by paying within five days. Activists protested, calling for a higher penalty, and SMA was told to recalculate the fine. Continue Reading →

Nevada mining industry to spend hundreds of millions in 2018 on expansion – by Rob Sabo (Northern Nevada Business Weekly – January 15, 2018)

Northern Nevada Business Weekly

ELKO, Nev. — Northern Nevada’s largest gold mining companies remain bullish on their operations in Northern Nevada for 2018 and beyond. Newmont Mining Corp. and Barrick Gold North America continue to pour hundreds of millions of dollars of development capital into surface and underground mining operations in Nevada.

The price of gold rose from $1,158 an ounce in January of 2017 to just under $1,350 an ounce in January of the new year — a figure that justifies continued investment in both companies’ Northern Nevada operations. Nigel Bain, executive director of Barrick’s U.S. operations, says the company has several major developments and infrastructure improvements slated for 2018.

CORTEZ HILLS UNDERGROUND EXPANSION

Workers on Barrick’s Deep South project will continue developing deeper access declines underneath the company’s existing underground mining activities at Cortez Hills, part of the Cortez mine area, which is the largest gold mining complex in the state of Nevada. Continue Reading →

Barrick, Premier ink wide-ranging Nevada focused exploration, development pact – by Henry Lazenby (MiningWeekly.com – January 10, 2018)

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – Gold major Barrick Gold has signed a comprehensive exploration and development agreement with Premier Gold Mines that include toll-milling and exploration earn-in options for both companies at the McCoy-Cove and Rye projects.

Premier announced on Wednesday that, under the terms of the agreement, Barrick will have an option to earn a 60% interest in the exploration portion of its McCoy-Cove property (the joint venture (JV) property) by spending $22.5-million in exploration before June 30, 2022.

Further, Premier will retain 100% ownership over the Cove deposit portion of the McCoy-Cove property, which includes the high-grade Helen, 2201 and CSD/CSD Gap deposits. Premier will also secure a one-time bulk sample processing arrangement for the planned test-mining programme at its 100%-owned portion of the McCoy-Cove property. Continue Reading →