46 Acquisition International - April 2017 Barrick Gold Corporation is committed to building, operating and closing mines in a responsible manner, and is pleased to be a part of our popular Prominent Women in Business series of case studies. eadquartered in Toronto, Canada, Barrick is the world’s leading gold mining company, with mines and projects on five continents. Barrick was founded in 1983 by Canadian entrepreneur and philanthropist Peter Munk, and is headquartered in Toronto. The Company’s shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ABX. The firm’s vision is the generation of wealth through responsible mining - wealth for its owners, its people, and the countries and communities with which it partners. In 2016, Barrick produced 5.52 million ounces of gold at a cost of sales of $798 per ounce, and all-in sustaining costs of $730 per ounce. More than 75% of the organisation’s gold production comes from the Americas region, including Argentina, Canada, Dominican Republic, Peru and the United States. The company also has mining operations and projects in Australia, Chile, Papua New Guinea, Saudi Arabia, and Zambia. At the end of 2016, Barrick had proven and probable gold reserves of 85.9 million ounces (2.0 billion tonnes, grading 1.33 grams per tonne). Barrick aims to cultivate a high-performance culture defined by the following principles: a deep commitment to partnership, consistent execution, operational excellence, disciplined capital allocation, and continual self-improvement. The firm is obsessed with talent, and seeks out fresh perspectives from other industries, challenging ourselves to think differently as we transform Barrick into a leading 21st century company. One of the company’s many success stories is Rhonda Maio, who today is one of only two Porgeran women to hold a university degree and currently holds the position of Project Accountant at Barrick Gold Corporation. Rhonda, a native of the remote Pulumani Clan village, was accepted to study Business and Accounting at the Pacific Adventist University in 2001. A year later, she found herself struggling financially and applied for assistance from the mine. The company awarded her a sponsorship Company: Barrick Gold Corporation Name: Rhonda Maio, Email:
[email protected] Web: www.barrick.com Address: Brookfield Place TD Canada Trust Tower 161 Bay Street, Suite 3700 P.O. Box 212 Toronto, Canada M5J 2S1 Phone: +1 416 861 9911 Heart of Gold H 1703AI102 package that included funding for tuition, boarding, textbooks and even pocket money. Rhonda was also given the opportunity to work at the mine during her school holidays. “I wouldn’t be where I am today if it wasn’t for the assistance I received,” she said. Rhonda tells us more about the firm’s approach to responsible mining. “Our commitment to responsiblemining is supported by a robust governance framework, setting out the company’s approach to and expectations of employees, suppliers, and contractors, in the conduct of their daily work,” she explains. At the core of this framework is the Code of Business Conduct and Ethics and supporting management systems, programs and policies. These provide a common standard by which all sites are expected to operate—from community, health, environmental, safety, security, human rights, and ethical perspectives, and help bring Barrick’s Vision and Values to life. “The Code and supporting systems and programs are complemented by Board- and executive-level oversight, as well as expert advice from our external CSR Advisory Board, to ensure we are staying true to our commitment to mining in a responsible manner.” Barrick’s Board of Directors is responsible for the stewardship of the company and for oversight of the management of its business affairs, while the senior management is responsible for the management and day-to-day operation of the company. The firm’s obligations, expectations and intentions are codified in its Vision and Values and the Code of Business Conduct and Ethics, and they are reinforced regularly at all levels of the company. Barrick’s ultimate objective is to grow its free cash flow per share over the long term. It aims to do so by: maintaining and growing industry-leading margins, increasingly driven by innovation and digital transformation; managing its portfolio and allocating capital with discipline and rigor; and leveraging its distinctive partnership culture as a competitive advantage. Barrick is guided by John Templeton’s words: “If you want superior performance, you must be different.” It is part of Barrick’s DNA to be intentionally different. Today the firm is embodying that DNA in a way that is all the more relevant by embracing innovation and making the best use of technology and data, “I wouldn’t be where I am today if it wasn’t for the assistance I received,”