Archive | Barrick Gold Corporation

Barrick matches Newmont’s emissions reduction target – by Ngaire McDiarmid (Mining Journal – April 14, 2021)

https://www.mining-journal.com/

It follows fellow gold major Newmont announcing in November “industry-leading climate targets of 30% reduction in greenhouse gas (GHG) emissions by 2030, with an ultimate goal of achieving net zero carbon emissions by 2050”.

Barrick unveiled its 2020 sustainability report last week and president and CEO Mark Bristow conducted a virtual presentation to investors yesterday on sustainability, which the miner said was “the first of its kind for Barrick”.

“A standout achievement has been our progress with regards to climate change,” Bristow said during the presentation. Continue Reading →

Barrick Gold lost its ‘social licence’ in Papua New Guinea. This is the price it’s paying to earn it back – by Gabriel Friedman (Financial Post – April 15, 2021)

https://financialpost.com/

Mining executives often talk about the importance of having a ‘social licence’ to operate, yet it’s rare to hear them acknowledge when they don’t have one.

Barrick Gold Corp.’s chief executive Mark Bristow says it happened to his company in Papua New Guinea, where its Porgera mine had been pumping out gold for nearly three decades, even as a spate of accusations about human rights and environmental abuses in the surrounding communities have festered.

Ultimately, last April, Barrick was forced to put the mine on care and maintenance, essentially ceasing operations, when the government declined to renew its permit. Since then, Bristow has made countless trips to the island nation to meet with Prime Minister James Marape, including four since December. Continue Reading →

Profit-sharing deal with Barrick gives Papua New Guinea majority stake in Porgera gold mine – by Niall McGee (Globe and Mail – April 10, 2021)

https://www.theglobeandmail.com/

Barrick Gold Corp. has hammered out a new profit-sharing agreement with the Papua New Guinea (PNG) government for its Porgera gold mine in which it makes major concessions in return for being able to restart operations after a year-long shutdown.

Under the pact announced on Friday, PNG’s ownership in Porgera will rise to 51 per cent from 5 per cent. Barrick and China’s Zijin Mining Group Ltd., which previously owned a combined 95 per cent stake, will see their shares fall to a combined 49 per cent. Toronto-based Barrick, the operator of the mine, will front the entire cost of reopening the site.

John Ing, analyst with Maison Placements Canada Inc., said while the new ownership agreement appears “draconian” at first sight for Barrick, being able to reopen the mine again at a time when the price of gold is elevated is a big positive. Continue Reading →

More drilling planned at Donlin this year – by Staff (MiningWeekly.com – March 29, 2021)

https://www.miningweekly.com/

Donlin Gold, the 50:50 joint venture between Barrick Gold and Novagold Resources, has confirmed a follow-up drill programme for the Alaska project this year, following the strong outcome of its 2020 campaign.

Additional confirmation and extension drilling is planned, with specifics to be finalised once all assay results from the 2020 drill programme have been integrated into an interim model update.

Thereafter, the focus will shift to updating the feasibility study. Barrick and Novagold last week announced the final assay results from the 2020 drill programme, which the companies said exceeded expectations. Continue Reading →

Mining executives ‘live in denial’: Barrick Gold’s Mark Bristow and Blackrock’s Evy Hambro mull ESG trends – by Gabriel Friedman (Financial Post – March 10, 2021)

https://financialpost.com/

Bristow, a passionate advocate that mining projects are the best means
for impoverished countries to raise the skills of their workforce as it
can create high-paying jobs for engineers and geologists, said many
investors are ignoring the issue of world poverty.

There’s a “fundamental shift” underway in the equity markets, according to Evy Hambro, global head of thematic and sector based investing for Blackrock, considered one of the largest funds in the world with US$6.5 trillion under management.

Hambro, considered among the most influential investors in mining because of the size of his investment portfolio, was speaking about the number of investors whose decisions are increasingly guided or affected by a company’s environmental, social and governance record, also known as ESG.

“I think this is just an evolution that we’re going through … (and) I don’t think we’re anywhere near the end of it,” Hambro said. Continue Reading →

Barrick’s Bristow and Blackrock’s Hambro discuss ‘profits with purpose’ at PDAC – by Alisha Hiyate (Canadian Mining Journal – March 9, 2021)

http://www.canadianminingjournal.com/

The 89th annual Prospectors and Developers Association of Canada convention kicked off yesterday a little differently – in an online format thanks to the ongoing coronavirus pandemic.

The highlight of Day 1 was a conversation on “profits with purpose” between Barrick Gold (TSX: ABX; NYSE: ABX) president and CEO Mark Bristow and Evy Hambro, a managing director and global head of thematic and sector-based investing at BlackRock – the world’s largest asset manager.

Moderated by Aline, Cote, global head of mining technical services with Glencore International, the conversation covered the current state of the markets, the evolving nature of ESG (environmental, social and governance) metrics and expectations, how companies and investors are adjusting to the new reality, and a glimpse at where it’s all headed. Continue Reading →

Barrick funds exploration campaign in Japan – by Staff (Mining.com – February 24, 2021)

https://www.mining.com/

The Barrick Alliance approved a $4 million budget, solely funded by Barrick Gold (TSX: ABX) (NYSE: GOLD), to complete the 2021 exploration programs planned for 29 projects in Japan.

The Barrick Alliance is a joint venture that brought together the mining giant and the projects’ owner, Japan Gold (TSXV: JG).

In a press release, Japan Gold – the operator – said that the budget and work programs will complete the 2-year initial evaluation phase regional exploration over the Alliance’s project portfolio, which covers 1,889 square kilometers. Continue Reading →

‘Confused and anxious’ investors driving bitcoin higher: Barrick CEO – by David George-Cosh (BNN Bloomberg – February 18, 2021)

https://www.bnnbloomberg.ca/

Investors concerned about the health of the global economy are helping fuel the recent rally in bitcoin, according to the head of Barrick Gold Corp.

“One thing that is clear is that the world has not managed this pandemic well,” Mark Bristow, president and chief executive officer at Barrick Gold, said in an interview on Thursday.

“Investors are confused and anxious and there’s this response trying to offset what is clearly a risk in devaluation – massive devaluation – in the traditional ways of investing and retaining your wealth. Continue Reading →

Barrick is in no rush to do its next big M&A deal, CEO says – by Niall McGee – February 19, 2021)

https://www.theglobeandmail.com/

Barrick Gold Corp. is sniffing around for its next acquisition, but chief executive officer Mark Bristow says the big Canadian miner won’t be rushed into doing anything rash.

Toronto-based Barrick’s most recent significant deal was its 2018 US$6-billion purchase of Randgold Resources Ltd. , the African producer Mr. Bristow founded and ran for two decades.

Inspired by the success of that deal, several other large gold companies, including Newmont Corp. and Kirkland Lake Gold Ltd. struck multibillion-dollar acquisitions of their own. Smaller deals also followed, with Endeavour Mining Corp., Alacer Gold Corp. and Agnico Eagle Mines Ltd. taking starring roles. Continue Reading →

Kibali continues to shine for Barrick Gold (Mining Review Africa – February 3, 2021)

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The Barrick Gold operated Kibali Joint Venture in the DRC produced 808,134 oz of gold in 2020, achieving the top-end of production guidance for the year. This performance was driven by its underground operation which achieved record monthly and quarterly ore production in December and Q4 2020.

Kibali is a world leader in automated underground mining, through systems that allow multiple autonomous machines to operate on the same haulage and production levels, and provide real-time visibility of all operations as well as automated control of the ventilation fans.

Leading-edge technology is also being harnessed elsewhere at Kibali and the successful commissioning of an on-line particle size analyzer will optimize fine grinding on its ultrafine grind (UFG) mills. Continue Reading →

Dominican Minister of Mines dismisses rumours that link Barrick’s advanced payments to tailings dam approval – by Valentina Ruiz Leotaud (Mining.com – November 29, 2020)

https://www.mining.com/

The Dominican Republic’s Minister of Energy and Mines, Antonio Almonte, rejected rumours that linked Barrick Gold’s recent $108-million advanced tax and royalty payment to the possible approval of a tailings dam at the Pueblo Viejo operation.

In a TV interview broadcasted over the weekend, Almonte said that the advanced payment was the result of negotiations led by the ministry of finance and the national government’s economic team, with the goal of addressing the current fiscal deficit that is a direct consequence of the slowdown caused by the covid-19 pandemic. Continue Reading →

Barrick enters earn-in deals with two juniors near Hemlo – by Simone Liedtke (Mining Weekly.com – November 23, 2020)

https://www.miningweekly.com/

Canadian major Barrick Gold has entered into two option and joint venture (JV) agreements with junior miners near its Hemlo operation, in Ontario.

The first is with TSX-V-listed Melkior Resources, which has granted Barrick the right to earn-on up to a 75% interest in the White Lake project, 20 km from the Hemlo mine.

Under the terms of the option agreement, Barrick could earn a 75% interest in the White Lake property in consideration for completing $4-million in exploration expenditures over a period of five years. Continue Reading →

Shopify, Barrick Join Exclusive Canada Club With Big Cash Hoards – by Michael Bellusci (Bloomberg/Yahoo Finance – November 19, 2020)

https://finance.yahoo.com/

(Bloomberg) — The Covid-19 pandemic has made for a rare moment in Corporate Canada: three companies entered this quarter with over C$5 billion ($3.8 billion) of cash.

Shopify Inc. and Barrick Gold Corp. joined Air Canada in reporting a hefty pile of cash and short-term investments at the end of the quarter. It’s the first time that many non-financial companies on the S&P/TSX Composite Index have been so flush in the last 25 years, according to data compiled by Bloomberg.

The three companies have seen their war chests balloon for different reasons. Barrick and Shopify are prospering, while Air Canada has gone on a mammoth capital-raising spree to secure the funds to survive the Covid-19 pandemic. Continue Reading →

Barrick denies meddling in PNG political affairs (MiningWeekly.com – November 18, 2020)

https://www.miningweekly.com/

orgera mine operator Barrick Niugini Limited (BNL) has dismissed claims that the company has meddled with Papua New Guinea’s political affairs and has said it will take legal action against individuals making false claims on social media platforms.

A number of statements on Facebook and other social media have alleged BNL’s involvement in the actions of Parliamentarians to move from the government to the opposition and attempts have been made to draw a link between the political events and the recent visit of Barrick CEO Mark Bristow to the country.

“Those statements are false, defamatory and the company will be taking civil and criminal action against the individuals who have made these irresponsible and false statements,” BNL said this week. Continue Reading →

Barrick looking to reopen Porgera gold mine in Papua New Guinea (Mining Technology – November 13, 2020)

https://www.mining-technology.com

Barrick Gold president Mark Bristow reportedly held discussions on royalty arrangements with landowners in Port Moresby, Papua New Guinea (PNG).

The latest move comes as the company seeks to ‘negotiate a reopening’ of the Porgera gold mine, Reuters reported citing landowners. The Porgera gold mine is located in Enga Province, 600km north-west of Port Moresby.

Barrick’s lease over the gold mine, which it operated alongside Zijin Mining, expired when PNG Prime Minister James Marape refused to extend it in April this year. Continue Reading →