DOCSLIB.ORG

Barrick-Annual-Report-2019.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Annual Report 2019 Barrick Gold Corporation Best Returns 100 120 130 140 150 160 110 Best People 80 90 Best Assets Dec 18 Jan 19 Feb 19 Gold price Mar 19 Apr 19 MayMay 19 Jun 19 Jul 19 Aug 19 Sep 19 Barrick Oct 19 Nov 19 Dec 19 Our vision is to be the world’s most valued gold mining business by finding, developing and operating the best assets with the best people to deliver the best returns, on a sustainable basis, to our owners and partners. We are committed to partnering with our host countries and communities to transform their natural resources into tangible benefits and mutual prosperity. CONTENTS 2 2019: A Year of Delivery 26 Gold Market Overview 152 Financial Statements 4 Our Business at a Glance 28 North America 157 Notes to the Financial Statements 6 Best Assets 30 Latin America and Asia Pacific 216 Shareholder Information 8 Best People 32 Africa and Middle East 218 Cautionary Statement on 10 Best Returns 34 Reserves & Resources Forward-Looking Information 12 Key Performance Indicators 36 Exploration 14 Message from the 40 Sustainability Review Executive Chairman 45 Endnotes 16 Board of Directors 46 Financial Report 18 Message from the 47 Management Discussion and President and CEO Analysis 22 Executive Committee 138 Mineral Reserves and Mineral 24 Financial Review Resources Unless otherwise indicated, all amounts are expressed in US dollars. Barrick Gold Corporation www.barrick.com 5@:,!.63+࠮;:?!()? On January 1, 2019, a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX. The merger created a sector-leading gold company which owned five of the industry’s Top 10 Tier Onei gold assets – Cortez and Goldstrike in Nevada USA (both 100%), Loulo-Gounkoto in Mali (80%), Kibali in the Democratic Republic of Congo (45%) and Pueblo Viejo in the Dominican Republic (60%) – as well as two with Tier One potential – Turquoise Ridge and the Goldrush/Fourmile project, both in Nevada USA. On July 1, 2019, Barrick combined its Nevada assets with those of Newmont to create Nevada Gold Mines (61.5% owned and operated by Barrick) resulting in Turquoise Ridge becoming the sixth Tier One mine in the Barrick portfolio. And in September it bought out the minority shareholders in Acacia and took over the management of its Tanzanian assets. Barrick has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Its diversified portfolio spans many of the world’s prolific gold districts and is focused on high-margin, long-life assets. Annual Report 2019 1 2019: A YEAR OF DELIVERY On January 1, the merger between In a historic accord, Barrick President and chief executive Barrick Gold Corporation and and Newmont agree to merge Mark Bristow meets Papua New Randgold Resources became their Nevada assets. Previous Guinea’s new prime minister official. Shares in the new negotiations over two decades to James Marape to discuss a company start trading on the capture synergies had all failed to 20-year extension to Porgera’s NYSE under the symbol GOLD achieve this. special mining lease. and remain on the TSX as ABX. 2019 Jan Feb Mar Apr May Jun The restructuring process starts. An inaugural resource estimate The new Barrick’s strong start is The corporate office is downsized for Fourmile was declared, reflected in its Q1 results, which and management decentralized. demonstrating the prospectivity show gold production, net cash Regional executive teams and site and continuing growth potential of from operations and earnings per mineral resource management the Cortez property. share significantly up and debt established. net of cash down – trends which will continue though the following three quarters. Executive chairman John L Thornton and newly elected Democratic Barrick presents a proposal Republic of Congo president Felix for a buy-out of the minority Tshisekedi meet in Washington and shareholders in Acacia, to end confirm their mutual commitment the long and paralyzing dispute to developing the country’s mineral between that company and the potential. Tanzanian government. 2 Barrick Gold Corporation Nevada Gold Mines is launched. Dividend per share for Q3 2019 The disposal of non-core assets The world’s largest gold increased by 25% to $0.05, starts with the sale of Barrick’s production complex is majority- followed by a 40% increase to stake in the Kalgoorlie mine in owned and operated by Barrick. $0.07 for Q4 2019. Australia for $750 million. Jul Aug Sep Oct Nov DecDec Mark Bristow meets Senegalese The Acacia deal becomes effective Barrick and its Senegalese JV president Macky Sall to negotiate and Barrick teams immediately partner agree to a transaction to a joint approach to bringing the move into Tanzania to restore its combine the Massawa gold project, Massawa project to account. Also license to operate. On the same in which they have a 90% stake, on this day, US Secretary of the day, Barrick announces a major with Teranga Gold Corporation’s Interior David Bernhardt visits discovery at Fourmile in Nevada. Sabodala gold mine. Barrick will Nevada Gold Mines. Nevada participate in the upside of the governor Steve Sisolak and US combined asset through the 11% senator Catherine Cortez Masto interest it acquires in Teranga. The will later follow suit, demonstrating transaction closed in Q1 2020. Barrick's strong partnership with the state and federal governments. Barrick and the government of Tanzania announce that all past disputes between the two parties have been resolved. A jointly Barrick announces that the Barrick and Acacia’s owned company, Twiga Minerals, Quisqueya 1 power plant for boards agree on the is formed to manage the mines Pueblo Viejo will receive its first acquisition by Barrick of and Barrick agrees to a 50/50 natural gas shipment in Q1 2020, the Acacia minority benefit-sharing deal with the lowering costs, in line with its shareholder interest. government. clean and efficient energy strategy. Annual Report 2019 3 OUR BUSINESS AT A GLANCE Donlin Gold Barrick ownership: 50% Hemlo Barrick ownership: 100% Golden Sunlight 2019 production: 213koz Barrick ownership: 100% Corporate office, Toronto Nevada Gold Mines1 Barrick ownership: 61.5% Turquoise Ridge2 2019 production: 504koz3 Carlin2 2019 production: 1.3Moz3 Cortez2 2019 production: 963koz3 Pueblo Viejo 2 Barrick ownership: 60% Goldrush 2019 production: 983koz3 Barrick ownership: 61.5% Fourmile Barrick ownership: 100% Lagunas Norte Barrick ownership: 100% Pierina Barrick ownership: 100% Zaldívar Pascua-Lama Barrick ownership: 50% Norte Abierto 3 Barrick ownership: 100% 2019 production: 256Mlb Barrick ownership: 50% Veladero Alturas Barrick ownership: 50% Barrick ownership: 100% 2019 production: 548koz3 Gold producing Projects Copper producing In closure Care and maintenance Corporate office 4 Barrick Gold Corporation Loulo-Gounkoto2 Barrick ownership: 80% 2019 production: 715koz3 Morila Barrick ownership: 40% Tongon Barrick ownership: 89.7% 2019 production: 273koz3 Jabal Sayid Barrick ownership: 50% 2019 production: 132Mlb3 Kibali2 Barrick ownership: 45% Porgera 3 2019 production: 813koz Barrick ownership: 47.5% North Mara 2019 production: 597koz3 Barrick ownership: 84%5 2019 production: 334koz3 Massawa Bulyanhulu 4 Barrick ownership: 83.25% Barrick ownership: 84%5 2019 production: 37koz3 Buzwagi Barrick ownership: 84%5 2019 production: 115koz3 Lumwana Barrick ownership: 100% 2019 production: 238Mlb 1 The Nevada Gold Mines joint venture was formed on July 1, 2019. Barrick's Goldstrike and Newmont's Carlin operation were contributed to the joint venture and are now collectively referred to as Carlin. Additionally, Barrick's Turquoise Ridge and Newmont's Twin Creeks operation were contributed to the joint venture and are now collectively referred to as Turquoise Ridge. As a result, amounts presented for Carlin on a 100% basis for 2019 include Goldstrike results for the full year ended December 31, 2019 (including South Arturo) as well as results for the legacy Carlin operation contributed by Newmont from July 1, 2019 onwards. Similarly, amounts presented for Turquoise Ridge on a 100% basis for 2019 include the legacy Barrick Turquoise Ridge operation for the full year ended December 31, 2019 as well as results from the legacy Twin Creeks operation contributed by Newmont from July 1, 2019 onwards. 2 Tier One mine. 3 Production is presented on a 100% basis. 4 In Q1 2020, Barrick sold its stake in Massawa to Teranga Gold Corporation and retained an 11% equity interest in Teranga. 5 The expected effective date of our 84% ownership interest is January 1, 2020. Annual Report 2019 5 BEST ASSETS In line with its commitment to finding, developing and operating the best assets, Barrick is focused on high-margin, long-life operations and projects clustered in the world’s most prospective gold districts, and supporting these with a robust copper businessii. Barrick already operates six Tier One gold assets. To qualify for Tier One status, a mine has to have annual production in excess of 500,000 ounces, a life of at least 10 years, and total cash costs in the bottom half of the industry range. Continuing brownfields exploration is designed to support and where possible to extend the production rate as well as the Life of Mine. The company also owns mines and projects with the potential for promotion to Tier One, and its greenfields exploration teams are hunting for the next world-class discovery across Barrick’s global holdings. 6 Barrick Gold Corporation TIER ONE MINES Carlin Cortez 2019 Production1 1.3Moz 2019 Production1 963koz Carlin (including the former Goldstrike operation) consists of Cortez consists of the Pipeline open pit complex and the Cortez multiple open pit and underground mines and several processing Hills underground operation.
Recommended publications
  • Delivering Value…Value… Fromfrom Assets,Assets, Peoplepeople && Projectsprojects

    Delivering Value…Value… Fromfrom Assets,Assets, Peoplepeople && Projectsprojects

    BARRICK GOLD CORPORATION Scotia Capital Gold Conference Toronto – November 29, 2005 DeliveringDelivering Value…Value… FromFrom Assets,Assets, PeoplePeople && ProjectsProjects November 29, 2005 1 Important Information FORWARD LOOKING STATEMENTS Certain information included in this presentation, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements." The words "expect", "will", “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as fuel and electricity) and currencies; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; and the risks involved in the exploration, development and mining business.
  • Indigenous Groups, Land Rehabilitation and Mine Closure: Exploring the Australian Terrain

    Indigenous Groups, Land Rehabilitation and Mine Closure: Exploring the Australian Terrain

    Centre for Social Responsibility in Mining 17 March 2020 Indigenous groups, land rehabilitation and mine closure: exploring the Australian terrain Authors Rodger Barnes, Research Manager Dr Sarah Holcombe, Senior Research Fellow Joni Parmenter, Research Fellow Centre for Social Responsibility in Mining Sustainable Minerals Institute The University of Queensland, Australia Acknowledgements This project report is part of a broader initiative, the Social Aspects of Mine Closure Research Consortium. Established in 2019, the consortium is a multi-party, industry-university research collaboration challenging accepted industry norms and practices around mine closure and demanding new approaches placing people at the centre of closure. Industry partners in the consortium include: Anglo American, BHP, MMG, Newcrest, Newmont Corporation, Oceana Gold and Rio Tinto. The initiative falls under the SMI’s Transforming Mine Lifecycles cross-cutting program. CSRM is grateful to the organisations, companies, and key personnel who facilitated the case studies including Northern Star Resources, Desert Support Services, Newmont Corporation Tanami Operations, Central Land Council, Newmont Corporation Legacy Manager, Northern Land Council, Rusca Bros Services, Rio Tinto Weipa Operations. Citation Barnes, R, Holcombe, S, and Parmenter, J (2020). ‘Indigenous groups, land rehabilitation and mine closure: exploring the Australian terrain’. Centre for Social Responsibility in Mining. University of Queensland: Brisbane. Cover image Daguragu Ranger Mr P. Jimmy returned to his father’s country on the Karlantijpa North Aboriginal Land Trust in the Northern Territory to undertake controlled burning in April 2017. Photo courtesy of the Central Land Council, Alice Springs, used with permission. Indigenous groups, land rehabilitation and mine closure: exploring the Australian terrain i The University of Queensland Ranked in the world's top 501, The University of Queensland (UQ) is one of Australia's leading research and teaching institutions.
  • Proyecto Megaminero PASCUA LAMA: El Agua Como Origen De La Vida

    Proyecto Megaminero PASCUA LAMA: El Agua Como Origen De La Vida

    Proyecto Megaminero PASCUA LAMA: El agua como origen de la vida. “El agua es el elemento y principio de las cosas” Tales de Mileto (624 AC-546 AC. Filósofo y matemático griego) Alexis E. Aranciva Reg. 16547 DNI 31728810 “Cátedra Virtual para la Integración Latinoamericana” Introducción Se intentará elaborar un informe que aborde las características del proyecto binacional de explotación minera denominado “Pascua Lama” y sus consecuencias para la calidad de vida de los pobladores a un lado y otro de la Cordillera de Los Andes. El principal recurso afectado por y para la explotación minera es el agua, puesto que la minería demanda enormes cantidades de agua, y contamina las cuencas hídricas con metales pesados y sustancias químicas como el cianuro, entre otros. Considerando que el agua es el origen de todo tipo de vida en nuestro planeta y que es considerado un recurso escaso, lo que se intentará demostrar en este trabajo es la inviabilidad de los explotación minera a cielo abierto, que requiere grandes cantidades de este recurso tan valioso para el desarrollo y la supervivencia del ser humano como tal. Fundamentación Minería y Contaminación: Daño a los Ecosistemas La minería es una industria altamente contaminante, afecta de manera directa al agua, suelo y aire, lo que se traduce con el tiempo en efectos sobre las personas, animales, plantas etc. es decir afectan a los ecosistemas con las implicaciones ambientales de la actividad minera. La pregunta es ¿Cómo la minería genera contaminación? y ¿Cuáles son los efectos adversos asociados a la actividad minera? La actividad minera contamina, en primer lugar el agua, ya que para poder separar los metales de la roca necesita utilizar agua en grandes cantidades, agua que luego del proceso productivo se encuentra contaminada con elementos como cianuro y metales pesados tales como cadmio, cobre, arsénico, plomo, mercurio, hierro etc.
  • Top 20 Largest - Consolidated Short Position Report

    Top 20 Largest - Consolidated Short Position Report

    Top 20 Largest - Consolidated Short Position Report Please find below the Top 20 Largest Consolidated Short Position Report Highlights. The report is produced twice monthly, effective the 15th and the end of each month. The report below covers the 2-week period ending December 31, 2013. TSX Markets (a division of TSX Inc.) collects this information on behalf of Investment Industry Organization of Canada. Participating Organizations are required to file this information pursuant to Universal Market Integrity Rule 10.10. Issue Name Symbol As of Dec 30 As of Dec 15 Net Change LUNDIN MINING CORPORATION LUN 60,372,644 62,894,431 -2,521,787 BOMBARDIER INC. CL B SV BBD.B 52,650,735 33,988,500 18,662,235 NEW GOLD INC. NGD 46,377,287 47,205,108 -827,821 OSISKO MINING CORPORATION J OSK 43,675,171 43,720,790 -45,619 THOMSON REUTERS CORPORATION TRI 41,633,981 28,979,682 12,654,299 ATHABASCA OIL CORPOATION J ATH 37,568,553 38,388,408 -819,855 MANULIFE FINANCIAL CORPORATION MFC 37,428,824 46,959,284 -9,530,460 BARRICK GOLD CORPORATION ABX 32,416,329 24,026,847 8,389,482 BROOKFIELD OFFICE PROPERTIES INC. BPO 32,255,989 20,777,738 11,478,251 HUSKY ENERGY INC. HSE 29,269,593 26,681,348 2,588,245 LEGACY OIL + GAS INC. LEG 29,210,825 29,114,197 96,628 CELESTICA INC. SV CLS 28,638,415 36,833,550 -8,195,135 BCE INC. BCE 28,544,803 24,118,117 4,426,686 GREAT-WEST LIFECO INC.
  • Acacia Mining: Human Rights Violations and the Company’S Grievance Mechanism in North Mara, Tanzania

    Acacia Mining: Human Rights Violations and the Company’S Grievance Mechanism in North Mara, Tanzania

    Questions & Answers Acacia Mining: Human rights violations and the company’s grievance mechanism in North Mara, Tanzania Click on the question to jump to the answer. 1. What is an operational-level grievance mechanism? 2. Why are they important? 3. What do grievance mechanisms have to do with human rights? 4. Why do businesses like company-based grievance mechanisms? 5. Do companies themselves investigate and decide grievances? 6. Who is Acacia Mining and where is its North Mara Gold Mine? 7. How is Acacia Mining linked to Barrick Gold? 8. What are the human rights problems at North Mara mine? 9. Who are these ‘intruders’ who come into the mine? 10. How does the Mine deal with ‘intruders’? 11. Is it necessary to use force against the ‘intruders’? 12. Is the company’s private security also involved in violations? 13. Does Acacia Mining have similar problems at its other mine sites? 14. Why does Acacia use the Tanzanian police to provide security? 15. Intruders have decreased so aren’t violations only a historical problem? 16. Are ‘intruders’ still being killed at North Mara mine? 17. Does Acacia report on how many ‘intruders’ are injured? 18. Has Acacia been questioned about its reporting on deaths/injuries? 19. Is Acacia right to say that RAID has made 'sweeping claims' and misrepresented the human rights situation? 20. If the Tanzanian police are shooting people, why is this the company’s responsibility? 21. How many police officers have been charged with criminal offences? 22. Has Acacia raised the issue of police violations with government officials? 23.
  • Market Index Uniflex 10%

    Market Index Uniflex 10%

    Investment and retirement 5% 10% Market Index Uniflex 10% 25% Main Product Features 25% 6-year term (not redeemable before maturity) Guarantee of principal on maturity of 100% Low management fees of 1% per year 10% 15% $500 minimum deposit An easy way to diversify Cut-off age: 64 y/o (registered) and 70 y/o (non-registered) Even under a scenario where the return of each share is negative, this product may produce a global positive return Sector diversification of the Market Index Uniflex How it works On the settlement date, a starting level will be determined for each Canadian share included in the portfolio. On the maturity date, a ratio of the closing level over the starting level for each share will be computed. The 8 best performing shares during the 6-year term will be automatically assigned a fixed return of 60%, regardless of whether the actual return was positive or negative. The remaining 12 shares will be assigned their actual return. The global return (maximum 60%) will be calculated by averaging these 20 returns. The value at maturity will be the highest value between: the initial deposit; or the initial deposit PLUS global return (maximum 60%) Exposure to 20 Canadian companies included in the S&P/TSX 60 Index Company Sector Company Sector Metro Inc. Scotiabank Consumer staples Loblaw Companies Limited The Toronto-Dominion Bank Royal Bank of Canada Financial services Bank of Montreal Enbridge Inc. Sun Life Financial Inc. TransCanada Corporation Cenovus Energy Inc. Energy Canadian Natural Resources Limited Canadian National Railway Industrials Suncor Energy Inc.
  • De Gouvernance À

    De Gouvernance À

    UNIVERSITÉ DU QUÉBEC À MONTRÉAL DE GOUVERNANCE À RSE: LE GRI EST-IL UN OUTIL DE REDDITION DE COMPTES EFFICACE POUR L'IMPACT SUR LES ENJEUX DU DÉVELOPPEMENT DURABLE DES PRINCIPALES MINIÈRES CANADIENNES À L'ÉTRANGER? MÉMOIRE PRÉSENTÉ COMME EXIGENCE PARTIELLE DE LA MAÎTRISE ÈS SCIENCES DE LA GESTION PAR DAISY TIBURCIO CARNEIRO OCTOBRE 2018 UNIVERSITÉ DU QUÉBEC À MONTRÉAL Service des bibliothèques Avertissement La diffusion de ce mémoire se fait dans le respect des droits de son auteur, qui a signé le formulaire Autorisation de reproduire et de diffuser un travail de recherche de cycles supérieurs (SDU-522 – Rév.07-2011). Cette autorisation stipule que «conformément à l’article 11 du Règlement no 8 des études de cycles supérieurs, [l’auteur] concède à l’Université du Québec à Montréal une licence non exclusive d’utilisation et de publication de la totalité ou d’une partie importante de [son] travail de recherche pour des fins pédagogiques et non commerciales. Plus précisément, [l’auteur] autorise l’Université du Québec à Montréal à reproduire, diffuser, prêter, distribuer ou vendre des copies de [son] travail de recherche à des fins non commerciales sur quelque support que ce soit, y compris l’Internet. Cette licence et cette autorisation n’entraînent pas une renonciation de [la] part [de l’auteur] à [ses] droits moraux ni à [ses] droits de propriété intellectuelle. Sauf entente contraire, [l’auteur] conserve la liberté de diffuser et de commercialiser ou non ce travail dont [il] possède un exemplaire.» REMERCIEMENTS L'exercice d'un mémoire est certainement un défi qui nous tire hors de notre zone de confort.
  • Tanzania-BHR Mission North Mara

    Tanzania-BHR Mission North Mara

    The International Commission of Jurists concludes visit to North Mara mine in Tanzania On Friday 1 September, a delegation from the International Commission of Jurists (ICJ) concluded a learning and assessment mission to the North Mara region and the North Mara Gold Mine Ltd, a subsidiary of Acacia Mining plc located in north-west Tanzania in the Tarime district of the Mara region. The visit took place between 27 August and 1 September. The objective of the ICJ Mission was to learn about the operation with a view to assessing the effectiveness of the North Mara Gold Mine’s operational grievance mechanism (OGM) in addressing complaints over alleged human rights concerns and abuses committed in connection with the mine’s operations. The mission noted the progress that the mine has made in developing its OGM and will be continuing to gather information with a view to more fully understanding its operation. The North Mara mine is by far the largest investment and economic engine for the region, and a major attraction for people migrating into the immediate area, whose population has grown exponentially since the mine was initiated in 1998. The prospect of gold predictably created a strong economic magnet that was bound to attract people in search of economic opportunities. As company officials themselves acknowledged, the company was slow in putting in place the necessary physical security and measures to avoid human rights abuses and to redress those which occurred. The delegation is grateful to the NGO Legal and Human Rights Centre (LHRC) of Tanzania for its facilitation of the visit and especially the meetings with a number of people who have grievances pending against the company.
  • Annual Information Form for the Year Ended December 31, 2018 Dated As of March 22, 2019 BARRICK GOLD CORPORATION

    Annual Information Form for the Year Ended December 31, 2018 Dated As of March 22, 2019 BARRICK GOLD CORPORATION

    Barrick Gold Corporation Brookfield Place, TD Canada Trust Tower Suite 3700, 161 Bay Street, P.O. Box 212 Toronto, ON M5J 2S1 Annual Information Form For the year ended December 31, 2018 Dated as of March 22, 2019 BARRICK GOLD CORPORATION ANNUAL INFORMATION FORM TABLE OF CONTENTS GLOSSARY OF TECHNICAL AND BUSINESS TERMS 4 REPORTING CURRENCY, FINANCIAL AND RESERVE INFORMATION 10 FORWARD-LOOKING INFORMATION 11 SCIENTIFIC AND TECHNICAL INFORMATION 14 THIRD PARTY DATA 15 GENERAL INFORMATION 15 Organizational Structure 15 Subsidiaries 16 Areas of Interest 18 General Development of the Business 18 History 18 Significant Acquisitions 18 Strategy 19 Recent Developments 21 Results of Operations in 2018 22 NARRATIVE DESCRIPTION OF THE BUSINESS 26 Production and Guidance 26 Reportable Operating Segments 26 Barrick Nevada 27 Pueblo Viejo (60% basis) 28 Lagunas Norte 29 Veladero (50% basis) 29 Turquoise Ridge (75% basis) 30 Acacia Mining plc (63.9% basis) 31 Pascua-Lama Project 32 Mineral Reserves and Mineral Resources 33 Marketing and Distribution 46 Employees and Labor Relations 47 Competition 48 Sustainability 48 Operations in Emerging Markets: Corporate Governance and Internal Controls 49 Board and Management Experience and Oversight 50 Communications 51 - i - Internal Controls and Cash Management Practices 51 Managing Cultural Differences 52 Books and Records 52 MATERIAL PROPERTIES 52 Cortez Property 52 Goldstrike Property 58 Turquoise Ridge Mine 63 Pueblo Viejo Mine 69 Veladero Mine 76 Kibali Mine 86 Loulo-Gounkoto Mine Complex 93 EXPLORATION
  • Building a Sustainably Profitable Business

    Building a Sustainably Profitable Business

    2008 Annual Report2008 Annual profitable business profitable Building a sustainably Randgold Resources | Annual Report 2008 | Building a sustainably profitable business www.randgoldresources.com Shareholders’ diary Randgold Resources is an African-focused gold mining and 800 exploration business with primary listings on the London Stock Exchange and Nasdaq. 600 400 Financial year end 31 December Annual general meeting Tuesday 5 May 2009 Major discoveries to date include the 7.5 million ounce Morila deposit in southern Mali, the 200 +7 million ounce Yalea deposit at Loulo in western Mali and the +4 million ounce Tongon deposit in the Côte d’Ivoire. Randgold Resources financed and built the Morila mine which Announcement of quarterly results 0 since October 2000 has produced more than 5 million ounces of gold and distributed more First quarter Thursday 7 May 2009 than US$1.3 billion to stakeholders. It also financed and built the Loulo project which started Second quarter Tuesday 4 August 2009 as two open pit mines in November 2005. Since then, an underground mine has been Third quarter Tuesday 10 November 2009 developed at the Yalea deposit and a second underground operation is planned for the Gara Year end and fourth quarter Monday 8 February 2010 deposit. First gold production from the company’s new Tongon project is scheduled for the fourth quarter of 2010. Stock exchange Ticker symbol Randgold Resources has an extensive portfolio of organic growth prospects, constantly replenished by intensive exploration programmes in Mali, Senegal, Burkina Faso, Côte Ticker symbols d’Ivoire, Ghana and Tanzania. Its advanced targets include the significant new Massawa London Stock Exchange (ords) RRS discovery in Senegal, currently at scoping study stage.
  • Golden Rules Making the Case for Responsible Mining

    Golden Rules Making the Case for Responsible Mining

    GOLDEN RULES Making the case for responsible mining A REPORT BY EARTHWORKS AND OXFAM AMERICA Contents Introduction: The Golden Rules 2 Grasberg Mine, Indonesia 5 Yanacocha Mine, Peru, and Cortez Mine, Nevada 7 BHP Billiton Iron Ore Mines, Australia 9 Hemlo Camp Mines, Canada 10 Mongbwalu Mine, the Democratic Republic of Congo 13 Rosia Montana Mine, Romania 15 Marcopper Mine, the Philippines, and Minahasa Raya and Batu Hijau Mines, Indonesia 17 Porgera Gold Mine, Papua New Guinea 18 Junín Mine, Ecuador 21 Akyem Mine, Ghana 22 Pebble Mine, Alaska 23 Zortman-Landusky Mine, Montana 25 Bogoso/Prestea Mine, Ghana 26 Jerritt Canyon Mine, Nevada 27 Summitville Mine, Colorado 29 Following the rules: An agenda for action 30 Notes 31 Cover: Sadiola Gold Mine, Mali | Brett Eloff/Oxfam America Copyright © EARTHWORKS, Oxfam America, 2007. Reproduction is permitted for educational or noncommercial purposes, provided credit is given to EARTHWORKS and Oxfam America. Around the world, large-scale metals mining takes an enormous toll on the health of the environment and communities. Gold mining, in particular, is one of the dirtiest industries in the world. Massive open-pit mines, some measuring as much as two miles (3.2 kilometers) across, generate staggering quantities of waste—an average of 76 tons for every ounce of gold.1 In the US, metals mining is the leading contributor of toxic emissions to the environment.2 And in countries such as Ghana, Romania, and the Philippines, mining has also been associated with human rights violations, the displacement of people from their homes, and the disruption of traditional livelihoods.
  • Collaboration Will Help Mine Realize Full Value

    Collaboration Will Help Mine Realize Full Value

    CAT ® MINESTAR™ NEWMONT EXPANDS USE OF COMMAND COLLABORATION WILL HELP MINE REALIZE FULL VALUE SITUATION Leeville mine,* Newmont Nevada’s largest underground After a 3-month head-to-head trial of mine, produces about 450,000 ounces of gold each year. An early adopter of technology and automation, LHD automation systems, Newmont Newmont had long ago installed a line-of-sight remote determined Cat® MineStar Command system for Load Haul Dump (LHD) loaders and in 2012 began a journey to semi-autonomy with the introduction was its system of choice. of Cat® MineStar™ Command for underground, running on Cat LHDs. This semi-autonomous system was operated from Remote Operator Stations (ROS) housed in mobile underground trailers. OPPORTUNITY Operators embraced the system and enjoyed the more comfortable operating environment of the ROS. The site In 2016, Newmont initiated a head-to-head trial of LHD saw productivity increases thanks to the co-pilot and automation systems, comparing Cat Command to a autopilot functionality as well as the ability to tram in competitive system that runs on Cat machines. After a second gear. three-month pilot, Newmont determined that Command But Leeville was unable to realize the full benefit of its was its system of choice, primarily due to its multiple investment in the system. A mixture of issues with machine control capabilities and the ability to function on system reliability, machine size, ground conditions and the mine’s existing third-party digital network. an unreliable WiFi network eroded the operation’s Newmont agreed to install Command on Leeville’s confidence with the system — and ultimately led to existing R1600G LHDs and move operations from the underutilization of Command.