Archive | Barrick Gold Corporation

Newmont Poised to Oust Barrick as World’s Top Gold Producer – by Danielle Bochove (Bloomberg News – 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. Continue Reading →

Can Markets Save the West’s Most Controversial Bird? – by Daniel Rothberg (Bloomberg News – 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. Continue Reading →

UPDATE 2-Top Acacia Mining bosses quit in midst of Tanzania dispute – by Zandi Shabalala (Reuters U.S. – 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. Continue Reading →

Barrick’s Digital Reinvention Takes Shape in a Nevada Desert – by Danielle Bochove (Bloomberg News – October 30, 2017)

https://www.bloomberg.com/

Elko, Nevada is no Silicon Valley. A recent front-page story in the local paper hailed inductees to the Buckaroo Hall of Fame, a nod to the town’s cowboy past. Inside, a full-page spread detailed the aspirations of the kids vying for homecoming king and queen.

Yet it’s here, in an unremarkable warehouse in the foothills of the Ruby Mountains, that Barrick Gold Corp. has created an in-house coding hub to design software for its nearby Cortez operation — one step in its plan to use technology to revolutionize the business.

From underground WiFi to sensors that track the output of every miner, it’s all part of what Cisco Systems Inc. Executive Chairman John Chambers calls an “audacious goal” by his Barrick counterpart John Thornton to drag gold mining into the 21st century. Continue Reading →

Barrick Has Surprise Loss on Tanzania Tax – by Danielle Bochove (Bloomberg News – October 25, 2017)

https://www.bloomberg.com/

Barrick Gold Corp. reported a surprise net loss in the third quarter on a tax provision related to operations in Tanzania.

An export ban at a unit in the African nation amid a contractual dispute also dragged down production and revenue for the world’s biggest gold miner. Barrick lowered the top end of its 2017 production guidance to 5.5 million from 5.6 million ounces, it said Wednesday in a statement.

All-in sustaining costs to produce an ounce of gold were $772 compared with analysts’ expectations for $785 and $704 in the third quarter of 2016. The third-quarter net loss was $11 million, compared with net income of $175 million a year earlier, Barrick said. Continue Reading →

Tanzania: Dar Posts Biggest Coup in Mineral Wealth War (All Africa.com – October 24, 2017)

http://allafrica.com/

TANZANIA is on course to register the biggest coup in an economic war over its mineral resources after striking a deal with Barrick Gold Corp, to settle a tax and revenue sharing disputes over three gold mines in the country operated by its African subsidiary group, Acacia Mining.

After three months of painstaking negotiations, the Toronto-based company said it will pay the government 300 million US dollars (about 700bn/-) as part of the deal, give the government a 16 per cent stake in its mines, and will equally split “economic benefits” from the mining operations.

Barrick owns 63.9 per cent equity interest in Acacia Mining which is the country’s largest gold miner. As part of the agreement, Barrick Gold Corp said the government will participate in decisions related to operations, investment, planning, procurement, and marketing. Continue Reading →

Juniors oppose Barrick’s plans to turn an old mine into a ski resort – by Valentina Ruiz Leotaud (Mining.com – October 24, 2017)

http://www.mining.com/

Junior miners say they oppose Barrick Gold’s (TSX, NYSE:ABX) idea to transform its old Mascot Giant nickel mine located near Hope, British Columbia, into a ski resort.

In an email sent out to the media, J.A. Chapman Mining Services Engineer, John Chapman, stated that his and other companies “are still actively conducting mineral exploration in and around the old Giant Mascot mine and are therefore against Barrick’s recreation proposal.”

Chapman attached a letter he sent back in 2012 to Gordon Hogg, the MLA for the B.C. riding of Surrey-White Rock, asking the provincial government to stop Barrick’s plans. He believes that the giant’s attempts to enter the hospitality business is just a way of turning a non-performing asset into a positive cash-flow operation. Continue Reading →

Surprise, you owe Tanzania $300 million and 50% of what your gold mine makes – by Tom Wilson and Omar Mohammed (Financial Post/Bloomberg – October 20, 2017)

http://business.financialpost.com/

Acacia Mining Plc’s tumultuous year doesn’t seem likely to ease up any time soon. The gold miner’s shares surged as much as 41 per cent Thursday, after controlling shareholder Barrick Gold Corp. said it moved closer to resolving a crippling dispute with Tanzanian authorities.

Yet it seems Acacia itself — which must approve any deals Barrick negotiates with the government — was left out of the loop. Tanzania banned exports of unprocessed gold in March and hit Acacia with a US$190 billion tax bill in July, claiming the company had under-declared export revenue since 2000.

The ban meant the London-based company was forced to stockpile output and curb mining at its flagship operation. Third-quarter earnings plunged 70 per cent from a year ago, the company said Friday. Continue Reading →

Barrick Gold hopes to strike it rich with Fraser Canyon ski resort – by Susan Lazaruk (The Province – October 22, 2017)

http://theprovince.com/

Barrick Gold Corp. is floating the idea of turning an old nickel mine near Hope into a year-round recreational resort

Is there gold in the hills above Hope? Barrick Gold Corp. is floating the idea of turning an old nickel mine in the area into a year-round recreational playground called the Giant Nickel All Season Resort. It would include a ski hill and gondola and restaurants that grow their own vegetables.

The 10-run ski hill in terms of vertical drop would fall between Whistler Blackcomb and Sun Peaks, said Dennis Adamson, electoral director of Electoral Area B of the Fraser Valley Regional District, and the project’s No. 1 booster.

“I’ve been pushing this for years,” said Adamson, who’s the elected official of the area, which includes communities like Yale, Spuzzum, Dogwood Valley, Othello and Ruby Creek, total population 721. Continue Reading →

Group of 29 tribes oppose Pebble Mine, B.C.’s ‘transboundary’ projects – by Kevin Gullufsen (Juneau Empire – October 20, 2017)

http://juneauempire.com/

Southeast and Bristol Bay tribal mining opposition now has a unified front. Two Alaska Native tribal consortiums announced a “historic” partnership Wednesday at the Alaska Federation of Natives conference in Anchorage.

Tribal groups representing a majority of the indigenous peoples in Southeast and Bristol Bay will work together to oppose mining projects in both regions. The Juneau-based Central Council of Tlingit and Haida Indian Tribes of Alaska (CCTHITA) and Douglas Indian Association (DIA) are part of the agreement.

The United Tribes of Bristol Bay (UTBB), which represents 80 percent of the 14 Yup’ik, Denai’na, and Alutiq indigenous communities in Bristol Bay, signed a Memorandum of Agreement (MOA) with Southeast Alaska Indigenous Transboundary Commission (SEITC), which represents 15 of the region’s 19 tribal organizations. Continue Reading →

Barrick-Brokered Tanzania Pact Leaves Acacia Mining in the Dark – by Thomas Wilson and Omar Mohammed (Bloomberg News – October 20, 2017)

https://www.bloomberg.com/

Acacia Mining Plc’s tumultuous year doesn’t seem likely to ease up any time soon. The gold miner’s shares surged as much as 41 percent Thursday, after controlling shareholder Barrick Gold Corp. said it moved closer to resolving a crippling dispute with Tanzanian authorities.

Yet it seems Acacia itself — which must approve any deals Barrick negotiates with the government — was left out of the loop. Tanzania banned exports of unprocessed gold in March and hit Acacia with a $190 billion tax bill in July, claiming the company had under-declared export revenue since 2000.

The ban meant the London-based company was forced to stockpile output and curb mining at its flagship operation. Third-quarter earnings plunged 70 percent from a year ago, the company said Friday. Continue Reading →

Barrick Gold to give Tanzania mines stake and $300 million to end dispute – by Fumbuka Ng’wanakilala (Reuters U.K. – October 19, 2017)

https://uk.reuters.com/

DAR ES SALAAM (Reuters) – Barrick Gold (ABX.TO) will give Tanzania a 16 percent stake in three gold mines, a 50 percent share of revenues from those mines and a one-off payment of $300 million (£227.8 million) to resolve a dispute that has hit its operations in the country, the two sides said.

The Canadian miner and the Tanzanian government have been in talks for months after the east African country banned the export of unprocessed minerals and enacted laws to raise state ownership of the nation’s mines.

The agreement announced on Thursday comes after the new laws and a crackdown on mining firms slowed fresh investment in what has long been seen as one of Africa’s brightest mining prospects. Continue Reading →

BMO: Miners may revisit dormant mega-projects – by Matthew Keevil (Northern Miner – Matthew Keevil)

Northern Miner

VANCOUVER — The last five years have seen large-cap miners shelve — and often write-down — ambitious, greenfield development projects that carry significant development price tags and heightened risk.

The majors instead focused on stronger operating margins and lighter balance sheets, which were typically characterized by improved free cash flow generation and lower debt.

The last 18 months have marked a shift in sentiment for metal producers, however, as metal prices have strengthened and risk capital markets entered the nascent stages of recovery. Continue Reading →

Africa’s Richest Man Aliko Dangote Criticizes Tanzanian President Over Policies – by Mfonobong Nsehe (Forbes Magazine – October 10, 2017)

https://www.forbes.com/

Africa’s richest man, Aliko Dangote, has accused Tanzanian President John Magufuli of implementing policies that are unfriendly to foreign investors.

Speaking at the Financial Times Summit in London on Monday, Dangote, 60, said Magufuli is nationalist in his thinking and is trying to seize a majority shareholding of companies in Tanzania that are owned by foreigners.

Earlier this year President Magufuli signed a new mining bill into law which allows the government to take as much as 16% of foreign-owned mining companies for free. “The Government is coming through the back door to seize the assets,” Dangote said. Continue Reading →

Australia Just Ramped Up Super-Pit Fight Between Top Gold Miners – by Danielle Bochove (Bloomberg News – September 25, 2017)

https://www.bloomberg.com/

A tax hike in Western Australia stands to lower the value of a massive gold deposit and further drive apart its owners: the world’s biggest producers of the metal who have spent the last two years debating what the mine is worth.

Newmont Mining Corp., the second-largest gold miner, has been interested in buying Barrick Gold Corp.’s 50 percent stake in the Kalgoorlie Super Pit since at least 2015. Newmont already owns the other half and operates the mine for Barrick, the No. 1 producer of the metal. The only reason a deal hasn’t been done, the two sides say, is price.

Now, the royalty increase could further the gap between how much the companies think the operation is worth. The higher tax “adversely” affects the value of Kalgoorlie, said Gary Goldberg, Newmont’s chief executive officer. Continue Reading →