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Non-managed Operations

Barrick holds interests in a number of companies and joint ventures (JV) which it does not operate. As part of our commitment to partnership, we believe in working with our JV partners and affiliates to foster, support, and encourage sustainable business practices. While our programs and policies do not always extend to those sites and operations we do not operate, we seek to influence management action, for example, through contractual rights and Board membership. That may mean conducting or advocating for audits and assessments, pressing for compensation structures to reflect our priorities, seeking reports on incidents, engaging over aspects of their human rights programs, seeking regular progress reports, asking for details on training and stakeholder engagements, and through other efforts.

Summary of Mine Ownership and Operatorship

Ownership / Operatorship Mine (% Ownership) Project (% Ownership)
Wholly Owned / Operated* Cortez
Golden Sunlight
Lagunas Norte
Pierina (in closure)
Joint Venture - Barrick-Operated* Pueblo Viejo (60%)
Turquoise Ridge (75%)
Cerro Casale (75%)
Fedorovo (79%)
Joint Venture -Independently Operated Jabal Sayid (50%)
Porgera (47.5%)
Veladero (50%)
Donlin Gold (50%)
Joint Venture - Partner-Operated KCGM (50%)
Zaldivar (50%)
Affiliate-Operated Acacia (63.9%) (Bulyanhulu, North Mara, Buzwagi) Kabanga (50%)

* Reported on in full in Barrick's sustainability-related disclosures

Independently Operated Joint Ventures

Barrick has a stake in a number of operations and projects in which a separate entity manages the site on behalf of the owners. These include:

  • Porgera: Barrick (Niugini) Ltd. (“BNL”) is the 95% owner of the Porgera Joint Venture and is the manager of the operation. Barrick Gold Corporation and Zijin Mining Group each own 50% of BNL and hence each own 47.5% overall.
  • Donlin: Barrick and NOVAGOLD Resources Inc. have formed a jointly owned limited liability company, Donlin Gold LLC, which is advancing the project on their behalf.
  • Jabal Sayid: Barrick formed a joint venture company, Ma’aden Barrick Copper Company (“MBCC”), with Saudi Arabian Mining Company (“Ma’aden”) to operate the Jabal Sayid project. Ma’aden is 50% owned by the Saudi Arabian government. Barrick and Ma’aden own equal shares in MBCC.

In independently operated JVs, Barrick uses its presence on the Board of Directors of the managing company to convey its expectations to management and seeks to exercise its influence for responsible mining practices. For example, we used our influence to encourage BNL to establish a sustainability committee of the Board, modelled after Barrick’s Corporate Responsibility Committee. We have encouraged BNL to institute appropriate policies and practices regarding ethics and compliance, health and safety, environment, community relations, and human rights, among other issues at the independently operated JVs in which we have an ownership interest. We also request immediate reporting of significant incidents to the BNL Board and regular reporting on its programs.

Partner-Operated Joint Ventures

Barrick also has stakes in mines that are operated by a JV partner. These include a 50 percent stake in the Kalgoorlie Mine in Australia (operated by Newmont Mining Corporation) and a 50 percent stake in the Zaldivar mine (operated by Antofagasta PLC). In such arrangements, Barrick uses its presence on the Board of Directors of the JV to convey its expectations to management and seek to exercise its influence for responsible mining practices.

Affiliates (Acacia Mining Plc)

Acacia is a fully independent company, listed on the London Stock Exchange (LSE), operating with its own management team and a Board of Directors comprised of a majority of Directors who are independent of Barrick. Barrick owns 63.9% of Acacia Mining Plc.

The LSE requires that premium-listed companies (like Acacia) be independent of majority shareholders (like Barrick, in this case), with all dealings being independent, at arm's-length, and otherwise in compliance with the UK Corporate Governance Code. The LSE established these rules to protect the interests of minority shareholders. These rules do give Barrick rights to information, and we can appoint three of the eight Board members to exercise influence accordingly through Board participation.

However, the rules explicitly prohibit Barrick from exercising strategic control or directing Acacia’s day-to-day activities and outcomes, and require a relationship agreement to specifically discuss how consistency with the LSE and UK Corporate Governance Code requirements are met.

Within the context of this arm's-length relationship, Barrick seeks to use influence on a number of matters, including its policies and programs related to human rights, and its environmental practices around tailings impoundments.