110-567: AngloGold Ashanti Limited is an independent and global gold mining company with a diverse portfolio of cooperation, projects, and exploration activities, formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation . As of 2022, it was a global gold producer with 21 operations on four continents, listed on the New York , Johannesburg , Accra , London and Australian stock exchanges, as well as
220-538: A "seemingly abusive" strategic lawsuit against public participation . Despite the Québec ruling, a book "Noir Canada" documenting the relationship between Canadian mining corporations, armed conflict, and political actors in Africa was never published as part of a settlement which, according to the authors, was only made for the sole purpose of resolving the three-and-a-half-year legal battle. In 2011, Human Rights Watch ,
330-564: A New York City-based international non-governmental organization that conducts research on human rights, found a pattern of abuses perpetrated by private and public law-enforcement personnel in 2009 and 2010 in the Porgera Gold Mine in Papua New Guinea. Human Rights Watch says that violent insecurity is a “chronic problem” around Porgera due to people engaging in illegal mining and continuously raiding various areas of
440-711: A combination of factors including the depletion of easily accessible gold deposits, harsh weather conditions, and the political instability at the time. The Welsh gold rush occurred in Wales , more so in the Dolgellau area of Gwynedd , during the 19th century. Gold deposits were discovered in Welsh mountains, with reports of gold being found in rivers Mawddach and Tryweryn . By the mid-19th century, commercial mining operations had begun. Wales' gold gained popularity for its quality and rarity, leading to its use in royal jewelry for
550-722: A critical source of income and livelihood, providing employment opportunities and economic support in regions with limited alternative options. Artisanal mining operations vary in scale, from individuals panning for gold in rivers and streams, to small groups working collectibely in informal mining camps, often referred to as ' galamsey ' in West Africa . Gold mining can create employment opportunities in mining operations and related sectors. Howevers, these jobs may be temporary. The sector's reliance on fluctuating global gold prices can lead to economic stability for communities dependent on mining. The discovery of significant gold deposits in
660-522: A fine of $ 9.8 million was levied. Authorities in San Juan province responded with plans to re-engineer some operational and environmental processes at the mine, which were audited by local and international experts. The National Observer obtained court documents with allegations from a former employee that his employment was terminated soon after concerns were raised about health and safety and environmental practices in 2014. A U.S. class-action lawsuit
770-437: A gravel screening plant and sluice box floating in a temporary pond. The pond is excavated in the gravel bar and filled from the natural water table. "Pay" gravel is excavated from the front face of the pond and processed through the floating plant, with the gold trapped in the onboard sluice box and tailings stacked behind the plant, steadily filling in the back of the pond as the operation moves forward. This type of gold mining
880-418: A history of dismissing gold as an attractive investment, saying a fine business run by good managers with cash flows and paying dividends is more productive than the precious metal. Buffett has previously said owning shares of quality companies is more valuable than owning gold itself. Buffett later sold his entire stake in the company in 2021. Environmental and human rights violations have taken place around
990-488: A lower grade. Tailings can contain lead, mercury, cadmium, and arsenic. These toxins can pose health risks for local communities. Arsenic is typically found in gold-containing ores, and gold processing may contaminate groundwater or the atmosphere. This pollution may persist for decades. Furthermore, mining operations use large quantities of water for processing ore and can result in the contamination of water sources with heavy metals, such as mercury and cyanide , used in
1100-510: A mining lease, exploration license and surface rights to restart the Reko Diq copper-gold project, it was announced in March 2022. The project when in production has the potential to be one of the top five gold-copper mines in the world. It has the potential to produce 250,000 ounces of gold and 200,000 tons of copper every year for more than half a century and could be in production by 2027. It
1210-675: A number of mining operations that are now closed or were previously operated by a different company, including violence in Papua New Guinea and Tanzania. Forty people were arrested in Chile following a demonstration against the potential environmental impacts of a mining project that has not been built. Executives of Acacia Mining , which had mining operations in Tanzania and was acquired in 2019, had faced charges of bribery, conspiracy, forgery, money-laundering, tax-evasion and environmental damage. There has also been small groups of opposition in
SECTION 10
#17327804646811320-422: A region often sees a flood of resources and development, which lasts as long as the mines are economic. When goldfields begin to decline in production, local economies find themselves destabilised and overly reliant upon an industry that will inevitably abandon the region when gold deposits are sufficiently depleted; leaving the areas without proper rehabilitation. Barrick Gold Barrick Gold Corporation
1430-601: A separate company to hold its assets in Tanzania, called African Barrick Gold . Barrick Gold would retain majority ownership in the new company, after its listing on the London Stock Exchange (LSE). African Barrick Gold was listed on the London Stock Exchange in mid-March 2010, with an IPO valuation at US$ 3.6 billion. The shares offered on the LSE raised just more than 500 million pounds. In June
1540-608: A statement saying they 'intend to show the complete manuscript to Barrick prior to the book's release, to allow Barrick the opportunity to "correct" any "falsehoods" about how they conduct their business affairs, worldwide, that they feel it may contain.'" A 2011 decision in Quebec Superior Court had ruled that Barrick Gold had to pay $ 143,000 to authors Alain Deneault, Delphine Abadie, William Sacher, and publisher Les Éditions Écosociété Inc to prepare their defense in
1650-537: A subsequent study on environmental impacts, allowing the mine to operate as originally proposed. In 2008, the company negotiated an agreement with four of five regional Western Shoshone tribes, providing financial resources for education and wellness initiatives, including a long-term scholarship program, allocated at the Tribes' discretion. A former tribal chairman of the Duck Valley Shoshone spoke of
1760-747: A tributary of the Klondike River by George Carmack and his Indigenous companions, Skookum Jim Mason and Tagish Charlie . As prospectors arrived in Klondike, makeshift towns and settlements sprang up along the rivers, including Dawson City , which because the largest town in Yukon at the height of the gold rush. Prospectors employed various mining techniques to extract gold from the Klondike's streams and riverbeds, including placer mining, dredging, and hydraulic mining. The Carlin Trend of Nevada, U.S.,
1870-418: Is a cyanide extraction method, or gold cyanidation, introduced in the late 1800s. This a metallurgical technique used to extract gold from lower grade ores by converting gold into a water-soluble coordination complex. Finely ground rock is treated with a solution of sodium cyanide . The extract is absorbed onto carbon and then removed from the carbon with a solution of caustic soda and cyanide. Gold cyanide
1980-429: Is a method of extracting gold from alluvial deposits such as sand, gravel, and sediment. These are known as placer deposits which are typically found in riverbeds, stream beds, and floodplains. These deposits typically contain minerals that are resistant to weathering and eroision like gold , platinum , diamonds , and more. They are characterized by their relatively high concentration of valuable minerals compared to
2090-799: Is a mining company that produces gold and copper with 16 operating sites in 13 countries. It is headquartered in Toronto, Ontario , Canada . It has mining operations in Argentina , Canada , Chile , Côte d'Ivoire , Democratic Republic of the Congo , Dominican Republic , Mali , Papua New Guinea , Saudi Arabia , Tanzania , the United States and Zambia . In 2023, it produced 4.05 million ounces of gold at all-in sustaining costs of $ 1,335/ounce and 420 million pounds of copper at all-in sustaining costs of $ 3.21/pound. As of 31 December 2023,
2200-554: Is a signatory participant of the Voluntary Principles on Security and Human Rights . In August 2008 British charity War on Want published a report accusing Anglo American (who at the time owned 17% of AngloGold Ashanti) of profiting from the abuse of people in the developing countries in which the company operates. The company disclosed itself in 2006 or in 2008 for unacceptable safety performance in its platinum mines. Safety measures were taken. Additionally, in 2005
2310-415: Is characterized by its low cost, as each rock is moved only once. It also has low environmental impact, as no stripping of vegetation or overburden is necessary, and all process water is fully recycled. Such operations are typical on New Zealand's South Island and in the Klondike region of Canada. Also called a cradle, a rocker box uses riffles located in a high-walled box to trap gold in a similar manner to
SECTION 20
#17327804646812420-616: Is done by small-scale miners using suction dredges. These are small machines that float on the water and are usually operated by one or two people. A suction dredge consists of a sluice box supported by pontoons, attached to a suction hose which is controlled by a miner working beneath the water. This method is particularly popular in areas where gold is found at river bottoms or submerge deposits . Suction dredging can have environmental impacts, moreso on aquatic habitats and water quality. Regulations and best practices are often in place to minimize these impacts. State dredging permits in many of
2530-436: Is essentially a man made channel with riffles set in the bottom. The riffles are designed to create dead zones in the current to allow gold to drop out of suspension. The box is placed in the stream to channel water flow. Gold-bearing material is placed at the top of the box. The material is carried by the current through the volt where gold and other dense material settles out behind the riffles. Less dense material flows out of
2640-868: Is estimated that the total gold production in Karnataka to date is 1000 tons. The mining of the Hungarian deposit (present-day Slovakia) primarily around Kremnica was the largest of the Medieval period in Europe. In South America, gold mining in the Andes dates back to thousands of years, with the Inca empire employing extensive gold mining operations in regions such as present-day Peru and Ecuador . They used stone tools and simple mining techniques to extract gold from rivers, streams, and surface deposits. During
2750-966: Is produced by major corporations, there are an estimated 10 to 15 million small-scale artisanal gold miners worldwide. Around 4.5 million of them are women, and an estimated 600,000 children work in illegal artisanal gold mines. Artisanal miners use rudimentary methods to extract and process gold. Many of these people are mining to escape extreme poverty , unemployment and landlessness . In Ghana, galamsey miners are estimated to number 20,000 to 50,000. In neighboring francophone countries, such workers are called orpailleurs . In Brazil, Venezuela, Suriname, and French Guiana, workers are called garimpeiros . These workers are not required to claim responsibility for their social and environmental impacts. Miners risk government persecution, mine shaft collapses, and toxic poisoning from unsafe chemicals used in processing, such as mercury. For example, in Ghana during 2009,
2860-543: Is sold to Boroo Pte Ltd. for up to US$ 81 million. The BBC reported in September 2012 that one person was killed and at least four more were injured at the Barrick Pierina mine in the northern Ancash region of Peru in clashes between national police and members of a neighboring community who were protesting the mine's alleged over-consumption and contamination of local water sources during a drought. Villagers from
2970-401: Is the extraction of gold by mining . Historically, mining gold from alluvial deposits used manual separation processes, such as gold panning . The expansion of gold mining to ores that are not on the surface has led to more complex extraction processes such as pit mining and gold cyanidation . In the 20th and 21st centuries, most volume of mining was done by large corporations. However,
3080-633: Is then converted to relatively pure gold through gold parting . There are many environmental hazards associated with this extraction method, largely due to the high toxicity of the cyanide compounds. Furthermore, there are potentials for accidental spills or leaks to cause harm to aquatic ecosystems and human health. For example, in 2000, the Baia Mare cyanide spill in northern Romania released approximately 100,000 cubic metres (3,500,000 cu ft) of waste water contaminated with heavy metal sludge and up to 120 long tons (122 t) of cyanide into
3190-635: The British royal family . During the 19th century, numerous gold rushes in remote regions around the globe caused large migrations of miners, such as the California Gold Rush of 1849. This is one of the most famous gold rushes in history. The discovery of gold at Sutter's Mill in California sparked a massive migration of people from around the world to California in search of gold. The rush significantly accelerated westward expansion in
3300-603: The Cauca region. Financial figures for the company: Gold production figures for the company's mines since 2004 in ounces per annum were AngloGold Ashanti reported Total CO2e emissions (Direct + Indirect) for 31 December 2019 at 2,570 Kt (-1/ y-o-y). Fatalities in the South African gold mining industry, especially the underground mines, are common. As of 2009, 100 to 120 were reported every year. This did represent an improvement since 2007: AngloGold Ashanti has reduced
3410-578: The Dompoase mine collapse killed 18 workers. It was the worst mining disaster in Ghanaian history. Children in these mines suffer extremely harsh working conditions and various hazards such as collapsing tunnels, explosions, and chemical exposure. Children may be especially vulnerable to these hazards and many suffer from serious respiratory conditions, hearing, and vision problems. Gold mining by large multi-national corporations produces about 80% of
AngloGold Ashanti - Misplaced Pages Continue
3520-644: The High Court of Ghana approved the merger of AngloGold and the Ashanti Goldfields Corporation three days earlier. AngloGold had been a gold mining company based in South Africa, majority-owned by the Anglo American group. This came almost a year after the merger was announced on 16 May 2003. In the transaction, Ashanti shareholders received 0.29 ordinary shares of AngloGold for every Ashanti share. The new company sold its Union Reef Gold Mine in
3630-690: The Kolar gold fields was mined to a depth of 50 metres (160 ft) during the Gupta period in the fifth century AD. During the Chola period in the 9th and 10th century AD, the scale of the operation grew. The metal continued to be mined by the eleventh century kings of South India, the Vijayanagara Empire from 1336 to 1560, and later by Tipu Sultan , the king of Mysore state and the British. It
3740-595: The New York Stock Exchange from the Toronto Stock Exchange , broadening its exposure to potential investors. Barrick Gold Corporation evolved from a privately held North American oil and gas company, Barrick Resources. After suffering financial losses in oil and gas, founder Peter Munk (1927–2018) decided to refocus the company on gold. Barrick Resources Corporation became a publicly traded company on May 2, 1983, listing on
3850-813: The Northern Territory of Australia in August 2004, followed by the sale of the Freda-Rebecca Gold Mine in Zimbabwe a month later. In late 2007, Mark Cutifani replaced Bobby Godsell as CEO of AngloGold Ashanti, being appointed a director of the company on 17 September 2007 and as CEO on 1 October that year. Alberto Calderon , Chief Executive Officer and Executive Director of AngloGold Ashanti. Appointed on ( September 1, 2021-) In 2008, AngloGold produced 4.98 million ounces of gold from its operations, estimated to be seven percent of
3960-588: The Old Kingdom , the oval mallet was introduced for mining. By the Middle Kingdom , stone mortars to process ores and a new gold-washing technique were introduced. During the New Kingdom , Nubian mining expanded under Egyptian occupation with the invention of the grinding mill . Additionally, gold was associated with the sun god Ra and was believed to be eternal and indestructible, symbolising
4070-692: The Paris and Brussels bourses, and left the Johannesburg exchange in 2023. As of May 2023, it was the world’s fourth-largest gold miner, with assets in Ghana , Australia, the US , and Argentina . AngloGold Ashanti has a history of gross human rights violations and causing grave environmental problems for which it won one of the Public Eye Awards . AngloGold Ashanti was formed on 26 April 2004, after
4180-517: The Tisza River. Historically, mercury was used extensively in placer gold mining in order to form mercury-gold amalgam with smaller gold particles, and thereby increase the gold recovery rates. First, the gold ore is crushed and ground to a fine powder to expose the gold particles for amalgamation. Then, this finely ground ore is mixed with liquid mercury to amalgamate it. Mercury forms an amalgam, an alloy, with gold particles to allow for
4290-476: The Toronto Stock Exchange . In the 1980s, Barrick Gold purchased Goldstrike, which was a rapid success making Barrick one of the biggest gold mining companies globally. Reflecting its identity as a North American producer, distinct from its South African competitors, the company's name was changed to American Barrick Resources in 1986. It was listed on the New York Stock Exchange in February 1987. Its name
4400-678: The United States Court of Appeals for the Ninth Circuit , challenging a ruling in the United States District Court for the District of Nevada , which denied the bid to block the project. The Appeals Court "upheld a federal judge's finding that opponents of the mine failed to prove they were likely to prevail on claims the mine would cause visual harm to Mount Tenabo and create a substantial burden on
4510-476: The "most irresponsible company". The nominating organisation, WACAM (Wassa Association of Communities Affected by Mining), said the company had a history of "gross human rights violations and environmental problems." Colombia's Truth Commission found AngloGold Ashanti responsible for financing paramilitary groups that murdered peasants and community leaders. The same company has been accused of destroying water sources and forcibly displacing thousands of people in
AngloGold Ashanti - Misplaced Pages Continue
4620-547: The 3rd or 4th millennium BC, may be the world's oldest known gold mine. Gold has been prized by humans since prehistoric times. Archaeological evidence suggests that humans were mining gold as far back as 4000 BCE, with some the earliest known gold artifacts dating back to ancient Mesopotamia . Particularly in the region of present-day Iraq, gold was mined extensively. The ancient Sumerians , around 2500 BCE, developed sophisticated techniques for extracting gold from alluvial deposits and underground mines. These techniques included
4730-574: The Amazon rainforest, Indigenous peoples have been killed and had their rightfully owned land stolen from them. As a consequence of this, some have left the rainforest to move to cities which further puts them at risk to disease, homelessness, and poverty. Artisanal gold mining is widespread across Africa , occurring in numerous countries including Ghana , Mali , Burkina Faso , Tanzania , Zimbabwe , and many others. For many individuals and communities in rural Africa, artisanal gold mining represents
4840-555: The Dominican Republic. In 2010, Barrick Gold Corporation became the 18th company to join the Voluntary Principles on Security and Human Rights which provides "guidance to extractives companies on maintaining the security of their operations in a manner that respects human rights and fundamental freedoms." Admission follows an eight step process that requires approval by the Voluntary Principles plenary,
4950-469: The Highlands during the 16th and 17th century. Gold deposits were discovered in rivers and streams, leading to a surge in prospecting and mining activity. The Scottish Crown took an interest in gold discoveries, in hopes of aiding the kingdom's economy and revenue. King James IV of Scotland established a royal mint to produce gold coins from Scottish gold. The Scottish gold rush eventually waned due to
5060-954: The Middle Ages, Europe experience several gold rushes. Most notably in regions like Transylvania, Scotland, and Wales. These rushes were often small-scale and localised compared to later rushes in history. The Transylvania gold rush took place in the Kingdom of Hungary (present-day Romania ), primarily in the region of Transylvania during the medieval period. Transylvania was known for its rich mineral resources including gold, silver, and other metals. Miners in Transylvania used both surface and underground mining techniques to extract gold from alluvial deposits and veins. These methods include panning, sluicing, and rudimentary shaft mining. The Scottish gold rush occurred in Scotland, primarily in
5170-464: The Porgera Valley began in 2005 and by 2011 there were hundreds of allegations. Several victims received compensation through a remediation program that was set up in 2012 but was later criticized as other victims who took legal action instead of participating in the remediation program received higher compensation after reportedly settling out of court for a sum that was higher than offered in
5280-796: The Romans invaded Transylvania in what is now modern Romania in the second century AD. The legions were led by the emperor Trajan, and their exploits are shown on Trajan's Column in Rome and the several reproductions of the column elsewhere (such as the Victoria and Albert Museum in London ). Under the Eastern Roman Empire Emperor Justinian's rule, gold was mined in the Balkans, Anatolia, Armenia, Egypt, and Nubia. In
5390-600: The United States and had profound effects on the region's economy and society. The gold rushes began in 1851 when Edward Hargraves , a prospector, discovered gold near Bathhurst , New South Wales . The most well known gold rush in Australia was the Victorian Gold Rush . Thousands of people, known as 'diggers', came from around the world to Australia in search of gold, which ultimately contributed to
5500-484: The United States gold dredging areas specify a seasonal time period and area closures to avoid conflicts between dredgers and the spawning time of fish populations. Some US states, such as Montana, require an extensive permitting procedure, including permits. Some large suction dredges [100 horsepower (75 kW) & 250 mm (10 in)] are used in commercial production throughout the world. Small suction dredges are much more efficient at extracting smaller gold than
5610-484: The agreement with Barrick Gold to develop the Reko Diq copper-gold project the largest investment pact they have ever made. The agreement signed in December 2022 has the province of Baluchistan owning 10% of the project on a free carried basis, 15% on a fully funded basis, 25% by three state-owned enterprises, and 50% by Barrick Gold. Next steps to ramp-up the project include completing the updated feasibility study by
SECTION 50
#17327804646815720-494: The announcement of the merger, Randgold shares rose 6% and Barrick shares rose 5.6%. The deal created the world's largest gold producer with the new company listed on the Toronto Stock Exchange and New York Stock Exchange. The companies began talking about a combination in 2015 and the deal was orchestrated by Barrick Executive Chairman John L. Thornton and Randgold Founder and CEO Mark Bristow, who became CEO of
5830-643: The area of the Kolar Gold Fields in Bangarpet Taluk , Kolar district of Karnataka state, India; gold was first mined prior to the 2nd and 3rd century AD by digging small pits. Golden objects found in Harappa and Mohenjo-daro have been traced to Kolar through the analysis of impurities – the impurities include 11% silver concentration, found only in KGF ore. The Champion reef at
5940-416: The associated processing plants and infrastructure of both companies. The joint venture was created after Barrick gave up a takeover bid for Newmont in early 2019. Nevada Gold Mines in total comprises 10 underground and 12 opencast mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach facilities. Barrick owns 61.5% of the joint venture and operates
6050-411: The book Imperial Canada Inc.: Legal Haven of Choice for the World's Mining Industries by Alain Deneault. Publisher Karl Siegler described this as " libel chill ," pointing out that since the book had not yet been published, Barrick Gold could not know whether or not its contents actually constituted defamation. Subsequently, Talon decided to publish the work ( ISBN 9780889226357 ) and "issued
6160-580: The box as tailings . Larger commercial placer mining operations employ screening plants, or trommels , to remove the larger alluvial materials such as boulders and gravel, before concentrating the remainder in a sluice box or jig plant. After the gold is sorted through trommels, it is then placed through regular sluice boxes for further sorting. These operations typically include diesel powered, earth moving equipment including excavators, bulldozers, wheel loaders , and rock trucks. Although this method has largely been replaced by modern methods, some dredging
6270-422: The business, while Newmont owns 38.5%. It was estimated that $ 500 million could be saved by creating the joint venture in average annual synergies during the first five years of operating the joint venture. After its first year of operation, $ 35 million in operating and management costs were saved. Over 20 years, it is estimated that $ 4.7 billion of total savings will be realised. Pakistan plans to grant Barrick
6380-427: The communities of Mareniyoc and San Isidro blocked an access road to the mine and entered the property by forcing open the mine gate. Community members asked that the mine provide the communities with drinking water. Operations at the mine resumed after two days. Through 2009 and into 2010, Barrick Gold's Cortez Hills project was the subject of litigation in Nevada, seeking to block the project. Opponents appealed to
6490-543: The company had 77 million ounces of proven and probable gold reserves. Barrick has met or beaten market consensus on its financial and operating results for eleven consecutive quarters as of Q3 2021. Barrick had been the world's largest gold mining company until Newmont acquired Goldcorp in 2019. Barrick expects to produce between 3.9 and 4.3 million ounces of gold and between 180 and 210 million tonnes of copper in 2024. Chief executive Mark Bristow said in 2020 that Barrick has debated moving its primary stock listing to
6600-518: The company said it had been working with Human Rights Watch for six months on a series of actions in response to the investigation, which included improvements to the security environment, enhanced human rights training, and grievance mechanisms. A “remedy framework” called the Porgera Remedy Framework was set up as an alternative to the local judicial system to deliver compensation packages. In June 2014, Amnesty International reported that local police forced evictions by way of arson from land adjacent to
6710-466: The company was admitted to the FTSE 100 Index . In April 2011, Barrick beat a takeover offer for Equinox Minerals by China Minmetals . In 2018, John L. Thornton orchestrated a strategic “trust-based relationship” between Barrick Gold and Shandong Gold Group, a Chinese state-owned enterprise, establishing joint ownership of the Veladero mine to capitalize on Shandong's investor base, capital suppliers, political connections, and regional influence. In
SECTION 60
#17327804646816820-432: The efficient capture of gold from the ore. The gold is concentrated by boiling away the mercury from the amalgam . This process is called retorting. This is effective in extracting very small gold particles, but the process is hazardous due to the toxicity of mercury vapour. Large-scale use of mercury stopped in the 1960s. However, mercury is still used in artisanal and small-scale gold mining (ASGM). While most gold
6930-442: The end of 2024 with first production of gold and copper to occur in 2028. Berkshire Hathaway disclosed that it purchased $ 562 million in shares of Barrick during the second quarter of 2020, immediately making it the eleventh-largest shareholder in the company. The new position is 20.9 million shares, which is 1.2% of the company's outstanding stock. Berkshire CEO Warren Buffett and his key business partner Charlie Munger have
7040-762: The extraction process. This pollution can have detrimental effects on aquatic ecosystems and human health. Soil degradation has also been found to be impacted by gold mining. Mining activities can disturb soil structure, leading to erosion, sedimentation of waterways, and loss of fertile land for agriculture or vegetation regrowth. More evidently, dust and emissions from mining machiner and processing facilities can contribute to air pollution, impacting air quality and potentially causings respiratory problems for nearby communities. Large-scale gold mining projects may require land acquisition and resettlement of local communities, leading to displacement, loss of livelihoods, and disruption of traditional ways of life. In addition to
7150-412: The falling price of gold that would have made the operation less economical. A $ 140 million settlement was reached two months later with no charges of wrongdoing or liability and the company stating the claims alleged by the lead plaintiffs are unfounded. In February 2010, lawyers for Barrick Gold threatened to sue the Canadian publisher Talonbooks for defamation if it proceeded with plans to publish
7260-416: The global gold industry. Merging gold companies could make the industry more attractive to general investors as gold reserves are shrinking across the globe so fewer competitors could boost growth prospects. Newmont rejected the takeover offer and instead suggested the two companies' operations in Nevada, USA, be merged with Newmont CEO Gary Goldberg insisting that the joint venture be operated by Newmont with
7370-420: The global production. In 2009, the company's gold output dropped to 4.6 million ounces. As of early 2008, the company had hedged 11.3 million ounces of gold, under previous CEO Bobby Godsell. In January 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$ 1.0 billion. In February 2009, the company's Tau Lekoa Gold Mine in South Africa
7480-694: The gold supply. Most gold is mined in developing nations. Large mining companies play a key role in globalisation of the economy by linking rich and poor companies. Newmont and Barrick Gold are the largest gold mining companies in the world, but there are many smaller corporations in the industry. Local communities are frequently vulnerable to environmental degradation caused by large mining companies and may lack government protection or industry regulation. For example, thousands of people around Lega Dembi mine are exposed to mercury, arsenic, and other toxins resulting in widespread health problems and birth defects. Vulnerable communities may also lose their land to
7590-441: The growth of cities like Melbourne and Sydney . The discovery of gold in the Witwatersrand led to the Second Boer War and ultimately the founding of South Africa. This transformed the region into one of the wealthiest gold-producing areas in the world. This rush played a crucial role in the development of South Africa's economy and lead to the establishment of Johannesburg, known as the 'city of gold'. Gold-bearing reefs in
7700-598: The heat is unbearable for humans, and air conditioning is required for the safety of the workers. The first such mine to receive air conditioning was Robinson Deep , at that time the deepest mine in the world for any mineral. Gold is also produced by mining in which it is not the principal product. Large copper mines, such as the Bingham Canyon mine in Utah, often recover considerable amounts of gold and other metals along with copper. Sand and gravel pits, like those in Denver (Colorado), may recover small amounts of gold in their wash operations. The largest producing gold mine in
7810-461: The lowest ever recorded for tropical forests, with there being little to no tree regeneration at abandoned mining camps, even after several years. The Amazon rainforest is at risk for 'savannization', which is the gradual transformation of a tropical rainforest into a savannah. This would ultimately lead to a collapse of biodiversity, ecosystems, and climate. Gold mining produces more waste than mining of other minerals, because it can be mined at
7920-835: The main decision-making body, consisting of all active members, drawn from participating governments, companies and non-governmental organizations. Barrick Gold participates in a number of corporate social responsibility programs, such as the United Nations Global Compact . The company is a signatory to the Extractive Industries Transparency Initiative. It also participates in The Global Reporting Initiative , Business for Social Responsibility and The Global Business Coalition on HIV/Aids, Tuberculosis and Malaria. On September 7, 2007, Barrick
8030-548: The material that remains after extracting gold from ore is processed into tailings and sent off the mining property. Critics say the tailings disposal method could release harmful materials in a way that would not be allowed under the water quality expectations of a developed country. The Porgera Joint Venture is one of three large mines that dispose of tailings in this way in the country. In February 2021, Barrick Gold announced it would sell its Lagunas Norte mine in Peru. The mine
8140-476: The merged company. In February 2019, Barrick Gold announced a hostile $ 19 billion bid to acquire Newmont . It was estimated that a merger could create $ 7 billion of value in operational synergies and would result in a 14% rise in Newmont's net asset value per share. The deal would have created a gold mining company with a market value of about $ 42 billion that some said would be a long-overdue restructuring of
8250-663: The mine. Some large companies have attempted to build local legitimacy through corporate responsibility initiatives and local development. Gold mining can significantly alter the natural environment. Gold mining activities in tropical forests are increasingly causing deforestation along rivers and in remote areas rich in biodiversity. Mining has increased rainforest loss up to 70km beyond lease boundaries, causing nearly 11,670 km of deforestation between 2005 to 2015. Up to 9% of gold mining occurs outside of these regulated lease boundaries. Other gold mining impacts, particularly in aquatic systems with residual cyanide or mercury (used in
8360-400: The mine. The report said that community leaders presumed the alleged actions by the police were an effort to prevent illegal mining. Journalist Richard Poplak visited the area around the mine in 2016 and reported that Papua New Guinea could be the most dangerous country in the world to be female and that law and order in the country is lacking. He reported that rumours of sexual violence in
8470-431: The mining property including the open pit, stockpile areas for rock, waste dumps, and underground tunnels. Human Rights Watch said the government of Papua New Guinea has “consistently failed” to maintain law and order in the area and that responsible government regulation was the one essential component still lacking to manage the unstable social situation in the area. On the same day Human Rights Watch published its report,
8580-744: The neighbouring Free State province were found shortly thereafter, driving significant development in the region with the establishment of the Free State goldfields . Also known as the Yukon Gold Rush , brought prospectors from around the world to the Klondike region of the Yukon territory in Canada . The Klondike Gold Rush began in 1896, when gold was discovered in Bonanza Creek ,
8690-409: The number of fatalities in its operations by 70%. One of the main reasons for this development was a program led by CEO Mark Cutifani aimed at reducing the company's number of fatalities to zero by 2015. Of the 16 fatalities experienced by the company in 2009, 13 were in South Africa (2007: 27 of 34, 2008: 11 of 14). Statistics company fatalities since 2004 founding: Gold mining Gold mining
8800-413: The old bucket line . This has improved the chances of finding gold. Smaller dredges with 50-to-100-millimetre (2 to 4 in) suction tubes are used to sample areas behind boulders and along potential pay streaks, until "colour" (gold) appears. Other larger scale dredging operations take place on exposed river gravel bars at seasonal low water. These operations typically use a land based excavator to feed
8910-616: The oldest known gold artifacts were found in the Varna Necropolis in Bulgaria . The graves of the necropolis were built between 4700 and 4200 BC, indicating that gold mining could be at least 6,724 years old. During a series of excavations carried out between 1878 and 1992, several graves were found with more than 6kg of gold. A group of German and Georgian archaeologists claims the Sakdrisi site in southern Georgia , dating to
9020-612: The oldest mining companies in the United States. The purchase made Barrick the second-largest gold producer in the world. In December 2005, Barrick launched a hostile takeover bid valued at US$ 9.2 billion for rival Canadian gold miner Placer Dome. The $ 10.4 billion transaction closed in December 2006. The acquisition of Placer Dome by Barrick made Barrick the operator of the Granny Smith , Osborne, Porgera , South Deep , Bald Mountain , Cortez and Golden Sunlight mines. In February 2010, Barrick Gold announced plans to create
9130-560: The pharoah's divine power and afterlife. Gold has also been found in the tombs of Tutankhamun and other pharoahs. During the Bronze Age, gold objects were also plentiful; especially in Ireland and Spain. Romans employed slave labour and used hydraulic mining methods, such as hushing and ground sluicing on a large scale to extract gold from extensive alluvial (loose sediment) deposits, such as those at Las Medulas . Mining
9240-688: The possible respiratory problems that could be acquired, individuals may be exposed to hazardous chemicals used in gold extraction such as mercury and cyanide. These chemicals pose risks to gold miners, communities, and wildlife; resulting in further medical problems involving neurological disorders and waterborne diseases . Gold mining in some regions has been associated with conflicts over land rights, labour rights violations, and exploitation of vulnerable populations, including Indigenous peoples and artisanal miners. Mining activities can damage or destroy cultural heritage sites, artifacts, and sacred areas; further impacting cultural identities and heritages. In
9350-407: The press release announcing the partnership, Thornton said that Barrick and Shandong were looking forward to “sharing... capital in ways that will create added value for our respective owners, and our government and community partners in San Juan province”. In September 2018, Barrick Gold announced an all-stock merger with Randgold Resources in a deal valued at $ 6.5 billion. Immediately following
9460-571: The project, which is the single largest investment in the country. About 8,000 jobs are expected to be created and about $ 1 billion will be invested in a new mining technical school along with hospital, schools and roads in the province of Balochistan, which is poor and sparsely populated. Construction of the mine will take place in two phases beginning with a processing plant with the capacity of 40 million tonnes per year and doubling five years after being commissioned. The federal government of Pakistan and provincial government of Baluchistan have called
9570-407: The recovery of gold from ore), can be highly toxic to people and wildlife even at relatively low concentrations. Illegal gold mining exacerbates the ecological vulnerability of the remaining forest ultimately leading to permanent forest loss. Gold mining clears native forests for mineral extraction, but also indirectly facilitates access to more land and further clearing. Rainforest recovery rates are
9680-594: The remediation program. Soon after the Human Rights Watch 2011 publication, the mine, which was owned jointly by Barrick, Zijin Mining Group of China , and local landowners through Mineral Resources Enga, was nationalized by the government of Papua New Guinea under Prime Minister James Marape when the government did not renew the mining lease, and it expired in August 2019. The gold mine, which contributes about 10% of Papua New Guinea's total exports,
9790-541: The resignation of Kelvin Dushnisky . There has been speculation that Dushnisky stepped down after shareholders questioned a bonus payment he received from his prior employer Barrick Gold while also taking a signing bonus from AngloGold Ashanti when he was appointed CEO in 2018. As of May 2023, AngloGold Ashanti was the world’s fourth-largest gold miner with assets in Ghana, Australia, the US, and Argentina. AngloGold Ashanti
9900-549: The sluice box. A rocker box uses less water than a sluice box and is well suited for areas where water is limited. A rocking motion provides the water movement needed for the gravity separation of gold in placer material. Rocker boxes gained popularity during the California Gold Rush in the 19th century and remain in use today. Although simple and inexpensive, it is not efficient as the previously discussed mining techniques . The dominant method for refining gold
10010-872: The staff of the AGA exploration team in Ituri made a US$ 8,000 payment to the FNI, which had been accused of committing various humans rights abuses. In January 2011, AngloGold Ashanti was awarded the Public Eye Global Award at the Public Eye Awards hosted with Greenpeace in Davos, Switzerland by the Erklärung von Bern , known in English as the Berne Convention. The award has been interpreted as being for
10120-467: The surrounding rock or sediments. Unlike hard-rock mining, which involves excavating solid rock formations, water or dredging is used to extract the gold. Using a sluice box to extract gold from placer deposits has long been a very common practice in prospecting and small-scale mining. Sluices work on the principle that heavier particles will sink to the bottom of a stream, while those that are lighter will be carried downstream and expelled. A sluice box
10230-620: The tribes' ability to exercise their religion" but ruled the U.S. Bureau of Land Management's previous environmental review of water and air pollution impacts "was inadequate under the National Environmental Policy Act " and ordered the District Court to provide "appropriate" injunctive relief while the Bureau of Land Management conducted further study. In March 2011 the Bureau of Land Management approved
10340-564: The two companies dividing the ownership equally. A joint venture was subsequently announced in March 2019 with Barrick as the operator owning 61.5% of the business. On July 1, 2019, Barrick and Newmont launched Nevada Gold Mines. The combined operation is the single largest gold mining complex in the world and employs more than 7,000 people. It combined the mines Goldstrike , Cortez , Turquoise Ridge, and Goldrush from Barrick and Newmont's Carlin, Twin Creeks, Phoenix, Long Canyon sites, plus
10450-726: The use of sluice boxes. Evidence suggests that Nubia had sporadic access to gold nuggets during the Neolithic and Prehistoric Period . Gold mining in Egypt involved both surface mining such as panning for gold in riverbeads and underground mining, where tunnels were dug to extract gold-bearing quartz veins. During the Bronze Age , sites in the Eastern Desert became a great source of gold-mining for nomadic Nubians, who used "two-hand-mallets" and "grinding ore extraction ." By
10560-459: The value of gold has led to millions of small, artisanal miners in many parts of the Global South . Like all mining, human rights and environmental issues are common in the gold mining industry, and can result in environmental conflict . In mines with less regulation, health and safety risks are much higher. The exact date that humans first began to mine gold is unknown, but some of
10670-601: The world's gold. Sometimes open-pit mining is used, such as at the Fort Knox Mine in central Alaska. Barrick Gold Corporation has one of the largest open-pit gold mines in North America located on its Goldstrike mine property in north eastern Nevada. Other gold mines use underground mining, where the ore is extracted through tunnels or shafts. South Africa has the world's deepest hard rock gold mine up to 3,900 metres (12,800 ft) underground. At such depths,
10780-720: The world, the Grasberg mine in Papua, Indonesia, is primarily a copper mine. Gold panning , or simply panning , is a form of placer mining and traditional mining that extracts gold from a placer deposit using a pan. The process is one of the simplest ways to extract gold, and is popular with geology enthusiasts especially because of its low cost and relative simplicity. The first recorded instances of placer mining are from ancient Rome , where gold and other precious metals were extracted from streams and mountainsides using sluices and panning ( ruina montium ). Placer mining
10890-663: Was China with 368.3 tonnes of gold mined in that year. The second-largest producer of gold was Russia where 331.1 tonnes was mined in the same year, followed by Australia with 327.8 tonnes. In 2023, the annual gold demand of 4,448 tonnes was 5% below that of 2022. The total gold demand in 2023 was the highest at 4,899 tonnes. Despite its decreasing content in ores, gold production is increasing. This increase can be achieved through ever larger-scale industrial installations as well as innovations, especially in hydrometallurgy . Hard rock mining extracts gold encased in rock, rather than fragments in loose sediment, and produces most of
11000-704: Was added to the Dow Jones Sustainability Index. The company is a member of The International Leadership Council (ILC) of The Nature Conservancy. In Papua New Guinea, the Porgera Joint Venture participated in the development of a wildlife conservation area in the Kaijende Highlands. Between 2015 and 2017, three separate incidents occurred where processing solution containing cyanide escaped the leach pad area. In September 2015, 1,072m of cyanide processing solution
11110-846: Was changed to Barrick Gold Corporation in 1995. American Barrick became the third-largest gold mining company in the world when it acquired Lac Minerals in 1994, which owned mining properties in North and South America. Two years later, in 1996, Arequipa Resources, owner of properties including the Pierina mine in Peru , accepted a takeover offer from the renamed Barrick Gold Corporation. A third acquisition followed in early 1999, when Barrick Gold acquired Sutton Resources Ltd., assuming ownership of properties in Tanzania . In 2001, Barrick acquired Homestake Mining Company for $ 2.3 billion in stock, then one of
11220-461: Was claimed to be the 'most sophisticated and technologically advanced' mining operations with strict adherence to safety regulations. In 2020, it sold its last South African mining assets to Harmony Gold for about R 4.4 billion. It no longer has any operations left in South Africa but remains listed on the JSE. On 1 September 2020, Chief Financial Officer Christine Ramon became interim CEO following
11330-514: Was discovered in 1961. Official estimates indicate that total world gold production since the beginning of civilization has been around 6,352,216,000 troy ounces (197,576.0 t) and total gold production in Nevada is 1.1% of that, ranking Nevada as one of the Earth's primary gold-producing regions. World gold production was 3,612 tonnes in 2022. As of 2020 , the world's largest gold producer
11440-477: Was estimated that the project site contains up to 42 million ounces of gold and 54 billion pounds of copper in a study done in 2010. The mineral deposit was discovered at the foot of an extinct volcano in the 2000s. Work on the project was stopped in 2011 when a mining license to develop the Reko Diq mine was refused to be granted by Pakistani authorities. Ownership of the mine is to be split evenly between Pakistan and Barrick, which are investing about $ 10 billion in
11550-449: Was launched in 2016 accusing the company of fraudulently inflating its market value by concealing problems at Pascua Lama , a South American mine under development. Development of the mine was indefinitely halted on October 31, 2013, and people who purchased shares between May 7, 2009, and November 1, 2013, were part of the class-action lawsuit. Development was halted for a number of issues including cost overruns, environmental concerns and
11660-475: Was paid off with US$ 2.63 billion, or US$ 1,300 USD per ounce of gold. In 2011, AngloGold Ashanti moved into Eritrea to explore the Arabian-Nubian Shield for gold through a 50/50 joint venture set up in 2009 with Thani Dubai Mining. As of the third quarter of 2014, Anglogold was the world's third-largest producer of gold, behind Barrick Gold and Newmont Mining . As of 2019, the company
11770-447: Was released from a faulty valve on a pipe going to the heap leach pad and was not diverted to the tailings storage facility because of a malfunctioning gate. In September 2016, a pipe carrying cyanide processing solution was struck by falling ice that had rolled down a slope, and in March 2017, a pipe carrying a mixture of rocks came loose. After the first accident in 2015, local judge Pablo Oritja of Argentina indicted nine employees, and
11880-472: Was seen by Prime Minister James Marape as a way for the country to get a greater share of its major natural resource projects. Two new deals forged in 2021 gave the Papua New Guinea government a majority stake in the operations of the Porgera gold mine and an agreement reached in 2023 renewed the special mining lease so that operations could restart that year. At the Porgera Joint Venture in Papua New Guinea,
11990-525: Was sold to Buffelsfontein Gold Mines Limited with ownership being transferred on 1 August 2010. In May 2010, Russell Edey, chairman of AngloGold since 2002 and, after the merger also of AngloGold Ashanti, was replaced by Tito Mboweni . In October 2010, the company announced the elimination of the last of its hedge book. Under its new CEO, it gradually reduced the hedge to 3.22 million ounces of gold. In October 2010, this remaining amount
12100-524: Was under the control of the state but the mines may have been leased to civilian contractors some time later. The gold served as the primary medium of exchange within the empire, and was an important motive in the Roman conquest of Britain by Claudius in the first century AD; although there is only one known Roman gold mine at Dolaucothi in west Wales. Gold was a prime motivation for the campaign in Dacia when
#680319