Gold  $ 1,265.83 -21.57 -1.68% Volume: September 2, 2014
ABX NYSE  $ 17.86 -0.53 -2.88% Volume: 8,554,642 September 2, 2014
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history
  • Headframe at Renabie, Ontario, 1983Barrick Gold Corporation’s first acquisition was a half-interest in Renabie, a gold mine in Northern Ontario. Shortly thereafter, Barrick debuted on the Toronto Stock Exchange. Barrick’s strategy was growth by acquiring existing gold properties and a focus on high quality, profitable ounces.
  • Barrick acquires Camflo Mines, 1984The purchase of Camflo included a mine near Val-d’Or in Quebec was significant as the mine possessed a high quality and lucrative ore body.
  • Bob SmithThe acquisition of Camflo Mines was significant not only because of its rich ore body but because the acquisition included Bob Smith, one of the most astute and experienced miners in Canada. Smith became president of Barrick and spearheaded the company’s expansion into the United States.
  • Mercur Acquistion, 1985A year after acquiring the Mercur mine in Utah, Barrick was able to double reserves. Within eighteen months, the mine was worth five times what Barrick had paid for it.
  • Mercur AutoclaveAt the Mercur mine, Barrick utilized autoclaves on a scale never seen before in the gold industry, to dramatically speed up the gold recovery process. Gold recovery increased from 35% to 85%.
  • Peter Munk, Bob Smith and Dr. Brian MeikleOverlooking the Betze-Post pit at Goldstrike, Nevada. The acquisition of Goldstrike, in 1986, had a profound impact on Barrick. The Goldstrike mine is located on the Carlin Trend, the most prolific gold mining district in the Western Hemisphere.
  • Barrick debuts on the New York Stock Exchange, 1987A historic day, enjoyed by William Birchall (center left), Peter Munk (center) and Bob Smith (center right).
  • Peter Munk at El Indio mine site, Chile, 1995In 1994, Barrick made a major entry into South America with the purchase of Lac Minerals. The purchase of Lac included properties in El Indio, Chile, Pascua-Lama in Chile and Argentina, and a 40% interest in the Veladero project in Argentina.
  • A maintenance team at work, Pierina, Peru, 1996The Pierina mine was acquired in 1996 as Barrick expanded its presence in South America with the purchase of Arequipa Resources. Pierina is one of the lowest cost mines in the world and one of Barrick’s most profitable.
  • Mine operators at Bulyanhulu, TanzaniaIn 1999, Barrick expanded into Africa through the purchase of a number of properties in Tanzania, including the Bulyanhulu Gold Project from Sutton Resources.
  • Surveying in NevadaA surveyor pounds in a stake to identify a significant point of interest.
  • Lagunas Norte exploration, 2002Barrick’s focus on exploration paid huge dividends with the massive gold discovery at Lagunas Norte, Peru. Lagunas Norte was the largest greenfields discovery in the industry in over a decade as was the result of diligent, relentless exploration.
  • The open pit at Granny Smith, Western AustraliaIn 2001, Barrick merged with Homestake Mining Company and added mines in North America, South America and Australia to its portfolio.
  • Native plant nursery, Pueblo Viejo, Dominican Republic, 2011As much as possible, land is recontoured and replanted after it is no longer required for active mining, even as active mining continues on other parts of the site. Reclamation and monitoring are always part of mine closure.
  • The pit at Porgera, Papua New GuineaThe acquisition of Placer Dome in 2006 added twelve mines and four major projects, transforming Barrick into the world’s largest gold producer. Mines were added in the United States, Australia, Chile, South Africa, Tanzania and Papua New Guinea.
  • Lumwana, ZambiaIn 2011, Barrick purchased Equinox Minerals, including the Lumwana mine in Zambia, which produces copper.
  • Copper processing plant at Zaldivar, Chile
  • Pascua-Lama, processing plant site, Argentina, 2012Pascua-Lama is expected to be one of the world's largest, lowest cost mines.
  • Stockpile at Kanowna mine, Western Australia, 2008A stockpile of ore awaits processing.
  • Gold pourBarrick marks its 30th anniversary in 2013. Our vision is to be the world's best gold mining company by operating in a safe, profitable and responsible manner.

2013

Barrick met its gold production guidance for the 11th straight year in 2013 and maintained the lowest all-in sustaining gold costs of its peer group. As part of the disciplined capital allocation framework adopted in mid-2012, the company executed a number of initiatives to prioritize free cash flow and profitable production, including:

  • Calculated 2013 reserves and life-of- mine plans at a conservative gold price assumption of $1,100 per ounce;
  • Implemented a flatter organizational model that supports operational excellence;
  • De-levered its balance sheet with a $3.0 billion equity offering;
  • Temporarily suspended construction of the Pascua-Lama project; and
  • Sold several non-core assets to optimize its portfolio for a total consideration of about $1.0 billion.

Under this comprehensive plan to strengthen the company, Barrick became a leaner, more agile organization, better protected against downside gold price risk, and well positioned to take advantage of gold price upside and attractive investment opportunities going forward.

The company retained its listings on the Dow Jones Sustainability World and North America indexes for the sixth and seventh consecutive years, respectively.

In December 2013, Barrick announced that its Founder and Chairman, Peter Munk, would retire as Chairman and step down from the Board of Directors at the company’s 2014 Annual General Meeting (AGM). John Thornton, who joined Barrick as Co-Chairman in 2012, will become Chairman following the 2014 AGM.

 

2012

In 2012, Barrick renewed its focus on maximizing shareholder value under a disciplined capital allocation framework to guide decision-making. This strategy and approach can be summed up as: Returns will drive production; Production will not drive returns.

Barrick’s Board of Directors authorized a quarterly dividend of 20 cents per share1 in the first quarter of 2012, which equates to 80 cents per share on an annualized basis. This represented a 33% increase from the previous quarterly dividend of 15 cents per share. Over the last six years, Barrick has had a consistent track record of returning capital to shareholders, increasing its dividends by more than 260%.

Construction of the new Pueblo Viejo mine in the Dominican Republic was completed on schedule and within capital guidance. First gold was poured in August 2012.

 

2011

2011 marked another successful year for Barrick. Gold production of 7.7 million ounces at total cash costs of $460 per ounce met original guidance as Barrick’s high quality portfolio and effective cost management programs enabled the Company to deliver on its operating targets for the ninth successive year.

As a result of Barrick's positive outlook on the gold price, the Company's strong financial position and robust operating cash flow, Barrick’s Board of Directors authorized an annual dividend increase from $0.48 per common share to $0.60 per common share 1 in October, 2011. Over the last five years, Barrick has had a consistent track record of returning capital to shareholders, increasing its dividends by more than 170% 2 on a quarterly basis.

In September 2011, Barrick announced two significant gold discoveries on our 100%-owned Cortez property in Nevada. Further infill drilling between the deposits showed that they merge into a single deposit. Known as Goldrush (formerly known as Red Hill-Goldrush), the deposit is located on highly prospective ground, six kilometers southeast of the Cortez Hills mine and 24 kilometers southeast of the Pipeline mine.  A total of 468,000 feet of drilling ($64 million) is planned at Goldrush in 2012 to test the full extent of the mineralized system and further expand and upgrade the resource base and a scoping study has commenced.

In April 2011, Barrick announced an offer to acquire all of the issued and outstanding common shares of Equinox Minerals Limited for an all-cash offer of C$8.15 per share. This strategic, all-cash transaction, was accomplished without issuing equity or diluting our shareholder’s exposure to gold and added two attractive copper assets — Lumwana and Jabal Sayid — to our portfolio.

 

2010

In 2010, Barrick met its original operating guidance for higher gold production and lower cash costs than in 2009. The Company produced 7.8 million ounces of gold at total cash costs of $457 per ounce or net cash costs of $341 per ounce and produced 393 million pounds of copper at total cash costs of $1.11 per pound.

The average gold price increased 26% in 2010 while full year adjusted net income rose 81% to $3.28 billion and adjusted operating cash flow increased 65% to $4.78 billion from 2009, demonstrating the Company's exceptional leverage to the gold price. Full year adjusted net income translated to a higher return on equity of 19% from 12% in 2009. Reported net income and operating cash flow in 2010 were $3.27 billion and $4.13 billion, respectively.

Barrick was added to the Dow Jones Sustainability Index – World for the third consecutive year in 2010 and maintained its listing on the Dow Jones Sustainability Index – North America, for the fourth year in a row. Barrick also became the only Canadian mining company to be ranked among the top 100 companies in the world for its sustainability and performance by the NASDAQ OMX CRD Global Sustainability Index.

Other significant milestones in 2010 include: the creation of African Barrick Gold (ABG), an Africa-focused company, in which Barrick holds a 73.9% interest; the acquisition of an additional 25% interest in the Cerro Casale Project in Chile for an aggregate 75% ownership; the completion of the Cortez Hills project in Nevada; the advancement of the world-class Pueblo Viejo and Pascua-Lama projects; and the move from semi-annual dividend policy to a quarterly dividend policy with a 20% increase in annual dividend.

 

2009

In 2009, Barrick met its original gold and copper production and cost targets and achieved some significant milestones. In addition to delivering the Buzwagi mine on time and on budget, Barrick significantly advanced its Pueblo Viejo project and advanced its Pascua-Lama project into construction. During 2009, Barrick also grew the industry’s largest reserves which are now 100% unhedged with the elimination of the Gold Hedges in the last quarter of 2009. The Company reported record adjusted net income of $1.8 billion and record adjusted operating cash flow of $2.9 billion, up 9% and 29% over 2008, respectively.

Barrick was added to the Dow Jones Sustainability Index – World in 2009 for the second consecutive year and maintained its listing on the Dow Jones Sustainability Index – North America for the third year in a row. The Company also achieved a 25% reduction in lost time injury rates over 2008.

 

2008

In 2008, Barrick met original gold production guidance and generated record operating cash flow of $2.2 billion. Early in the year, the Company acquired the remaining 40% interest in the highly prospective Cortez property in Nevada. Three advanced projects, Buzwagi, Cortez Hills, and Pueblo Viejo, are in construction and are expected to contribute lower cost production over the next three years.

 

2007

In 2007, Barrick met original production and cost guidance, and expanded its project pipeline with the addition of a 51% interest in the large gold-copper deposit, Cerro Casale, from the acquisition of Arizona Star.

The Company also expanded its footprint in the highly prospective region of Papua New Guinea with the purchase of an additional 20% stake in the Porgera mine (bringing total ownership to 95%) and an exploration land package of more than 5,300 square kilometers.

 

2006

In 2006, Barrick acquired Placer Dome Inc., adding twelve new mines and a number of advanced exploration and development projects to its global portfolio. The combined Company has the size, scale and financial strength to capitalize on industry opportunities and deliver value from its assets, people and projects.

 

2005

In 2005, Barrick met its original production and cash cost targets and completed development of three new mines on schedule and largely within budget, and continued to make progress with its other development projects. These new mines made a significant contribution to production, earnings and cash flow for the Company.

 

2004

In 2004, Barrick met its original production and cash cost targets and made significant progress with its development projects. During 2004, the Company also increased reserves through the continued success of its exploration and district-development strategies.

 

2003

In 2003, Barrick met its production and total cash cost targets for the year, advanced its development projects, and implemented a new organization design using Regional Business Units in keeping with the Company’s growing global footprint.

 

2002

In 2002, Barrick announced a significant grassroots discovery, Lagunas Norte, on its Alto Chicama District in north-central Peru, which it had acquired earlier. The Company also created a unified district, the Frontera District, which straddles the Chile-Argentina border and contains both Pascua-Lama and Veladero. Pascua-Lama is one of the largest undeveloped gold and silver mining properties in the world.

 

2001

In 2001, Barrick merged with Homestake Mining Company, and added mines in North America, South America and Australia to its global portfolio. The Australian assets included Kalgoorlie Consolidated Gold Mines (KCGM), a joint venture property, plus three operating mines and the Cowal Property, currently in development. The Barrick-Homestake merger created a combined company with the industry’s only A-rated balance sheet, a portfolio of large, low-cost properties, and commanding land positions in prolific gold-producing regions of the world.

 

2000

In 2000, in an extension of its district development approach, Barrick acquired Pangea Goldfields Inc., a mining exploration company with properties in Tanzania, Canada and Peru. As part of the acquisition, the Company acquired a 70 percent interest in the Tulawaka exploration property, located 200 road kilometres from the Bulyanhulu Mine. Barrick took Tulawaka through the development phase, and brought it into production in first quarter, 2005.

 

1999

In 1999, Barrick expanded to Africa, acquiring Sutton Resources Ltd., an exploration company with mineral properties in Tanzania, including the Bulyanhulu Gold Project. At the time of acquisition, the project’s gold reserves were 3.8 million ounces. Eighteen months later, Barrick had increased reserves to 10 million ounces and currently stands at 10.6 million ounces. Bulyanhulu began production in April 2001.

 

1996

In 1996, Barrick expanded its South American presence, acquiring Arequipa Resources Ltd., which had exploration properties in Peru, including Pierina. Within four months, Barrick had confirmed 6.5 million ounces of gold into reserves. Pierina began production in November 1998.

 

1994

In 1994, in a move aimed at ensuring growth in reserves and production, Barrick expanded beyond its North American base when it acquired Lac Minerals, Ltd., an international gold mining company with operating mines in Canada, the United States and Chile. The acquisition gave Barrick control of the El Indio Belt and an interest in the Veladero Project in Argentina.

 

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January 1, 2013 files/design/bodybg/history.jpg
Company > History
  1. The amount and timing of any dividends is within the discretion of Barrick’s Board of Directors. The Board of Directors reviews the dividend policy quarterly based on Barrick’s current and projected liquidity profile.

  2. Calculated based on converting the 2006 semi-annual dividend of 11 cents per share to a quarterly dividend. 
Barrick Gold Corporation