Archive | Barrick Gold Corporation

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 →

Big Gold’s next big problem: How to pump up production with the commodity on the cusp of a new rally – by Gabriel Friedman (Financial Post – November 7, 2020)

https://financialpost.com/

Every three to four days, Barrick Gold Corp.’s chief executive Mark Bristow sits for a COVID-19 test. While the global health pandemic has triggered tough decisions for many executives about whether to work from home or return to the office, Bristow has maintained a rigorous schedule.

In recent months, he’s touched down in Papua New Guinea, the Democratic Republic of Congo, Mali, the Dominican Republic, Nevada and various other countries where the company operates mines.

Later this month he expects to stop in Canada — where the Toronto-headquartered company operates a single mine in Ontario — despite mandatory 14-day quarantine rules for jet-setters like himself. Continue Reading →

Barrick hikes dividend as profit tops forecasts on record gold prices – by Niall McGee (Globe and Mail – November 5, 2020)

https://www.theglobeandmail.com/

Record high gold prices and lower taxes helped propel Barrick Gold Corp. past street estimates for profit in the third quarter, as it moves to end a fracas in the South Pacific that has idled one of its smaller gold mines.

The Toronto-based company, the world’s second-biggest gold miner by market value after Newmont Corp., reported a net profit of US$882-million for the three months ending on Sept. 30. On an adjusted basis, Barrick’s profit was US$0.41 a share, 8 cents better than analysts surveyed by Refinitiv expected.

Historically, gold has been sought out by investors in times of extreme financial market uncertainty, and the COVID-19 pandemic has turned bullion into one of the world’s best performing asset classes this year. Continue Reading →

Barrick’s Mark Bristow on building a license to operate – by Trish Saywell (Northern Miner/Mining.com – October 28, 2020)

https://www.mining.com/

In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong license to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors.

Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold.

Bristow responded that building a sustainably profitable business is key, and something he started at Randgold Resources in 1995, prior to that company’s merger with Barrick Gold, completed early last year. Continue Reading →

Pacific Battle Over Gold Mine Ends With Barrick Stake Deal (Bloomberg News – October 16, 2020)

https://ca.finance.yahoo.com/

(Bloomberg) — Papua New Guinea’s push for greater sway over its own mineral wealth scored a win, with Barrick Gold Corp. agreeing to a deal that will see the South Pacific nation get a big stake in a key gold mine.

Barrick will give Papua New Guinea a “major share” of the Porgera mine, the country’s Prime Minister James Marape said Thursday in a joint statement with the Toronto-based miner.

In exchange, Barrick can re-open and keep operating the facility, which had been suspended after the government didn’t extend its mining lease in April, and there would be a “fair sharing” of the economic benefits. Continue Reading →

Barrick Gold gets good news in Papua New Guinea – by Peter Kennedy (Resource World – October 15, 2020)

https://resourceworld.com/

Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] received some good news on Thursday October 15 when Papua New Guinea Prime Minister James Marape said Barrick and its Chinese joint venture partner Zijin Mining can continue to operate the Porgera gold mine.

According to published reports, the announcement follows talks in Port Moresby, the Papua New Guinea capital, and coincides with the release today of Barrick’s third quarter 2020 production results, which were largely in line with expectations.

Barrick shares were virtually unchanged on the news, easing 0.86% or $0.32 to $36.89 on volume of 2.25 million. The shares are currently trading in a 52-week range of $41.09 and $17.52. Continue Reading →

OPINION: Can Barrick’s Mark Bristow break down barriers to mining takeovers? – by Andrew Willis (Globe and Mail – October 12, 2020)

https://www.theglobeandmail.com/

Barrick Gold Corp. chief executive officer Mark Bristow seems determined to drive consolidation in Canadian mining through sheer force of will.

If just a few institutional investors are willing to join the endearingly blunt CEO’s crusade, then long-predicted takeovers among the country’s mid-tier gold plays may finally come to pass.

Mr. Bristow banged the drum for deals last month at the World Gold Forum, a widely followed annual event in Denver that drew even more eyeballs by going virtual this year. Continue Reading →

Barrick CEO says gold mining industry still needs to consolidate – by Felix Njini and Steven Frank (Bloomberg News – October 7, 2020)

https://www.bnnbloomberg.ca/

Barrick Gold Corp.’s top executive says the gold industry needs more consolidation so it can increase exploration to boost depleting reserves, lure more generalist investors and improve efficiencies.

The flurry of deals that characterized the sector in the past two years will likely continue, with miners in Australia already “stamping their mark” on the industry, Chief Executive Officer Mark Bristow said in a virtual South African mining conference.

Mergers and acquisitions are likely to dominate the sector in Africa, and are needed in Canada, where the world’s second-largest gold miner is based. Continue Reading →

Gold industry needs further consolidation, says Barrick’s Bristow – by Mariaan Webb (MiningWeekly.com – September 22, 2020)

https://www.miningweekly.com/

he gold industry still has a mismatch of assets in too many managers’ hands and is in need of further consolidation, says gold major Barrick CEO Mark Bristow.

Speaking at the virtual Gold Forum Americas conference, he said that the industry had come a long way in 18 months, but that the job was not yet finished.

“The industry could be better served if we could reallocate some of the assets into the right place, with managements that have proven track records to deliver value,” Bristow said. Continue Reading →

Barrick accepts Chilean court ruling on Pascua-Lama project closure (Mining Technology – September 21, 2020)

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

Barrick Gold has announced that it would not appeal a Chilean court’s ruling to uphold the closure order on the Chilean part of its Pascua-Lama mining project, which was imposed by the country’s environmental regulator Superintendence for the Environment (SMA).

The Pascua-Lama mine is a suspended open-pit mining project located in the Andes Mountains, on the Chilean-Argentine border.

In October 2013, Barrick Gold temporarily suspended construction activities at the Pascua-Lama citing environmental issues, political opposition, labour unrest and development costs. Continue Reading →

Chile Court Shuts Gold Mine Over Environmental Fears – by Miguel Sanchez (Barron’s/AFP News – September 17, 2020)

https://www.barrons.com/

Chile’s environmental court confirmed Thursday a final order to close Canadian company Barrick Gold’s huge Pascua Lama mining project, on hold since 2013 over environmental concerns.

The court dismissed a legal challenge from the company and confirmed a 2018 environmental authority ruling, ordering the “total and definitive closure” of the mine project. It also imposed a $9 million fine on the Canadian miner.

“The magnitude of the danger to people’s health makes it necessary to close the Pascua Lama mining project, as other alternatives for safe operation for the environment and population health do not appear to be viable,” the court said. Continue Reading →