Barrick Gold
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| Public company | |
| Traded as | : ABX : ABX S&P/TSX 60 component |
| Industry | Metals and Mining |
| Founded | 1983 |
| Founder | Peter Munk |
| Headquarters | Toronto, Canada |
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Key people
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John L. Thornton (Executive Chairman Kelvin Dushnisky (President) |
| Products | Gold Silver Copper |
| Website | www.barrick.com |
Barrick Gold Corporation is the largest gold mining company in the world, with its headquarters in Toronto, Ontario, Canada. Barrick is currently undertaking mining projects in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States and Zambia. For 2013, it produced 7.2 million ounces of gold at all-in sustaining costs of US $915/ounce and 539 million pounds of copper at C1 cash costs of $1.92/pound. As of December 31, 2013, its proven and probable mineral reserves were 104.1 million ounces of gold, 888 million ounces of silver contained within gold reserves, and 14.0 billion pounds of copper.
On January 20, 2006, Barrick acquired a majority share of Placer Dome. The production of the combined organization moved Barrick to its current position as the largest gold producer, ahead of Newmont Mining Corporation.
In 2016 Barrick produced 5.52 million ounces of gold at all-in sustaining costs of $730 per ounce. Copper production for the year totaled 415 million pounds at all-in sustaining cash costs of $2.05 per pound.
Barrick Gold Corporation evolved from a privately held North American oil and gas company, Barrick Resources. After suffering huge financial losses in oil and gas, principal Peter Munk decided to focus on gold. Barrick Resources Corporation became a publicly traded company on May 2, 1983, listing on the .
The company’s first acquisition was the Renabie mine, near Wawa, Ontario, which produced around 16,000 troy ounces (0.50 t) of gold in 1984, but its best year was 1990 with 48,000 ounces produced. In 1984, Barrick acquired Camflo Mining, which had operations in the province of Quebec and in the U.S. state of Nevada. Barrick’s effort to purchase was slowed by skepticism the company could assume Camflo’s debt of around $100 million. The sale was finalized in May 1984, with terms that obligated Barrick to repay the debt to The Royal Bank of Canada within one year. The debt was fully paid in January 1985.
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Wikipedia