DOCSLIB.ORG

Iron Ore Prices Sank to a Three-Year Low

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Iron Ore Prices Sank to a Three-Year Low INSIDE METALS Thursday, August 22, 2013 CHART OF THE DAY FEATURE Click on the chart for full-size image Barrick Gold's Peter Munk seeks to regain his Midas touch Peter Munk has long driven the agenda for Barrick Gold Corp , the company he formed in 1983 and built into the world's largest gold pro- ducer, but recent missteps have raised questions about the leadership of a man once seen as a visionary in the industry. Click here to read more.. TODAY’S MARKETS BASE METALS: London copper rose after data on China's factory ac- tivity improved in August, fuelling expectations the country's economy is stabilising and shoring up expectations of metals demand. Activity in China's vast manufacturing sector hit a four-month high as new orders rebounded, a preliminary private survey showed, reinforcing Click here for LME charts signs of stabilisation in the world's second-largest economy. "The data certainly surprised on the upside, and that should be suppor- TRADING PLACES tive for commodity markets," said analyst Natalie Rampono of ANZ in London Metal Exchange lists new Taiwan port ware- Melbourne. houses PRECIOUS METALS: Gold fell for a second session after minutes from GENERAL NEWS a Federal Reserve policy meeting failed to ease fears the U.S. central bank would begin tapering its economic stimulus from next month. After cost cuts, miners need to do more with less, BHP The minutes of the Fed's July 30-31 meeting, released on Wednesday, says showed that a few officials thought last month it would soon be time to Australia's Fortescue holds back on rail stake sale as slow the pace of their bond buying "somewhat" but others counseled profit soars patience. "I don't think the Fed minutes gave away too much," said Victor Thian- South Africa's main mine union to take strike vote in gold piriya, an analyst at ANZ in Singapore. "Not too much has changed (on sector the outlook for stimulus). But the reaction in Treasury yields and the Brazilian miner Vale says not in talks to buy Batista's dollar is impacting gold." MMX FOREX: The dollar rose versus the yen after the minutes of the Federal MARKET NEWS Reserve's July meeting did little to alter expectations that the U.S. cen- tral bank may start tapering its monetary stimulus as early as Septem- COPPER: ber. Global refined copper market swings to 17,000 deficit in The greenback extended its gains versus the Japanese currency after a May preliminary private survey showed that activity in China's manufacturing ZINC/LEAD: sector hit a four-month high in August. Korea Zinc buys from LME stocks to honour supply con- "I think the dollar is purely being bought on the back of a widening in tracts-traders interest rate differentials," he said, adding that there was some talk of hedge fund buying of the dollar versus the yen in the early part of the TIN/MINORS: Asian session on Thursday. Uranium miners face new hurdles as Fukushima disaster worsens INSIDE METALS August 22, 2013 FEATURE Barrick Gold's Peter Munk seeks to regain his Midas touch GAMBLE ON COPPER The insiders all praised Munk, who was born in Hungary and By Euan Rocha escaped the Nazis as a teenager, for his achievement in build- ing Barrick and the tens of millions of dollars he has donated for TORONTO, Aug 21 (Reuters) - Peter Munk has long driven the healthcare and education in Toronto, where the company is agenda for Barrick Gold Corp , the company he formed in 1983 based. and built into the world's largest gold producer, but recent mis- steps have raised questions about the leadership of a man once However, they criticized some of his more recent decisions, seen as a visionary in the industry. especially Barrick's C$7.3 billion ($7.03 billion) takeover of Af- rica-focused copper miner Equinox in 2011. Munk, who owns a stake of less than a quarter of a percent in the company, still steers Barrick's strategy from his position as Three of the sources said that deal stretched Barrick just as it chairman, and he is now attempting to shore up the miner's po- was developing the huge Pascua-Lama project on the border of sition. But some investors, seizing on what they view as mis- Argentina and Chile, and the Pueblo Viejo gold-mining project in guided decisions and problems at several mines, are question- the Dominican Republic. ing both the company's direction, and Munk's role. The Equinox takeover triggered the initial slide in Barrick's share In the last two years, gold miners across the globe have been price. Many investors were disenchanted: Stocks of gold miners stung by falling bullion prices and a surge in costs. Barrick has typically attract higher multiples than those of base metal min- fared worse than its rivals, outlining about $13 billion in write- ers, and Barrick has for years marketed itself as the ideal vehi- downs this year alone. cle for gold bugs. Its share price is down nearly 65 percent in two years, outpacing But three of the sources said Munk's push for Equinox came as a 50 percent drop in the NYSE Arca Gold Bugs Index, and a 26 no surprise, given that the he had long sought to transform Bar- percent drop in the price of spot gold. rick into a big diversified miner in the mold of Rio Tinto Ltd or BHP Billiton Ltd . While environmental woes at its Pascua-Lama gold-mining pro- ject, high in the Andes, have been the biggest drag on Barrick's In particular, Munk has wanted to boost Barrick's exposure to share price, investors have taken the most issue with its disap- copper, said the insiders, adding that his itch for copper dated pointing push into copper and with a proposal to give Munk's back to the late 1990s, when he pushed management several heir apparent, co-chairman John Thornton, an unusually large, times to look at U.S. mining giant Freeport McMoRan Copper & $11.9 million signing bonus. Gold Inc - an initiative code-named Project Orange. In interviews with Reuters, five Barrick insiders said Munk him- But successive management teams repeatedly steered Munk self played a pivotal role in both these decisions. away from a bid and Freeport became too big a target after it bought Phelps Dodge for $25.9 billion in 2007. Neither Munk nor Thornton would comment for this story, and Barrick declined to comment on Munk's role in the decisions. Refocusing on gold, Barrick then twice reached deals to buy No. 2 gold miner, Newmont Mining , first in 2008 and later in 2010, But the high-level insiders, who asked not to be named as they the sources said. Each time Munk scrapped the deal late in the are not authorized to discuss such matters with media, describe game, largely due to differences around how the combined en- a company where Munk - an entrepreneur, real estate mogul tity would be led. and avid skier - has a powerful influence in every major board decision. At other times, the sources said, Munk pushed management to look at the likes of Canadian diversified miner Teck Resources , "The level of deference shown to Peter Munk within Barrick and and Potash Corp , the world's top fertilizer maker. Neither deal its boardroom is surprising," said one source familiar with Bar- panned out. rick's boardroom discussions. Barrick declined to comment on the deals it has explored, as did Only seven of Barrick's 13 directors are independent, a ratio that spokesmen for Freeport, Newmont, Teck and Potash Corp. Barrick says meets New York Stock Exchange rules. But proxy advisory firm Glass Lewis says the board lacks two-thirds inde- pendence - a best practice for big, widely held companies. WARNING ON EQUINOX "It would be nice if we could get a feeling that the board of direc- When Equinox came on the block, four insiders said Munk tors is acting for all shareholders, because there is a feeling, I seized on the deal as a step toward his goal of diversification. At think, that we are dealing with a little bit of a fiefdom," said Cae- a time when several copper miners were up for sale, Barrick sar Bryan, a portfolio manager at Gabelli, which owns some 2.9 outbid a Chinese state-backed entity to take over Equinox. million shares in Barrick Gold. "The whole corporate governance Barrick's management team attempted to warn Munk against and board situation is a little disconcerting." buying Equinox, noting that Barrick had spent months trying to reduce risk in Africa by spinning its mines there into a separate operation called African Barrick Gold PLC , the sources said. 2 INSIDE METALS August 22, 2013 FEATURE (Continued) The board approval of the deal is illustrative of Munk's sway in GETTING BACK ON TRACK the boardroom, they said. Two sources said the final board approval came during a 20- Barrick has lately begun to right the ship, say two sources, not- minute conference call with minimal discussion. Asked for com- ing that Thornton, formerly a well-regarded Goldman Sachs ment, Barrick said its board discussed the deal extensively in executive, is taking a more hands-on role as Barrick's co- the weeks before the decision. chairman. Recently he traveled with management to Argentina Yet the deal quickly raised concerns among investors, starting before Barrick outlined a decision to slow work at the expensive with the price Barrick shelled out for Equinox.
Load more

Recommended publications
  • Tribute to Peter Munk
    Tribute to Peter Munk Peter Munk Tribute national champion. We wish to share with you some of the tributes to Peter Munk from the President of the University of Toronto, Dr. Meric Gertler, and from various staff physicians at the Peter Muck Cardiac Centre. “A prince among men, walked the walk, generous to a fault. Believed in the vision that is Canada.” – Dr. Heather Ross Cardiologist, PMCC “The first time I heard Peter speak is a memory that remains engrained in my mind. It was about eight years ago at a reception for a donation he and Melanie had just made to the cardiac center. Peter spoke so passionately about his gratitude and love for Canada and how important it was for him to be able to give back to the country that gave him so much. There were about 50 people present for his speech and all of us were transfixed by his emotion and passion. You could hear a pin drop. Everyone was listening intently, absolutely mesmerized by his words. I have never forgotten that moment. His words have and continue to resonate with me. Since that evening I remain inspired to make that extra effort to provide each patient at the Peter Munk Cardiac Centre with excellent, innovative and empathetic care. Peter firmly believed that the PMCC would be the best heart center in the world. We have all worked tirelessly to make Peter’s bold vision a reality.” – Dr. Patricia Murphy Anesthesiologist, Medical Director Cardiovascular Intensive Care Unit, PMCC he late Peter Munk was a Hungarian-born “Peter Munk was a visionary who believed that collectively we Canadian businessman, entrepreneur, investor, and could build the top heart centre in the world.
    [Show full text]
  • Barrick Announces Passing of Founder and Chairman Emeritus Peter Munk
    PRESS RELEASE — March 28, 2018 Barrick Announces Passing of Founder and Chairman Emeritus Peter Munk TORONTO — It is with deep sadness that Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the “Company”) announces the passing of the Company’s Founder and Chairman Emeritus, Peter Munk. Munk passed away peacefully in Toronto today, surrounded by his family. He was 90. Munk, an iconic Canadian entrepreneur and philanthropist, was born in Budapest in 1927. When the Nazis invaded Hungary in 1944, he escaped with his family, ultimately arriving in Toronto in 1948 at the age of 20. An immigrant with neither social connections nor a command of English, Munk nevertheless felt welcomed by Canadians, and he would go on to profess a lifelong love of his adoptive country. In 2011, he remarked, “This is a country that does not ask about your origins but concerns itself with your destiny.” Munk founded Barrick in 1983 and built it into the world’s largest gold mining company in less than twenty-five years. He did so by leading a small team of partners who trusted one another implicitly and who together balanced boldness and prudence in the pursuit of fierce entrepreneurial ambitions. One of Canada’s most significant philanthropists, Munk donated nearly $300 million to causes and institutions that were close to his heart. With his wife, Melanie, he established the Peter Munk Cardiac Centre at the Toronto General Hospital in 1997. Munk donated more than $175 million to the institution, including a $100 million contribution in 2017 that remains the largest single gift ever made to a Canadian hospital.
    [Show full text]
  • Barrick Gold
    th Professor Nerdster – Independent Equity Research Analyst (August 15 , 2018) favourable terms relative to market expectations in Barrick Gold (ABX) the past, driving the share price downward; • Copper production was down by 22% while Gold has remained in line with multiple Equity Analyst perspectives (JP Morgan, Scotiabank, Barclays); • Decreased EBITA is expected due to higher estimates for costs at various open-pits; • Political risk has caused continued difficulties, particularly with the Tanzanian government over ownership of the Acacia assets which that government owns 64% of. Disputes over environmental requirements of the Chilean portion of the Pascua Lama project are also a concern1; • Greenfield projects are not historically how Barrick Gold delivers shareholder value and yet that is where most of their value will be based in the short run. Barrick Gold’s signature approach has been Stock Rating HOLD through acquisition and divestiture with green tech My 12 – 18 month Price Target $14.25 installations off the back of those projects; • Meanwhile, industry has historically sided with TSX:ABX.TO Today $12.99 companies in this sector that focus on exploration, 52-Week Range $12.54 - $21.27 Barrick Gold has had a different strategy and shareholder pressure may cause ABX to conform Gold Price / Silver Price Assumption $1,400oz /$20oz which is not their unique strategic proposition. ROE / ROA -3.46%/5.74% Volume 2.18MM Barrick Gold’s Strategy After the divestiture of Clairtone to the government Market Cap $14.95B of Nova Scotia, Peter Munk turned his efforts to Dividend $0.16(1.21%) resource industry namely gold and other precious Common Equity $16.7B metal mining in the 1980s.
    [Show full text]
  • Mr. Peter Munk - Winner of the 2014 Inaugural Award for the 'International Person of Theyear, Montenegro’
    The Luxury Collection, Montenegro SPECIAL EXCLUSIVE FEATURE Mr. Peter Munk - Winner of the 2014 inaugural award for the 'International Person of theYear, Montenegro’ 16 the luxury collection In a unique interview, Rade Ljumović from the The Luxury Collection, Montene- Питер Манк – gro talks to the founder of Porto Monte- «Международная персона negro, Mr. Peter Munk about the achieve- года, Черногория» ments to date and plans for the future. В эксклюзивном интервью Раде Лю- мовичу, представляющему журнал The irstly, warm congratulations on receiving the Luxury Collection (Черногория), Питер Finaugural award for the 2014 'International Манк, учредитель Porto Montenegro, Person of the Year, Montenegro' from our magazine. рассказывает о достигнутых результатах Everyone agrees here that the choice was clear. Your и планах на будущее. contribution, passion and desire for Montenegro as a country to grab the opportunity we are given to Прежде всего, примите наши искренние по- succeed in all fields is always clear and never more здравления в связи с получением премии жур- The hotel for so than in the wonderful speech you gave to com- нала «Международная персона года, Черно- us is a proud memorate the opening of the Regent Porto Monte- гория» Мы ни на минуту не сомневались в negro Hotel & Residences in August this year. выборе. achievement, not Ваш вклад, самоотдача и стремление к тому, just because of its The Luxury Collection, Montenegro: On the sub- чтобы Черногория сумела воспользоваться completion but ject of the Regent Hotel, this must have been a very всеми имеющимися возможностями и пре- because it’s an proud evening for you personally and your team at успела во всех областях, очевидны, и особенно Porto Montenegro? явственно это было в Вашей речи, произнесен- important building Mr.
    [Show full text]
  • Event Agenda
    EVENT AGENDA WWW.DGF18.COM Incorporating Table of Contents Event Information . Page 2 Venue Maps . .Page 3 Detailed Event Schedule Sunday, September 23. .Page 2 Monday, September 24. Page 5 Tuesday, September 25. Page 9 Wednesday, September 26. .Page 13 Keynote Speakers. .Page 15 Participating Member Companies - Alphabetical List . Page 19 Denver Gold Group Board of Directors John Hill Brian Christie Stephanie Parnell Chairman Director Treasurer Rexerro Capital, Ltd. Agnico Eagle Mines Hanson & Co. Timothy Wood Sarah Heston Onno Rutten Executive Director Director Director Denver Gold Group ASA Gold and Precious Metals Ltd. Mackenzie Investments Stewart Bailey Lisa Maestas Chad Williams Director Director Director AngloGold Ashanti Alacer Gold Red Cloud Klondike Strike Inc. and Red Cloud Mining Capital Inc. WWW.DENVERGOLD.ORG Notice The Denver Gold Group does not make any express or implied condition, representation, warranty or other term as to the accuracy, validity, reliability, timeliness or completeness of any information or materials in general or in connection with any particular use or purpose presented at the Gold Forum. The Denver Gold Group does not represent or endorse the accuracy or reliability of any third party advice, opinion, statement, information or materials received during the Gold Forum. INVESTMENT ADVICE - NO OFFER OR RECOMMENDATION The Gold Forum and the information and materials presented at the Gold Forum are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, any regulated gold related products or any other regulated products, securities or investments. The Gold Forum does not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated gold related products or any other regulated products, securities or investments.
    [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]
  • DH-12-0204 Mine 2012 Final 6.4.Indd
    www.pwc.com Mine The growing disconnect Review of global trends in the mining industry—2012 Mine The growing disconnect Contents 01 Executive summary 1 02 Industry in perspective 2 03 A view from the top 14 04 Ten-year trends 2002-2011 16 05 Sustainability: the Top 40 walk the walk, but do they talk the talk? 22 06 Financial review 26 07 Reserves and production 38 08 People−from expat to local 42 09 Glossary 46 10 Top 40 companies analysed 47 11 Explanatory notes for aggregated fi nancial information 48 12 Key contributors to Mine 49 13 Contacting PwC 50 14 Other PwC mining publications 51 Mine The growing disconnect 01 Executive summary Ten years of data. Ten years of trends. Ten years of some of the greatest ups and downs the mining industry (and the global economy for that matter) has ever seen. Welcome to PwC’s annual review of global trends in the mining industry−Mine. These reviews provide comprehensive analysis of the fi nancial performance and position of the global mining industry as represented by the Top 40 mining companies by market capitalisation. These 40 companies represent the vast majority of the industry’s activity and serve as an excellent proxy for the industry as a whole. High commodity prices in 2011 supported a record level of net profi t but margins remained fl at, highlighting a 2011 was a year of a great contrast structural change in the industry’s cost base. for the mining industry. Production volumes in 2011 were on average 6% higher than in 2010, but for gold and copper in particular, The Top 40 posted record profits of $133 billion, production volumes remained at similar levels to those generated record operating cash flows, and yet market reported in 2005.
    [Show full text]
  • Responsible Mining
    Responsibility Report 2013 Responsible Mining Barrick Gold Corporation is the world’s leading gold producer with a portfolio of 25 owned and operated mines and development projects in five continents. Barrick Responsibility Report 2013 Contents Section 1 2013 Overview 03 About Barrick 08 Responsible Mining 09 CEO Letter Section 2 Material Issues 12 Material Issues Performance Summary 26 Social and Economic Development 15 Materiality Process 31 Workplace Safety 17 Anti-Corruption and Transparency 36 Water Management 20 Human Rights 39 Energy Use and Climate Change 23 Community Engagement 43 Biodiversity Section 3 Additional Information Governance Employees 46 Governance Structure 86 Employees and Human Rights 50 Our Strategy and Management Approach 89 Employee Development 55 Our Stakeholders 92 Occupational Health and Wellness 56 External Commitments 95 Labour Organizations 59 Government Affairs 96 Emergency Response 60 Security and the Voluntary Principles 97 Employee Awards 62 Supply Chain Society 64 Products 98 Community Safety and Security 65 Independent Assurance 100 Indigenous Peoples 68 Significant Issues in 2013 107 Resettlement Environment 108 Artisanal Mining 72 Environmental and Social Impact Assessment 74 Waste and Materials 78 Mine Closure 80 Land and Wildlife Management 83 Energy Profile 84 Air Emissions Section 4 Data Tables 110 Environment 129 Safety and Health 132 Community 135 Employees Section 5 GRI Index 142 GRI Index Section 1: 2013 Overview Barrick Responsibility Report 2013 01 Section 1 2013 Overview 03 About Barrick 08 Responsible Mining 09 CEO Letter 02 Barrick Responsibility Report 2013 Section 1: 2013 Overview About Barrick Barrick is committed to leadership in responsibility reporting, because it gives our stakeholders transparent, comparable, and externally assured information on our commitment to, and progress on, mining responsibly.
    [Show full text]
  • Global-Mining-Observ
    GLOBAL MINING OBSERVER Issue 82 INDEPENDENT COVERAGE OF THE MINING MARKETS May 2014 RIO TINTO is suing Brazil’s Vale over lost mineral rights in Guinea, saying it was Personalities involved in a $200m bribe to former mining minister, Mahmoud Thiam. Mr. Altius Pumps New Pervade Barrick Thiam has described the claim as “libelous” and “borderline comical.” Mega-Projects into Newmont Talks WHITEHAVEN COAL is relying on police helicopters and a dog squad to contin- Project Pipeline ue construction at its $760m Maules Creek coal mine in New South Wales, due to Hopes of a mammoth paper merger sustained environmental protests. Royalty group Altius Minerals has between gold majors Barrick Gold and pumped two new mega-projects into Newmont Mining, first leaked to the ECHO RESOURCES has hit bonanza gold grades at its Julius project in Western its project pipeline, including 100 per Wall Street Journal in April, publicly Australia, including 20m at 9.8 gold grams per tonne. cent of the CDP, a vast land bank in broke down this week after Barrick’s western Canada that was once part of ego-charged board appeared to let per- the Canadian Pacific Railway’s rambl- sonality clashes override any possible MARKET REPORT ing land estate. cost savings. The news follows a $1bn asset sell- Barrick, valued at C$23bn ($21bn) Walter’s Troubles Deepen as Prices off last year by embattled nickel miner on gold production of 7m ounces last Weigh on Debt Laden Groups Sherritt, which saw Altius emerge as year, kicked off the battle on Monday, Canada’s largest royalty group outside saying Newmont’s board had “decided of precious metals.
    [Show full text]
  • 1999 Annual Report 12893 Barrick 1999 Pp1-15 E.S 4/3/00 4:04 PM Page 3
    12893 Barrick 1999 Outs Cov E.s 4/3/00 9:52 AM Page 1 Annual Report ’99 Gold Corporation BARRICK GOLD CORPORATION ANNUAL CORPORATION GOLD BARRICK REPORT 1999 BARRICK 12893 Barrick 1999 Outs Cov E.s 4/3/00 9:53 AM Page 1 Barrick set RECORDS across the board in 1999 Earnings increased 10% to $331 million Cash flow rose 30% to $702 million Production increased 14% to 3.66 million ounces Total cash costs declined 26% to $134 per ounce Reserves expanded 15% to 59.3 million ounces 8 To Our Shareholders 14 Objectives and Results 16 Operations Overview 24 Development and Exploration 28 Social, Environmental and Employee Responsibility 30 Leverage to Rising Gold Prices 32 Management’s Discussion and Analysis of Financial Results 47 Financial Results 66 Reserve Information 68 Premium Gold Sales Program Detail and Supplemental Information 72 Shareholder Information 74 Board of Directors and Officers 12893 Barrick 1999 Ins Cov E.s 4/3/00 9:55 AM Page 1 Corporate Profile BarrickGoldCorporationisaleadinginternationalgoldproducer with five low-cost mines in North and South America and three major mines under development. The Company’s shares trade under the symbol ABX on the Toronto, New York, London andSwissstockexchangesandtheParisBourse.Barrick entered the gold business in 1983. Earnings Operating Cash Flow Gold Production (millions of dollars) (millions of dollars) (millions of ounces) 331 702 301 3.7 262* 3.2 539 3.0 470 97 98 99 97 98 99 97 98 99 *before provision 12893 Barrick 1999 Ins Cov E.s 4/3/00 9:56 AM Page 1 Performance HIGHLIGHTS 1999
    [Show full text]
  • 2012 Annual Report for Additional Information on Barrick’S Reserves and Resources
    Financial Highlights > www.barrick.com Barrick Gold Corporation page 10 page 18 Barrick Gold Corporation Driven Corporate Office: Tel: 416 861-9911 Brookfield Place Toll-free throughout North America: TD Canada Trust Tower 1 800 720-7415 161 Bay Street, Suite 3700 Fax: 416 861-2492 P.O. Box 212 Email: [email protected] Toronto, Canada M5J 2S1 barrick.com by Returns Profitable production. Focus on Free Cash Flow PAGE 8 World Class Assets PAGE 10 Adding Value Through Exploration PAGE 16 Corporate Responsibility PAGE 20 Ethical Business Practices PAGE 26 Annual Report 2012 Barrick Gold Corporation Annual Report 2012 Financial Highlights > www.barrick.com Barrick Gold Corporation page 10 page 18 Barrick Gold Corporation Driven Corporate Office: Tel: 416 861-9911 Brookfield Place Toll-free throughout North America: TD Canada Trust Tower 1 800 720-7415 161 Bay Street, Suite 3700 Fax: 416 861-2492 P.O. Box 212 Email: [email protected] Toronto, Canada M5J 2S1 barrick.com by Returns Profitable production. Focus on Free Cash Flow PAGE 8 World Class Assets PAGE 10 Adding Value Through Exploration PAGE 16 Corporate Responsibility PAGE 20 Ethical Business Practices PAGE 26 Annual Report 2012 Barrick Gold Corporation Annual Report 2012 FINANCIAL HIGHLIGHTS REVENUE OPERATING CASH FLOW ADJUSTED NET EARNINGS1 (US dollars millions) (US dollars millions) (US dollars millions) Barrick’s strategy is focused on maximizing risk-adjusted 14,547 4,666 returns and free cash flow to position the company to 14,236 5,315 5,439 4,585 3,827 return more capital to shareholders over time. 3,517 Cautionary Statement on Forward-Looking Information 10,970 Certain information contained or incorporated by reference in this Annual Report 2012, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”.
    [Show full text]
  • Indigenous Enterprise Success in the Resource Sector Table of Contents
    GETTING IT RIGHT INDIGENOUS ENTERPRISE SUCCESS IN THE RESOURCE SECTOR TABLE OF CONTENTS i Getting it Right: Indigenous enterprise success in the resource sector v Foreword vii Acknowledgements ix Getting it Right 13 ASHBURTON ABORIGINAL CORPORATION and RIO TINTO IRON ORE, Pilbara, Western Australia 35 WIRADJURI CONDOBLIN CORPORATION and BARRICK GOLD, Lake Cowal, New South Wales 59 NORTHERN HAULAGE and DIESEL SERVICES and RIO TINTO ALCAN WEIPA Cape York, Queensland 79 RED MULGA PTY LTD and BHP BILITON, Olympic Dam, South Australia 97 Critical Success Factors Getting it Right: Indigenous enterprise success in the resource sector ii FOREWORD One of the great things about my job is that I get to meet with Aboriginal and Torres Strait Islander people that are doing their bit to build opportunities for Indigenous people. Many are running small to medium sized businesses developing and maintaining partnerships with big business in the resources industry. Getting it right brings some of those partnerships to a broader audience and showcases the elements that make them successful. It is both inspirational and practical in its approach. I hope it will inform and encourage Indigenous people and communities who might be considering business ventures and encourage resource companies that sit physically on the land owned and known by Indigenous communities to work together to ensure the benefits of the sector are shared. The case studies in this booklet are about real people providing real jobs on the ground. They are about mining companies working with Indigenous business men and women and getting it right. They show that the resource industry is motivated to ensure that their partnered Indigenous companies can be profitable now; that they are building a sustainable future and that they can create real employment opportunities for Indigenous people.
    [Show full text]