Barrick Gold

Toronto, Canada based company Barrick Gold is the largest gold mining company in the world, which also deals in large quantities of Gold, Silver and Copper. They currently have bases in several major regions, including Africa, Australia, Canada, the United States and South America. Between 2004 and 2007 they won 13 environmental awards for their mining practices, but many have seen this as public relations hype and still criticize their methods.

Judging from 2006 statistics, that year Barrick Gold produced over 8.6 million ounces of gold, resulting in revenue of $282 per ounce, which is more than their competitors Goldcorp. As of 2007 their net income is $1,119 million, and they employ over 20,000 employees across all of their projects. Data suggests that their total gold reserves are around 138 million ounces. In 2009, Barrick Gold is projected to mine 7.2 to 7.6 million ounces of gold, with a cash equivalent of $450 to $475 per ounce. Their copper operations are predicted to reach over 375 million units.

Barrick Gold’s current operations and mines include more domestic locations such as the United States and Canada, and projects further afield, including Papua New Guinea, the Dominican Republic, Australia, Chile, Russia, South Africa, Peru, Pakistan, Tanzania and Argentina.

Because a lot of their projects are located in poorer countries, human rights groups see Barrick Gold as taking advantage of the cheap workforce available and not giving back to the communities from which they mine their gold. They have been accused of several unethical practices such as cyanide leach tailing, and deliberate mercury exposure to their workers. In 2009 they were refused by The Government Pension Fund of Norway, after they deemed them "an unacceptable risk of contribution to ongoing and future environmental damage." The GPFN is one of the largest Sovereign Wealth Funds in the world, so it was seen as a big setback to Barrick.

Their current hierarchal structure puts their founder and chairman Peter Munk at the top, with Aaron Regent as CEO, Peter J. Kinver, COO, and Jamie C. Sokalsky, CFO.

Copyright © 2015 All rights reserved.| Privacy | About | Contact