Barrick Gold Corporation

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Recommended: Environmental management in mining

Barrick Gold Corporation is among the largest gold mining companies in the world, with their headquarters in Toronto, Ontario, Canada. The co-founder and the chairman of the company is known as Peter Munk, while Jamie C. Sokalsky is the President and the Chief Executive Officer of the Company. One of the visions of the company is to be the world’s best Gold mining company operating in a safe, profitable and responsible manner. Part of the key to success is due to its ability to maintain cash flow, while improving production and increasing its reserves of gold-containing property, thus making Barrick to achieve a record growth in cash flow, production and reserves (www.barrick.com). Some of the social investors who fund the company include The Canadian-based Ethical Funds Company and the Norwegian pension Fund who excluded their funds from the company in February 2009 for ethical reasons (Botchway, 2011).
Barrick Gold Corporation has separate regional business units in Africa, South America, Australia and North America. In 2006, Barrick Company achieved a majority share of a large mining company specialized in special metals such as Gold with its headquarters in Vancouver, Canada. In other words, Placer Dome Company was purchased by Barrick Gold in 2006, making it the largest gold producer company. In our case study, we are going to focus on two mining sites for Barrick Gold Company, one in Africa (Tanzania), and the other one near Australia in a place called (New Guinea Papua). According to John an author, most of the mining companies associated with mining Gold and other precious metals have bad reputations such as displacement of the local communities, contamination of nearby water sources leading to fish kills in large number...

... middle of paper ...

...n water, sponsor training and income generating programs and provide electricity to the rural poor who can’t afford. If all companies in the world could adopt such measures and set aside some funds in their annual budget so as to help the neighboring local communities, poverty could be eliminated almost completely thus leading to sustainable development.

References:
Botchway, F. N. (2011). Natural resource investment and Africa's development. Cheltenham [u.a.: Elgar.
Dashwood, H. S. (2012). The rise of global corporate social responsibility: Mining and the spread of global norms. http://www.barrick.com/company/profile/default.aspx http://www.theglobeandmail.com/report-on-business/rob-magazine/barricks-tanzanian-project-tests-ethical-mining-policies/article559188/?page=all.
Sherwin, D.S. (1983). The ethical roots of the business system. Harvard Business Review.

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