Archive | Barrick Gold Corporation

Tanzania cancels license of Barrick, Glencore nickel project – by Fumbuka Ng’wanakilala (Reuters U.S. – May 12, 2018)

DAR ES SALAAM (Reuters) – Tanzania has revoked a retention license for an undeveloped nickel project jointly owned by Barrick Gold Corp and London-listed miner Glencore Plc as part of enforcement of a new mining regime.

The license for the Kabanga nickel project in northwestern Tanzania was among 11 retention licences canceled by the government under the Mining (Mineral Rights) Regulations of 2018, which were approved in January.

A retention license is granted to holders of a prospecting license after they identify a mineral deposit within the prospecting area which is potentially of commercial significance but cannot be immediately developed due to technical constraints, adverse market conditions or other economic factors. Continue Reading →

Barrick makes small bet on junior with hope for big payoff – by Niall McGee (Globe and Mail – May 10, 2018)

Welcome to the era of the micro deal. In a transaction about as far away as one could imagine from the multibillion-dollar deals of the past great commodity boom, Barrick Gold Corp. is taking a tiny bet on a junior mining company.

On Wednesday, the world’s biggest gold producer announced a 19.9-per-cent investment in Vancouver-based Midas Gold Corp. worth US$38-million. Barrick is acquiring 46.5-million shares at $1.06 a share, a 9-per-cent premium to its Tuesday close.

It’s the latest example of a senior gold company making a so-called “strategic investment” in a junior, with the hope that it will eventually pay off in the form of much needed added production. Continue Reading →

Is overseas expansion on the menu for Saudi mining colossus Ma’aden? – by Richard Wachman (Arab News – May 6, 2018)

LONDON: Saudi mining colossus Ma’aden is riding a wave of investor confidence as profitability is driven by robust commodity prices, growth in production across its minerals suite of phosphate, gold, copper and aluminum, as well as a cost-cutting program that has strengthened the balance sheet.

Now, there is market chatter that the next chapter of the growth story could be overseas. Some say Ma’aden will one day follow SABIC, KSA’s petrochemicals champion, by expanding its footprint in growth segments abroad, although its core business will always be at home.

“At the moment there is plenty of growth to go for in Saudi,” said Yousef Husseini, a broker at EFG Hermes in Cairo. “But in the longer term, the company could shift its focus to global expansion similar to what SABIC has done in the last couple of decades as local market opportunities decline.” Continue Reading →

Barrick, NovaGold project in Alaska gets key environmental approval – by Cecilia Jamasmie ( – April 30, 2018)

Barrick Gold (TSX, NYSE:ABX) and NovaGold Resources’ (TSX, NYSE-MKT: NG) proposed gold mine in Alaska has received a long-waited final environmental clearance, granted by the U.S. Army Corps of Engineers, the Canadian miners said Monday.

The Dolin project, one of the world’s largest, highest grade, known gold deposits, is expected to require a $6.7 billion investment from the two owners, which are developing in assets in a 50-50 partnership.

Located in in Southwest Alaska, the proposed mine contains 39 million ounces of gold in the measured and indicated (M&I) resource categories. Continue Reading →

Green future for gold company: Barrick Gold exec touts “digital transformation” of mining corporation at CIM Sudbury meeting – by Karen McKinley (Northern Ontario Business – April 24, 2018)

Barrick Gold isn’t alone in their plans to make their mining operations more automated and ecological. The plans to go green are not a secret, but Denis Gratton, vice-president of automation, spoke at the April 19 meeting of the Sudbury chapter of the Canadian Institute of Mining to elaborate on the company’s strategy.

Their plans include everything from chemical leaching to autonomous vehicles and artificial intelligence in a ground-up approach to change how the company does business.

For starters, Gratton said the company had to look at innovation as a whole, rather than merely changing a few machines or methods of working. To do that, the company established its own innovation team to work on projects in house and explore third-party partnerships. Continue Reading →

The Northern Miner’s video tribute to Peter Munk (Northern Miner – April 25, 2018)


To celebrate the life of Peter Munk (1927-2018), founder of Barrick Gold and recipient of The Northern Miner’s Lifetime Achievement Award, we have prepared this video tribute (see detailed slide notes below).

Read Trish Saywell’s feature story on the life of this remarkable man, “Mining titan and philanthropist Peter Munk’s lifetime of achievement.”

Peter Munk slide notes and timeline:

1927 – Born Nov. 8 in Budapest, Hungary, to a wealthy Jewish family.

1944 – Munk family flees Nazi-occupied Hungary, ultimately arriving in Switzerland on the Kastner train, which carried roughly 1,700 Jews to safety.

1948 – Comes to Canada on student visa.

1952 – Earns Electrical Engineering degree from University of Toronto. Continue Reading →

Barrick shifts focus to growth as it looks to replenish project pipeline after years of debt reduction – by Gabriel Friedman (National Post – April 25, 2018)

After several years marked by operational difficulties and debt reduction, Barrick Gold Corp. on Tuesday opened its first quarter earnings in 2018 by telling shareholders it received two credit upgrades and is returning its focus to growth.

Gold production hit 1.05 million ounces this quarter — down 20 per cent from last year and behind pace to meet its annual target of 4.5 to 5 million ounces — but in line with guidance.

Even if it meets that target, years of declining gold production from its peak of 8.6 million ounces in 2006 means that Barrick may lose its title as the world’s largest gold producer to Colorado-based Newmont Mining Corp., which is predicting production of between 4.9 million and 5.4 million ounces this year. Continue Reading →

Barrick scales back on its annual general meeting as mining footprint shrinks – by Niall McGee (Globe and Mail – April 25, 2018)

No more fancy digs. No free food. And no epic speeches. In a sign of its more modest state, Barrick Gold Corp. hosted a sharply scaled back annual general meeting on Tuesday, the morning after delivering a first-quarter earnings report that was better than analysts expected.

Of the roughly 100 people in attendance at the AGM in a small conference room at the Cisco Toronto Innovation Centre, around 60 were Barrick representatives. Bankers, analysts, human rights protesters, and a smattering of shareholders filled out the rest.

Barrick’s executive chairman, John Thornton, paid tribute to company founder Peter Munk, who died last month at the age of 90. Mr. Thornton called Mr. Munk, who grew the company from scratch into the world’s biggest gold producer in the span of 23 years, an “iconic Canadian” and a “visionary entrepreneur.” Continue Reading →

Barrick Gold says focus on growth after deep debt cuts – by Nicole Mordant (Reuters U.S. – April 23, 2018)

(Reuters) – Barrick Gold Corp (ABX.TO) said on Monday it was done selling assets to cut debt and would instead use funds from future sales for growth or to pay dividends, as it looks set to lose its rank as the world’s biggest gold producer due to declining production.

Toronto-based Barrick, which reported better-than-expected adjusted earnings, said its focus would increasingly be on growth from its own projects and operations in Nevada and the Dominican Republic.

The miner also said it had suspended work on a prefeasibility study on its massive Pascua-Lama gold and silver project in the Andes Mountains, which does not meet its investment criteria. Continue Reading →

Weak first quarter on tap for Canada’s gold producers – by Niall McGee (Globe and Mail – April 23, 2018)

Investors are bracing for a weak first quarter from Canada’s biggest gold companies with lower production and higher costs expected amid a marginally higher commodity price.

Barrick Gold Corp., the world’s biggest gold producer, reports Monday after the close, with Goldcorp Inc. and Agnico Eagle Mines Ltd. to follow later in the week.

“We expect rising labour costs combined with higher energy and consumable costs to put upward pressure on both operating costs and all in sustaining costs (AISC) at maturing mines,” wrote Stephen Walker, head of global mining research with RBC Dominion Securities Inc. in a note previewing earnings season at the senior gold producers. Continue Reading →

Acacia Mining’s first-quarter profit slumps after Tanzania tax row (Reuters Canada – April 19, 2018)

LONDON (Reuters) – Acacia Mining (ACAA.L) reported a near 50 percent fall in first quarter earnings on Thursday after reducing operations at its flagship gold mine in Tanzania amid a tax dispute with the government.

Acacia, a unit of Canada’s Barrick Gold (ABX.TO) and Tanzania’s largest gold miner, said its gold production fell 45 percent in the first quarter from a year earlier to 120,981 ounces, mainly due to lower output at its flagship Bulyanhulu mine.

Acacia’s London-listed shares skidded 8.8 percent to 141 pence by 0919 GMT and have now tumbled more than 70 percent since Tanzania introduced a ban on concentrate exports in March 2017. Continue Reading →

Editorial: Peter Munk receives our Lifetime Achievement Award – by John Cumming (Northern Miner – April 11, 2018)

In this issue of The Northern Miner and at an event at our Canadian Mining Symposium at Canada House in London on April 24 and 25, we are awarding to Barrick Gold founder Peter Munk our Lifetime Achievement Award for transforming Barrick over several decades from a small producer into the world’s biggest gold producer in gold output and market value.

It’s an award that has been in the works for months, but it takes a bittersweet turn with Munk’s passing on March 28, 2018. Months ago he had graciously extended his thanks for the award in an email, but noted he was too ill to travel by air to accept any award in person.

Instead, Barrick president Kelvin Dushnisky is slated to accept the award on Munk’s behalf in London, and a celebratory dinner we’ve arranged that evening in Munk’s honour will now take on more poignancy. Continue Reading →

Mining titan and philanthropist Peter Munk’s lifetime of achievement – by Trish Saywell (Northern Miner – April 11, 2018)

It’s an extraordinary story about an extraordinary man who became one of the most legendary entrepreneurs in Canadian history. But at its core it is also a love story. It’s a tale about Peter Munk’s life-long romance with Canada — the country that welcomed him after he and 14 members of his family fled Hungary and the Nazi’s death camps in the final year of the Second World War.

Since then the iconic entrepreneur and founder of gold mining giant Barrick Gold has donated $300 million to institutions in Canada, primarily to healthcare and education in recent years, before his death on March 28, 2018, at age 90.

Last November, Munk and his wife Melanie gave $100 million to the Toronto General Hospital’s Peter Munk Cardiac Centre — the largest gift to a single Canadian hospital in history. Continue Reading →

ATAC Resources rebounds with expanded Yukon exploration plan – by Dave Croft (CBC News North – April 9, 2018)

ATAC working with Barrick Gold plans extensive drilling at the Rackla property north of Mayo

ATAC Resources is planning its biggest drilling program in more than five years at its Rackla gold property north of Mayo in central Yukon, according to company president Graham Downs.

The 1,742 square kilometre property consists of three zones — Rau, Orion and Osiris — which in turn contain a number of gold deposits and targets for ongoing exploration.

ATAC plans to “build on and expand on all the gold zones we have out there, and to be able to demonstrate we have, kind of, the critical mass to make things work there,” said Downs. He expects about 50 people will be working for ATAC. Continue Reading →

ATAC, Barrick to invest C$13M at Rackla (North of 60 Mining News – April 6, 2018)

ATAC Resources Ltd. April 4 outlined plans for roughly 20,000 meters of drilling at the Rackla Gold property in the Yukon.

At roughly C$13 million, this program included a C$6 million investment by Barrick Gold Corp. for exploring the Orion gold project at the center of the massive Rackla property and C$7 million from ATAC, which will explore Osiris and Rau, located on the east and west ends of Rackla, respectively.

“We are excited to get started on what will be the largest drilling campaign since 2012 on the Rackla Gold property,” said ATAC President and CEO Graham Downs. Continue Reading →