DOCSLIB.ORG

Case Studies of the Petroleum and Mining Sectors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Case Studies of the Petroleum and Mining Sectors Research Report 17/2 The Social License to Operate in Tanzania: Case Studies of the Petroleum and Mining Sectors Prof. Flora Kessy Dr. Lemayon Melyoki Dr. Godfrey Nyamrunda Further information and further copies of this report can be obtained from: The Institute of African Leadership for Sustainable Development (UONGOZI Institute) No. 62, Msasani Rd. P.O. Box 105753, P.O. Box 33223, Dar es Salaam, Tanzania Tel: +255 (0)22 2602917 Email: [email protected] Website: www.uongozi.or.tz Published by: UONGOZI Intitute © UONGOZI Institute, 2017 All rights reserved. No part of this work may be reproduced in any form without written permission of the publisher and the copyright holder. UONGOZI Institute RESEARCH REPORT 17/2 The Social License to Operate in Tanzania: Case Studies of the Petroleum and Mining Sectors Prof. Flora Kessy Dr. Lemayon Melyoki Dr. Godfrey Nyamrunda iii THE SOCIAL LICENSE TO OPERATE IN TANZANIA: CASE STUDIES OF THE PETROLEUM AND MINING SECTORS Table of Contents List of tables ...................................................................................................................vi List of figures ..................................................................................................................vi List of boxes ...................................................................................................................vi List of abbreviations.......................................................................................................vii Acknowledgements ......................................................................................................viii Executive summary ........................................................................................................ix Chapter 1: Introduction ...........................................................................................1 1.1 Background to the Study ....................................................................................1 1.2 Rationale of the Study ........................................................................................3 1.3 Structure of the report .........................................................................................4 Chapter 2: The concept of social license to operate ................................................5 2.1 The Origin of the Concept of Social License to Operate ....................................5 2.2 Securing an SLO: Necessary Processes ...........................................................9 2.3 SLO Practices in Various Sectors .....................................................................13 2.3.1 Mining sector ......................................................................................13 2.3.2 Petroleum Sector ................................................................................15 2.4 The Role of Civil Society Organizations ..........................................................16 2.5 SLO in Tanzania: An Overview .........................................................................16 2.6 Conceptual Framework for the Study ...............................................................18 Chapter 3: Study methodology .................................................................................23 3.1 Type of Study .........................................................................................23 3.2 Study Areas and Sampling Design ...................................................................23 3.3 Data Collection Methods ..................................................................................25 3.4 Data Analysis .........................................................................................27 3.5 Ethical Considerations ......................................................................................27 Chapter 4: Research findings: petroleum sector ..................................................... 28 4.1 General Overview of the Sector ........................................................................ 28 4.2 Status of SLO in the Petroleum Sector .............................................................. 29 4.2.1 Community Engagement ..................................................................... 29 4.2.1.1 Mtwara District .................................................................. 29 4.2.1.2 Songo Songo in Kilwa District .......................................... 30 4.2.2 Local Impacts and Benefits .................................................................. 30 4.2.2.1 Madimba and Msimbati Villages in Mtwara District .......... 30 iv 4.2.2.2 Songo Songo Village in Kilwa District .............................. 33 UONGOZI Institute 4.2.3 Procedural Fairness ............................................................................. 34 4.2.3.1 Madimba and Msimbati Villages in Mtwara District .......... 34 4.2.3.2 Lindi Region...................................................................... 35 4.2.4 Actors’ Relationships ........................................................................... 35 4.2.4.1 Mtwara District .................................................................. 36 4.2.4.2 Songo Songo in Kilwa District .......................................... 27 4.3 Conclusions: Have Companies in the Petroleum Sector Obtained an SLO in Mtwara and Lindi Regions? 28 Chapter 5: Research findings—the mining sector ................................................... 39 5.1 General Overview of the Sector ........................................................................ 39 5.2 The Status of SLO in the Mining Sector in Tanzania ......................................... 39 5.2.1 Community Engagement ..................................................................... 39 5.2.1.1 Mwadui Diamond Mine ..................................................... 39 5.2.1.2 Buzwagi Gold Mine........................................................... 29 5.2.1.3 Bulyanhulu Gold Mine ...................................................... 41 5.2.1.4 Geita Gold Mine ................................................................ 42 5.2.1.5 North Mara Gold Mine ...................................................... 43 5.2.2 Local Impacts and Benefits .................................................................. 45 5.2.2.1 Mwadui Diamond Mine ..................................................... 45 5.2.2.2 Buzwagi Gold Mine........................................................... 45 5.2.2.3 Bulyanhulu Gold Mine ...................................................... 45 5.2.2.4 Geita Gold Mine ................................................................ 45 5.2.2.5 North Mara Gold Mine ...................................................... 45 5.2.3 Procedural Fairness ...........................................................................................49 5.2.3.1 Mwadui Diamond Mine ......................................................50 5.2.3.2 Buzwagi Gold Mine............................................................50 5.2.3.3 Bulyanhulu Gold Mine .......................................................50 5.2.3.4 Geita Gold Mine .................................................................51 5.2.3.5 North Mara Gold Mine .......................................................51 5.2.4 Actors’ Relationships ............................................................................52 5.2.4.1 Mwadui Diamond Mine ......................................................52 5.2.4.2 Buzwagi Gold Mine............................................................53 5.2.4.3 Bulyanhulu Gold Mine .......................................................53 5.2.4.4 Geita Gold Mine .................................................................54 5.2.4.5 North Mara Gold Mine .......................................................54 5.3 Conclusions on Existence of SLO in Various Mining Sites .................................54 5.3.1 Mwadui Diamond Mine .........................................................................40 5.3.2 Buzwagi Gold Mine ...............................................................................55 5.3.3 Bulyanhulu Gold Mine ...........................................................................55 5.3.4 Geita Gold Mine ....................................................................................55 v 5.3.5 North Mara Gold Mine ..........................................................................56 THE SOCIAL LICENSE TO OPERATE IN TANZANIA: CASE STUDIES OF THE PETROLEUM AND MINING SECTORS Chapter 6: Conclusions, recommendations and areas for further research ...................................................................................................57 6.1 Conclusions ........................................................................................................57 6.2 Recommendations ...........................................................................................58 6.3 Areas for Further Research ................................................................................61 References ................................................................................................................... 67 Annex 1: Examples of Community Engagement and Community ..............................67 Development Activities in the Extraction Chain ...........................................52 Annex 2: Summary of Study Participants per Site ......................................................72 Annex 3: Data Collection Tools ...................................................................................56
Load more

Recommended publications
  • Overview of Tanzania's Mining Operations
    Public Disclosure Authorized SESA of the Tanzanian Sustainable Management of Mineral Resources Project Final Report May 2013 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Prepared by LUC in association with GEUS & Matrix Development Consultants Project Title: SESA of the Tanzanian Sustainable Management of Mineral Resources Project Client: Ministry of Energy and Minerals, Government of Tanzania Version Date Version Details Prepared by Checked by Approved by Principal 1 21/12/12 Draft Final Report LT, PN, SW, JT LT PN 2 02/05/13 Final Report LT, PN, SW, JT LT, NJ PN, NJ SESA of the Tanzanian Sustainable Management of Mineral Resources Project Final Report Prepared by LUC in association with GEUS & Matrix Development Consultants May 2013 Planning & EIA LUC BRISTOL Offices also in: Land Use Consultants Ltd Registered in England Design 14 Great George Street London Registered number: 2549296 Landscape Planning Bristol BS1 5RH Glasgow Registered Office: Landscape Management Tel:0117 929 1997 Edinburgh 43 Chalton Street Ecology Fax:0117 929 1998 London NW1 1JD Mapping & Visualisation [email protected] FS 566056 LUC uses 100% recycled paper EMS 566057 Contents 1 Introduction 3 Introduction to the Minerals Sector 3 The Sustainable Management of Mineral Resources Project 5 Purpose of the Report 5 2 The SESA Process 7 The Role of SESA 7 Methodology Used 8 3 Background to the Minerals Sector 11 Overview of Tanzania’s Mineral Resource 11 Overview of Tanzania’s Mining Operations 12 Background Context to
    [Show full text]
  • Annual Reportannual 2016 Barrick Goldbarrick Corporation of Owners Of
    Barrick Gold Corporation Annual Report 2016 Barrick Gold Corporation A Company of Owners Annual Report 2016 Our Vision is the generation of wealth through responsible mining – wealth for our owners, our people, and the countries and communities with which we partner. We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and operating high-quality assets through disciplined allocation of human and financial capital and operational excellence. “ In 2016, we further strengthened our balance sheet and generated record free cash flow through a disciplined and rigorous approach to capital allocation. Going forward, digital technology and innovation will play an increasingly important role across our business as we seek to grow the long-term value of our portfolio with a focus on growing margins and returns over production volume.”Kelvin Dushnisky, President Our Assets are located in geopolitically stable regions with an increasing focus on our five core mines in the Americas. Proven and Probable Mineral Reserves6 As at Production Cost of Sales AISC1† Tonnes Grade Contained Golden Sunlight Hemlo December 31, 2016 (000s ozs) ($/oz) ($/oz) (000s ozs) (gm/t) (000s ozs) Turquoise Ridge JV Goldstrike 20% Cortez Goldstrike 1,096 852 714 70,685 3.55 8,077 19% ~70% of 2016 production Cortez 1,059 901 518 151,002 2.11 10,220 Pueblo Viejo 13% from core mines at Cost of Sales$793/oz Pueblo Viejo (60%) 700 564 490 85,821 2.93 8,087 1 8% and AISC $606/oz Lagunas Norte Lagunas Norte 435 651 529 70,670 1.86 4,218 Other Gold Mines: Porgera JV, Papua New Guinea Veladero 544 872 769 252,125 0.83 6,749 Kalgoorlie JV, Australia Acacia, Tanzania Other Copper Mines: Core mines sub-total 3,834 793 606 631,283 1.85 37,473 Zaldívar Copper JV 10% Jabal Sayid JV, Saudi Arabia Veladero Lumwana, Zambia Total Barrick 5,517 798 730 2,006,898 1.33 85,950 †Please see page 84 of the 2016 Financial Report for corresponding endnotes.
    [Show full text]
  • Calling for Justice in the Goldfields of Tanzania
    Resources 2012, 1, 3-22; doi:10.3390/resources1010003 OPEN ACCESS resources ISSN 2079-9276 www.mdpi.com/journal/resources Article Calling for Justice in the Goldfields of Tanzania Madoshi H. Makene 1, Jody Emel 2,* and James T. Murphy 2 1 National Environmental Management Council, Regent Estate Plot No. 29/30, P.O. Box 63154, Dar es Salaam 35091, Tanzania; E-Mail: [email protected] 2 Graduate School of Geography, Clark University, 950 Main Street, Worcester, MA 01610, USA; E-Mail: [email protected] * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +1-508-793-7317; Fax: +1-508-793-8881. Received: 6 November 2012; in revised form: 12 December 2012 / Accepted: 17 December 2012 / Published: 19 December 2012 Abstract: Tanzania is the third largest gold exporter in Africa, thanks in part to the liberalization of the mining sector which started in the early 1990s. Neoliberal mining reforms promised a win-win situation in which government, investors and local host communities would benefit through export earnings, profits, local employment, and corporate social responsibility initiatives (e.g., the building of schools and clinics). While the rising price of gold and foreign investments in mining activities have delivered on some of these promises, many residents in mining regions have not benefited socioeconomically. Worse still, their communities have unjustly borne the brunt of the environmental, social, and public-health costs associated with large-scale mining operations. This paper examines these injustices through research in Geita and Kahama, two of the most active gold mining areas of Tanzania.
    [Show full text]
  • Acacia Mining Plc (“Acacia’’) Reports Full Year 2018 Results
    11 February 2019 Results for the 12 months ended 31 December 2018 (Unaudited) Based on IFRS and expressed in US Dollars (US$) Acacia Mining plc (“Acacia’’) reports full year 2018 results “I am pleased to report that during 2018 we successfully stabilised the business with our focus on operational performance across all three mines. We achieved gold production of 521,980 ounces for the year, substantially ahead of our initial 2018 production guidance of 435,000 to 475,000 ounces, and we maintained a strong cost discipline achieving an all-in sustaining cost of US$905 per ounce sold, well below the full year guidance range of US$935 to US$985 per ounce,” said Peter Geleta, Interim CEO of Acacia. “This would not have been possible without the sheer resilience, hard work and determination of all of our people and I would like to thank each and every one of them for their contributions to the Acacia Group, particularly given the continued challenging operating environment this year. We were able to return the Company to free cash flow generation in the second quarter of the year, a trend which was sustained during the second half, ending the year with a net cash position of US$88 million. At the same time, we continued to demonstrate our long-term commitment to Tanzania and its mining industry, contributing over US$127 million in taxes and royalties, spending over US$273 million with local suppliers in Tanzania, achieving a rate of 97% local employees and investing US$8.8 million in our Sustainable Communities strategy to improve the lives of those living near our mine sites.
    [Show full text]
  • A Golden Opportunity 2Nded.Pdf
    1 2 A Golden Opportunity? Contents A Golden Opportunity? 3 Preamble This is the second edition of this report. The fi rst was launched on 4 March 2008 in Dar es Salaam. Since then there has been a lively debate on mining in Tanzania and the Bomani commission entrusted by President Kikwete to consider mining issues has now issued its report. This second edition has been updated to refl ect this debate and comments on some of the content in the Bomani commission report. The debate on how to review the mining legislation in Tanzania is likely to continue for a long time. We hope this report will continue to be useful for this debate. 4 A Golden Opportunity? Foreword Mining for life The Earth is the Lord’s and the fullness thereof, the world and those who dwell therein Psalms 24:1 Tanzania is the good work of God intended for all her people. He gave it to us so that we will have abundant life in it. The richness thereof and all that is in it, the resources underneath, the resources on the earth and the people living in it are in God’s plan for the joy and prosperity of each Tanzanian. God wants us all to live our lives in fullness. But it seems that this is not the situation in Tanzania today. This report was commissioned by the Christian Council of Tanzania, Tanzania Episcopal Council and Baraza Kuu la Waislamu Tanzania to address important questions raised by the mining industry, what it is contributing to our communities and our economy and what it is not contributing.
    [Show full text]
  • Securing a Social Licence to Operate? from Stone Age to New Age Mining in Tanzania
    RESEARCH REPORT 7 Governance of Africa's Resources Programme February 2010 Securing a Social Licence to Operate? From Stone Age to New Age Mining in Tanzania Alison Goldstuck and Tim Hughes ABOUT SAIIA The South African Institute of International Affairs (SAIIA) has a long and proud record as South Africa’s premier research institute on international issues. It is an independent, non-government think- tank whose key strategic objectives are to make effective input into public policy, and to encourage wider and more informed debate on international affairs with particular emphasis on African issues and concerns. It is both a centre for research excellence and a home for stimulating public engagement. SAIIA’s research reports present in-depth, incisive analysis of critical issues in Africa and beyond. Core public policy research themes covered by SAIIA include good governance and democracy; economic policymaking; international security and peace; and new global challenges such as food security, global governance reform and the environment. Please consult our website www.saiia.org.za for further information about SAIIA’s work. ABOUT THE GOVERNANCE OF AFRICA’S RESOURCES PROGRAMME The Governance of Africa’s Resources Programme (GARP) of the South African Institute of International Affairs (SAIIA) is funded by the Norwegian Ministry of Foreign Affairs. The programme contributes to policy governing the exploitation and extraction of Africa’s natural resources by assessing existing governance regimes and suggesting alternatives to targeted stakeholders. GARP examines the governance of a number of resource-rich African countries within the context of cross-cutting themes such as environmental change and sustainability.
    [Show full text]
  • A Stronger Future Together ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 Acacia Mining Plc Annual Report & Accounts 2018
    A stronger future together ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 Acacia Mining plc Annual Report & Accounts 2018 Strategic report Governance Group at a glance 1 Governance overview 70 Our lasting legacy 4 Board of Directors 72 CEO statement 10 Executive Leadership Team 74 Q&A with the Independent Interim Chair 16 Corporate governance report 75 Market overview 18 Committee reports 80 Our business model 22 Remuneration report 87 Our strategy 24 Other information 102 Key performance indicators 26 Directors’ responsibilities statement 106 Risk management 30 Reserves and resources 107 Principal risks and uncertainties 32 Financial statements Performance review Independent Auditors’ report to the Operating review 36 members of Acacia Mining plc 112 Financial review 50 Consolidated financial statements 119 Sustainability review 56 Notes to the consolidated financial statements 124 Parent company financial statements 164 Notes to the parent company financial statements 168 Shareholder information Glossary of terms 179 Shareholder enquiries 185 STRATEGIC REPORT STRATEGIC At the core of Acacia are excellent assets and great people and, while we continue to work through the uncertain operating environment, we maintain a strong focus over what we can control. We have demonstrated our commitment Acacia is one of the to manage the business, develop our largest gold producers in Africa. We have three people and build long-term partnerships mines, all located in north-west Tanzania, and with our local communities, governments a portfolio of exploration projects across the and other key stakeholders. continent. Operating performance Exploration and development SEE PAGE 36 SEE PAGE 44 Strong cost discipline Sustainability and partnerships SEE PAGE 50 SEE PAGE 56 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 1 Highlights Over the past year Acacia has successfully stabilised the business with a focus on optimising operational performance.
    [Show full text]
  • The Extractive Resource Industry in Tanzania
    The Extractive Resource Industry in Tanzania: Resource The Extractive The Extractive Resource Industry in Tanzania: Status and challenges of the mining sector The existing mineral wealth in a country should be a blessing. However the experience in some countries shows that this can prove to be very problematic instead. This publication is inspired by the increasing discovery of minerals in East Africa and the concern about their impact on the future of the region. It argues that if timely investments are made in promoting and implementing good practices in this sector, the problems that have plagued other resource-rich countries can be avoided in Status and challenges of the mining sector East Africa. This report, a product of a process that has engaged various industry stakeholders focuses on Tanzania, which is a relatively late arrival to large-scale mining. It maps out the performance of the mining sector as one component of Tanzania’s extractive resource industry (ERI) and analyses the interactions of the different stakeholders over time. It argues that although there are a number of challenges faced by the ERI sector, Tanzania could yet become one of the best performers in her class. However this will require hard work and investments by all stakeholders. By providing information on the challenges and implications of the current state of the ERI in Tanzania, this report wishes to contribute to the on going discourse and efforts to improve the performance of the ERI in Tanzania in a way that incorporates public accountability and transparency as well as increased participation and benefit to the Tanzanian population.
    [Show full text]
  • Tanzania: Acacia to Shut Down Buzwagi Gold Mine
    Countries Topics The Citizen (Dar es Salaam) » 4 OCTOBER 2016 Tanzania: Acacia to Shut Down Buzwagi Gold Mine Tagged: Business • Company • East Africa • Mining • Tanzania By Alfred Zacharia Kahama — Acacia will close its Buzwagi Gold Mine in Kahama in December 2017 as production has fallen. More than 1,300 people will lose jobs and Kahama District Council will Miss Sh1.7 billion it has been getting every year as a service levy, the administration has said. The business improving and mining manager, Mr Rodney Burgess, said the company paid Sh28 billion taxes to the government annually. "We have been paying PAYE, VAT, local government service levy, fuel levies and royalty to the government," he said. The mine's sustainability manager, Mr George Mkanza, told journalists here recently there was no hope for Buzwagi to do better after the year, unless the new technology is used. According to him, production has declined from an average of 1.35g of gold per tonne of ore rocks to one gram and the company incurred a big loss in the first half of this year. "We have lost Sh40 billion during the first half of this year and we are still not doing well in the second one." ARTICLE CONTINUES AFTER ADVERTISEMENT The mining short planning manager, Ms Zonnastraal Mumbi, said Buzwagi has the potential to produce less than 900,000 ounces of gold and quality of one gram per tonne of ore rock fixed for six months. The North Mara Mine has the potential to produce more than 2.02 million ounces and Bulyanhulu has the capacity of 9.2 million ounces.
    [Show full text]
  • 2009 Annual Report to Shareholders
    A New Era in Gold Barrick Gold Corporation Annual Report 2009 Gold surged to new highs in 2009 supported by strong investment demand and a shift by Central Banks to become net purchasers as gold re-emerges as an important asset class. 4 Message from the Chairman 7 Message from the President and CEO 10 Exceptional Gold Leverage 12 Operations 15 Projects in Construction 20 Reserve and Resource Development 22 Responsible Mining 28 Management’s Discussion and Analysis 96 Financial Statements 100 Notes to Consolidated Financial Statements 155 Mineral Reserves and Resources 163 Corporate Governance and Committees of the Board 164 Shareholder Information 166 Board of Directors and Senior Officers Barrick Gold Exceptional leverage to higher gold prices with the industry’s largest fully unhedged production and reserves and with new low cost production from its next generation of world-class mines. FINANCIAL HIGHLIGHTS REALIZED GOLD PRICES1 CASH MARGINS1 ADJUSTED OPERATING ADJUSTED CASH FLOW1 NET INCOME1 (US dollars per ounce) (US dollars per ounce) (US dollars millions) (US dollars millions) 985 519 2,899 1,810 872 1,661 429 2,254 621 276 1,768 1,036 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 Record realized price Record cash margins Record adjusted operating Record adjusted net in 2009 in 2009 cash flow in 2009 income in 2009 Barrick reported a record realized gold price, cash margins, adjusted operating cash flow and adjusted net income in 2009. (in millions of US dollars, except per share data) (US GAAP basis) 2009 2008 2007 Sales
    [Show full text]
  • Unearthing Africa's Potential
    UNEARTHING AFRICA’S POTENTIAL ANNUAL REPORT & ACCOUNTS 2014 CREATING A STRONG BASE TO LEVERAGE FUTURE OPERATIONAL TRANSFORMATION Brad Gordon Chief Executive Officer 14 Through 2014, we successfully laid the foundations to help our business become a leading company in Africa and deliver returns to both our shareholders and stakeholder communities. We are changing the way in which we operate our assets, driving cultural 16 change and building lasting relationships which will lead to increased performance across the business. For more information, visit our website: www.acaciamining.com 18 Acacia Mining (“Acacia”), formerly African Barrick Gold, is Tanzania’s largest gold miner and one of CONTENTS the largest producers of gold in Africa. We have three producing mines, all located in north-west Tanzania: Bulyanhulu, Buzwagi and North Mara, and a portfolio of exploration projects in Tanzania, Kenya and Burkina Faso. 2 OUR Strategic report Highlights 2 Business at a glance 4 BUSINESS Chairman’s statement 6 Chief Executive’s review 8 Our strategy in action Re-engineering our mines Our business 14 Our people 16 Page 14 Our relationships 18 Key performance indicators 20 We have a leading portfolio of assets and are focused on Risk management 22 making our mines perform to their geological potential. 24 Performance review Operating review 26 Financial review 36 Sustainability review 42 OUR 46 PEOPLE Governance Governance overview 48 Board of Directors 50 Driving accountability and performance Senior Leadership Team 53 Corporate governance report 54 Page 16 Performance evaluation 58 Committee reports 59 Remuneration report 64 Driving cultural change across the workforce through a dedicated Principal risks and uncertainties 82 programme and the redesign of structures and roles.
    [Show full text]
  • Barrick-Annual-Report-2008.Pdf
    Barrick Gold Corporation 2008 Annual Report The gold industry’s only ‘A’ rated balance sheet. The largest production, reserves and market capitalization. Three advanced projects that will bring on lower cost production in each of the next three years. An unwavering commitment to safe and responsible mining. Barrick is the gold industry leader. 2 Letter to Shareholders 5 Message from the President and CEO 6 Financial Strength 9 Gold Leverage 12 Operations 15 Reserves and Resources Summary 17 Advanced Projects 20 Responsible Mining 24 Management’s Discussion and Analysis 82 Financial Statements 86 Notes to Consolidated Financial Statements 141 Mineral Reserves and Resources 149 Corporate Governance and Committees of the Board 150 Shareholder Information 152 Board of Directors and Senior Officers FINANCIAL HIGHLIGHTS P&P RESERVES1 M&I RESOURCES1 INFERRED RESOURCES1 (Ounces millions) (Ounces millions) (Ounces millions) Up 13.9 M oz Up 14.4 M oz Up 2.8 M oz 138.5 65.0 124.6 34.8 50.6 31.9 Grew industry’s Grew M&I Grew inferred largest gold resources 29% resources 9% reserves 11% 2007 2008 2007 2008 2007 2008 OPERATING CASH FLOW ADJUSTED NET INCOME2 DIVIDENDS (US dollars billions) (US dollars billions) (US dollars per share) Up 27% Up 60% Up 33% 2.21 1.66 0.40 1.73 0.30 Record 1.04 Strong increase Increased cash flow in adjusted returns to net income shareholders 2007 2008 2007 2008 2007 2008 Barrick posted record cash flow in 2008 from the industry’s largest production. (in millions of US dollars, except per share data) (US GAAP basis) 2008
    [Show full text]