Last C$11.99 CAD
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barrick gold corp (ABX) Snapshot

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02/25/14 - C$23.78
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barrick gold corp (ABX) Details

Barrick Gold Corporation produces and sells gold and copper. It is also involved in exploration and mine development activities. The company holds interests in various properties located in the United States, Zambia, Chile, Dominican Republic, Argentina, Tanzania, Canada, Saudi Arabia, Australia, Papua New Guinea, and Peru. As of December 31, 2013, the company had proven and probable mineral reserves of 104.1 million ounces of gold and 14.0 billion pounds of copper. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

24,360 Employees
Last Reported Date: 03/31/14
Founded in 1983

barrick gold corp (ABX) Top Compensated Officers

Total Annual Compensation: $1.1M
Chief Financial Officer and Senior Executive ...
Total Annual Compensation: $825.3K
Compensation as of Fiscal Year 2013.

barrick gold corp (ABX) Key Developments

Barrick to Suspend Operations at Lumwana

Barrick Gold Corporation announced that the company will initiate procedures to suspend operations at the Lumwana copper mine in Zambia following the passage of legislation that raises the royalty rate on the country's open pit mining operations from 6% to 20%. The new taxation regime, which is expected to go into effect on January 1, 2015, eliminates corporate income tax, but imposes a 20% gross royalty on revenue without any consideration of profitability. In the meantime, the company will initiate procedures to transition Lumwana to care and maintenance. Major workforce reductions are planned to commence in March, following the legally required notice period. The transition to care and maintenance is expected to be completed in the second quarter of 2015.

Barrick Gold Corporation Completes Joint Venture Agreement with Saudi Arabian Mining Company

Barrick Gold Corporation announced the completion of its joint venture agreement with Saudi Arabian Mining Company for operating the Jabal Sayid copper mine in Saudi Arabia, signed in July 2014. Under the agreement, both Barrick and Ma'aden will own 50% of the joint venture. Ma'aden will acquire its 50% interest for cash consideration of $210 million. The project is expected to produce about 100 million pounds of copper in concentrate per year during its first full 5 years of operation, which could increase to 130 million. The mine is anticipated to operate for 15 years on the basis of 1.4 billion pounds of copper in proven and probable reserves as of December 31, 2013. The mine is likely to be a low cost one, which will produce high quality copper and is expected to start shipping low-cost concentrate in early 2016. It is anticipated to generate considerable cash flows. It will be beneficial to the local community by serving as a means of economic development. To extend the mine life, exploration work will be carried out within the mining license area and the exploration license area surrounding the mine.

Barrick Gold Corporation Announces Management Changes

Barrick Gold Corporation announced the appointment of Shaun Usmar as Senior Executive Vice President and Chief Financial Officer Designate. Mr. Usmar will join Barrick on November 24, 2014 and will become Chief Financial Officer on February 18, 2015 following the departure of Ammar Al-Joundi, who will be leaving Barrick after the announcement of the company's year-end results. Mr. Usmar will work with Mr. Al-Joundi until his departure to ensure a smooth transition. Mr. Usmar joined Xstrata in 2002 as a founding member of the leadership team that grew the company into diversified miners at the time of its acquisition by Glencore in 2013. Mr. Usmar was Chief Financial Officer of Xstrata Nickel from 2006-2013.


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