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Sustainability > Our Approach

Non-managed Operations

Barrick holds interests in a number of companies and joint ventures (JVs) that 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)
Reported on in Barrick’s sustainability-related disclosures
Wholly Owned / Operated

Cortez
Goldstrike
Golden Sunlight
Hemlo
Lagunas Norte
Pierina (in closure)
Lumwana

Pascua-Lama
Goldrush
Alturas
Reported
Joint Venture - Barrick-operated Pueblo Viejo (60%)
Turquoise Ridge (75%)
  Reported (100% basis)
Joint Venture -Not operated by Barrick Jabal Sayid (50%)
Porgera (47.5%)
Veladero (50%)
Donlin Gold (50%) Information shared on behalf of JVs (100% basis); data is not included in Barrick totals unless otherwise indicated.
Joint Venture - Partner-operated KCGM (50%)
Zaldivar (50%)
Norte Abierto (50%)
Kabanga (50%)
No
Affiliate-Operated Acacia Mining plc (63.9%) (Bulyanhulu, North Mara, Buzwagi)   No

Joint Ventures Not Operated by Barrick
or Joint Venture Partner

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:

  • Veladero: Veladero is a 50 –50 joint venture operation with Shandong Gold Group, overseen by a joint Board of Directors, consisting of three nominees nominated by each JV partner.
  • 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. The remaining 5% interest in the Porgera Joint Venture is held by Mineral Resources Enga and is divided between the Enga Provincial government (2.5%) and local landowners (2.5%).
  • 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 (also known as 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 JVs not operated by Barrick, the Company 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, modeled after Barrick’s Corporate Responsibility Committee. We have encouraged BNL and other JVs, in which we have an ownership interest but which are not operated by Barrick, to institute appropriate policies and practices regarding ethics and compliance, health and safety, environment, community relations, and human rights, among other issues. We also request immediate reporting of significant incidents to the BNL Board and regular reporting on its programs.

Veladero

The Veladero mine in Argentina is a 50/50 joint venture operation with Shandong Gold Group.

Partner-Operated Joint Ventures

Barrick also has interests 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); a 50 percent stake in the Zaldívar mine (operated by Antofagasta PLC); and a 50 percent stake in the Norte Abierto project (formerly Cerro Casale) in Chile (operated by Goldcorp Inc.). 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.

Zaldívar

Barrick holds a 50 percent stake in the Zaldívar mine (operated by Antofagast PLC).

Affiliates (Acacia Mining Plc)

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

The LSE requires that premium-listed companies (such as Acacia) be independent of majority shareholders (such as 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 have a right to appoint three of the eight Board members to exercise influence accordingly through Board participation (although currently Barrick has appointed two Board members).

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 discuss specifically 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.

North Mara

Acacia operates three mines in Tanzania – the Bulyanhulu, Buzwagi, and North Mara (pictured) mines.