Barrick Gold Corporation – Page 24

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

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.

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

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.

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

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.

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)

January 29, 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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

January 11, 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.

Barrick Gold eyes deals with rewritten M&A playbook – by John Tilak (Reuters Canada – December 22, 2017)

January 2, 2018

https://ca.reuters.com/

TORONTO (Reuters) – Barrick Gold Corp ABX.TO is actively reviewing acquisitions and in the past 18 months considered at least one transformational deal, as it seeks to boost looming production declines and drive growth, four people familiar with the company’s thinking told Reuters.

It marks a shift for Barrick, which has focused on selling assets to reduce debt in recent years, and signals a possible return to familiar territory as the world’s largest gold producer warms back up to dealmaking.

A series of asset sales, including a 50-percent stake in Argentine gold mine Veladero to Shandong Gold Mining Co Ltd 600547.SS for $960 million earlier this year, has helped put Barrick on a stronger footing and top its debt reduction target this year.

NEWS RELEASE: Skeena Secures Option to Acquire Eskay Creek & Announces Strategic Investment from Barrick (December 18, 2017)

December 19, 2017

https://www.skeenaresources.com/

Vancouver, BC (December 18, 2017) Skeena Resources Limited (TSX.V: SKE) (“Skeena” or the “Company”) is pleased to announce the signing of an agreement with Barrick Gold Inc. (“Barrick”), granting an option (the “Option”) for the Company to acquire a 100% interest in the past-producing Eskay Creek property (“Eskay” or the “Property”) located in the Golden Triangle of northwest British Columbia. Barrick Gold Corporation will also complete a strategic investment with the Company for gross proceeds of C$1 million.

Skeena’s CEO, Walter Coles Jr. commented, “Eskay Creek was a remarkable discovery that became an extraordinary mine. It produced 3.3 million ounces of gold and 160 million ounces of silver from 2.2 million tonnes of ore from 1994 until closure in 2008. We are honoured that Barrick has given us an opportunity to investigate and potentially revitalize one of Canada’s highest-grade past-producing mines.”

Under the terms of the option agreement, Skeena may acquire a 100% interest in Eskay in consideration for:

Newmont Poised to Oust Barrick as World’s Top Gold Producer – by Danielle Bochove (Bloomberg News – December 6, 2017)

December 6, 2017

https://www.bloomberg.com/

Newmont Mining Corp.’s Gary Goldberg has the title of world’s biggest gold producer within his grasp. The chief executive officer raised his 2018 production forecast to a range of 4.9 million to 5.4 million ounces.

That exceeds Barrick Gold Corp.’s 2018 guidance of 4.8 million to 5.3 million given in February, which doesn’t include the impact of the sale of 50 percent of a mine in Argentina.

While Newmont is already ahead of Barrick by market value, the midpoints of the two companies’ 2017 guidance indicate Barrick will keep Newmont at bay this year in terms of output. That’s not the case in the following years.

Can Markets Save the West’s Most Controversial Bird? – by Daniel Rothberg (Bloomberg News – November 30, 2017)

November 30, 2017

https://www.bloomberg.com/

Agee Smith’s Cottonwood Ranch is tucked away in rural Nevada, about 450 miles from Las Vegas and not far from the Idaho border. The area is prime habitat for the greater sage grouse, an imperiled bird found in 11 western states. The male grouse is known for his eccentric mating dance—involving strutting, chest puffing and the inflation of two yellow air sacs on his neck.

Over the past two years, Smith worked to improve areas that are crucial habitats for sage grouse. He has planted sagebrush and improved the grass density in his meadows. If a new conservation method works as planned, Smith could make some money off his work.

Nevada, along with Colorado and Wyoming, has been working to create statewide markets for the conservation of the bird. In the simplest terms, these markets let developers—mining and energy companies, mainly—offset their impact on sage grouse by purchasing “credits” from ranchers who conserve an equal amount of habitat.

UPDATE 2-Top Acacia Mining bosses quit in midst of Tanzania dispute – by Zandi Shabalala (Reuters U.S. – November 2, 2017)

November 2, 2017

https://www.reuters.com/

LONDON, Nov 2 (Reuters) – Acacia Mining’s top two executives have resigned in the midst of talks between its parent company and the Tanzanian government aimed at ending a long-running dispute that has hit Acacia’s operations.

Barrick Gold, the world’s biggest gold miner and 63.9 percent owner of Acacia, struck a deal with Tanzania last month to end the dispute, part of which involved Acacia making a $300 million payment to the east African country.

But Acacia, whose three producing gold mines are in Tanzania and was not directly involved in the talks, appeared to have been taken by surprise by the announcement by Barrick chairman John Thornton and President John Magufuli. It said last week it could not immediately afford the payment.