Profile: Barrick Gold Corp (ABX)
9 Dec 2013
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Barrick also hold interests in oil and gas properties located in Canada. Its producing gold mines are concentrated in three regional business units (RBU): North America, South America, and Australia Pacific. Barrick’s business is organized into seven primary business units: four regional gold businesses, a global copper business, an oil and gas business, and a capital projects business. The Company also hold a 73.9% equity interest in African Barrick Gold plc (ABG), that owns gold mines and exploration properties in Africa. Its Copper business unit contains producing copper mines located in Chile and Zambia and a mine under construction located in Saudi Arabia. The Company also sells its gold and copper production worldwide. On April 26, 2012, Highland Gold Mining Limited (Highland Gold) completed Barrick's sale of ordinary shares in Highland Gold (the Shares), representing Barrick's entire holding in Highland Gold and 20.37% of Highland Gold's issued share capital. In October 2013, Barrick Gold Corporation completed the divestiture of its Yilgarn South assets (Yilgarn South) in Western Australia to Gold Fields Limited.
On January 14, 2011, Barrick Energy, the subsidiary of the Company, acquired a 50% interest in the Valhalla North property from Penn West (Valhalla North). On March 23, 2011, the Company disposed of its 10% interest in the Sedibelo platinum project (Sedibelo). On June 1, 2011, it acquired 83% of the voting shares of Equinox Minerals Limited (Equinox). Throughout June it obtained a further 13% of the voting shares and obtained the final 4% on July 19, 2011. On June 30, 2011, Barrick Energy acquired Venturion Natural Resources Limited (Venturion). On July 28, 2011, Barrick Energy acquired Culane Energy Corporation (Culane).
The North America region consists of Goldstrike, Round Mountain, Bald Mountain, Cortez, Turquoise Ridge, Golden Sunlight, Ruby Hill and Marigold in the United States, and Hemlo in Canada. The region also has one advanced project under construction-the Pueblo Viejo joint-venture (60%) project in the Dominican Republic, in addition to Donlin Gold, an undeveloped gold deposit in Alaska. The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada. The Cortez mine is located 100 kilometers southwest of Elko, Nevada in Lander County. The Cortez property covers approximately 2,800 square kilometers area. The Golden Sunlight mine is located in Jefferson County in southwestern Montana. The Goldstrike Complex is located on the Carlin Trend, the prolific gold mining district in the Western Hemisphere, about 60 kilometers northwest of Elko, Nevada, United States of America. The Goldstrike operation includes the Betze-Post open pit mine and the Meikle and Rodeo underground mines, which are located north of the Betze-Post pit, along the same mineralized trend. The Hemlo property consists of David Bell, an underground mine, and Williams, an underground and open pit mine, located approximately 350 kilometers east of Thunder Bay, Ontario. Marigold is located approximately 64 kilometers southeast of Winnemucca, Nevada. Barrick has a 33% interest in the mine. Marigold is an open-pit operation.
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital city of Santo Domingo. Barrick holds a 60% interest and is the operator. Round Mountain is located approximately 96 kilometers north of Tonopah in Nye County, Nevada. Round Mountain is a joint venture operation in which Barrick holds a 50% interest with Kinross Gold Corporation, the operator owning the remainder of the interest. The Ruby Hill mine is located on the Battle Mountain/Eureka gold trend, approximately one kilometer from the town of Eureka and 193 kilometers south of the Goldstrike Property. Ruby Hill is an open-pit, heap leach operation. The Turquoise Ridge property is located in the Potosi Mining District, about 70 kilometers northeast of Winnemucca, Nevada. Barrick is the operator and 75% owner of the mine.
Barrick’s South America region consists of the Pierina and Lagunas Norte gold mines in Peru; the Veladero gold mine in Argentina; the Zaldivar copper mine in Chile; the Cerro Casale project in Chile, and the Pascua-Lama project on the Chile and Argentina border. The region hosts 53.9 million ounces of gold or 39% of the Company’s overall proven and probable gold reserves. Lagunas Norte is located on the Alto Chicama property in north-central Peru, The Lagunas Norte mine is an open-pit, crush, valley-fill heap leach operation. The Pascua-Lama project is located on the border of Chile and Argentina. The Pierina mine is located in the Andean Cordillera in the Department of Ancash in north-central Peru. Pierina is an open-pit, truck-and-loader operation. The Veladero mine is located in the San Juan Province of Argentina. Veladero is a conventional open-pit operation. Zaldivar is located in the Andean Precordillera in Region II of northern Chile. Zaldivar is an open-pit, heap-leach copper mine.
Australia Pacific region
Barrick’s Australia Pacific region is consisted of nine operating mines: the Kalgoorlie (50% interest); Kanowna, Plutonic, and Yilgarn South (Granny Smith, Darlot and Lawlers) gold mines in Western Australia; the Cowal gold mine in New South Wales, and the Porgera (95%) gold mine in Papua New Guinea. The Cowal mine is located in Central New South Wales, Australia. Cowal is an open pit operation, mined by a fleet of dump trucks, excavators and ancillary equipment. The Jabal Sayid copper project in Saudi Arabia contains 1.2 billion pounds of copper reserves. Current exploration is focused on testing Lode 4 at depth, where mineralization has been intersected in several previous drill holes, including an intercept of 111 meters at 2.67% copper. Several geophysical surveys are also in progress. The Kalgoorlie operation consists primarily of the Super Pit open-pit mine. Kalgoorlie is an open-pit, truck-and-loader operation. In addition to the Kalgoorlie Super Pit, there are three underground mines in production: Kanowna Belle, Raleigh, and Bullant (collectively Kanowna). The Lumwana copper mine is located in Zambia. Lumwana is a copper producing mine. Lumwana has proven and probable reserves of 4.5 billion pounds of copper, plus an additional 5.5 billion pounds of inferred copper resources. At Lumwana, activity has been ramped up with 17 drill rigs on the property focusing on resource definition drilling at Chimiwungo to convert inferred resources into the indicated category and step-out drilling to the south and east to extend the mineralization.
The Plutonic gold mine is an underground operation located on the Plutonic Well Greenstone Belt, approximately 180 kilometers northeast of Meekatharra, Western Australia. Porgera gold mine is located in the Enga Province in the highlands of Papua New Guinea (PNG). The Porgera JV operation is 95% owned and operated by a Barrick subsidiary.
African Barrick Gold
During the year ended December 31, 2011, equity gold production reflecting Barrick’s 73.9% ownership of ABG. ABG is Tanzania’s gold producer. The Company has four producing mines, all located in north west Tanzania, and several exploration projects at various stages of development. ABG has identified various opportunities to add production, including the Gokona/Nyabigena underground zones at North Mara; a process plant expansion and the Upper East Zone at Bulyanhulu; and at the Golden Ridge exploration property. Barrick’s equity interest in 2011 production was 0.509 million ounces
Barrick Gold Corp
Brookfield Place, TD Canada Trus
161 Bay Street,
P.O. Box 212
TORONTO ON M5J 2S1