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59-464: It is so called because the main orebody does not outcrop on the surface, but is 'hidden' by hundreds of metres of practically barren overburden. The lower open pit in the satellite image on the right is the main Escondida mine, but the upper two are Barrick Gold 's Zaldívar mine. The second Escondida open pit, Escondida Norte, had not been established when the image was taken, but is now immediately to

118-496: 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 the Toronto Stock Exchange . In the 1980s, Barrick Gold purchased Goldstrike, which was a rapid success making Barrick one of

177-538: 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 ,

236-436: A Japanese joint venture established in 1988 by Mitsubishi , with 70% ownership; Nippon Mining & Metals , with 20% ownership; Mitsubishi Materials with a 10% share, adding 2.5% ownership by JECO 2 Ltd. , another joint venture incorporated in 2010, "to increase their ownership in Escondida by 2.5%," with an ownership structure of 50% Mitsubishi Corp, 40% Nippon Mining & Metals , and 10% Mitsubishi Materials. Escondida

295-564: 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

354-522: 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

413-418: 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

472-583: A la orden del día una nueva nacionalización del cobre . 24°16′10″S 69°04′14″W  /  24.26944°S 69.07056°W  / -24.26944; -69.07056 Barrick Gold Barrick Gold Corporation 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

531-510: 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

590-675: 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

649-524: A portion of the concentrates was started up in Coloso, but was not economic and closed down four years later. In 1998, the oxide ore leaching plant was started up, which now has a capacity of 150,000 tonnes of copper cathode annually. Also in 1998, the Los Colorados concentrator was expanded to 120,000 tonnes per day. A second concentrator, the 110,000 tonnes per day Laguna Seca mill, started up in 2002,

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708-601: 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

767-510: A shaft was sunk to provide bulk samples for metallurgical testing. Construction of the mine started in 1988, which including the stripping of over 180 million tonnes of waste to get to the orebody. The Los Colorados concentrator started up at 35,000 tonnes per day in November 1990, and the first concentrate shipment was made at the end of the year. Expansion has been steady since then. In 1994, an ammonia leach plant to produce copper cathode from

826-608: 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

885-537: 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

944-406: Is managed by a seven-person Owners' Council designated by the four owners, and is both the largest known copper reserve and the largest foreign investment in Chile. 2006 financial reports showed a cumulative investment of US$ 5.64 billion, and at year end June 2013, Escondida accounted for approximately 5 percent of all copper production. In 1978, J David Lowell proposed an exploration program along

1003-543: 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

1062-633: The International Finance Corporation . Escondida has become an important part of the Chilean economy. According to the CIA World Factbook, the mine's 2007 sales of US$ 10.21 billion were 4.3% of estimated 2007 GDP of US$ 234.4 billion and about 15% of exports. At the end of 2006, the company employed directly some 2,951 workers and 3,158 contractors The average copper price in 2007 rose to US$ 3.23/lb compared with

1121-678: 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

1180-401: The porphyry copper belt between Chuquicamata in the north and El Salvador in the south. Minera Utah de Chile and Getty Mining (Chile) formed a joint venture to carry it out. On March 14, 1981, 'Pozo 6' the last scheduled borehole in the program, hit 52 metres of 1.51% copper at a depth of 240 metres and discovered the main Escondida orebody. More holes were drilled to delineate the orebody and

1239-667: 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, 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

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1298-626: 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,

1357-485: The Escondida Norte pit started production in 2005, and in 2006 a sulphide bioleach plant with an annual capacity 180,000 tonnes of cathode started up, as did a desalination plant in Coloso. Ownership changed when BHP acquired Utah Mining and then Texaco acquired Getty Oil and sold off its mineral interests. BHP bought these and then sold a 30% interest to Rio Tinto and 10% to JECO. It subsequently sold 2.5% to

1416-464: 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

1475-484: 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

1534-494: 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

1593-416: 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

1652-538: 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 was changed to Barrick Gold Corporation in 1995. American Barrick became the third-largest gold mining company in

1711-463: 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

1770-422: 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

1829-480: 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

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1888-579: The company as "a pretty progressive entity." In British Columbia the Tahltan Nation has thanked the company for encouraging local sustainable development while operating the Eskay Creek mine from 2001 to 2008. Workers%27 United Center of Chile The Workers' United Center of Chile ( Spanish : Central Unitaria de Trabajadores de Chile , CUT) is a union federation in Chile . The CUT

1947-595: 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

2006-572: 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

2065-442: 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

2124-468: 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

2183-416: 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

2242-835: 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

2301-548: 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

2360-476: 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

2419-405: The mine's total direct costs of only 60.8 cents/lb, which fell partly as a result of sharply lower treatment and refining costs charged by smelters. The operation was thus highly profitable and paid US$ 2.2 billion in taxes to the Chilean treasury. As a result of its considerable size relative to the world copper market, developments at Escondida can have dramatic effects on the world copper price as

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2478-400: 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

2537-431: 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,

2596-675: 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

2655-407: 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

2714-571: 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

2773-647: 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,

2832-407: The right (east) of the larger Zaldívar pit. Escondida produces mainly copper concentrates, which are piped as a slurry down to the port of Coloso, where they are dewatered before shipping, and a smaller proportion of cathode copper from the leaching of both oxide and low grade sulfide ore. It also produces gold and silver. The mine is owned 57.5% by BHP ; 30% by Rio Tinto ; and 10% by JECO Corp ,

2891-620: 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

2950-564: 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

3009-517: The union eventually blockaded the road to the mine on 16 August. On 18 August, Escondida declared force majeure and stopped production. Arturo Martinez, the chairman of the Central Unitaria de Trabajadores , (CUT, an association of Chilean trade unionists) met with the Escondida workers on 17 August 2006, and said that "what is happening at Escondida puts back onto the agenda a new nationalisation of copper, lo que ocurre en Escondida pone

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3068-729: 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

3127-473: 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 the New York Stock Exchange from the Toronto Stock Exchange , broadening its exposure to potential investors. Barrick Gold Corporation evolved from

3186-704: 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

3245-477: 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

3304-449: 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

3363-447: 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

3422-472: 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,

3481-455: Was shown by its gyrations during the strike in August 2006. The strike was called because the workers felt they were not sharing in the very high profits being made by the company on the back of the record copper price. The workers initially demanded a 13% pay rise plus a bonus of $ 30,000, but eventually settled for a 5% increase, a $ 17,000 bonus and a number of other minor benefits. The company managed to keep production at 40% of normal levels, but

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