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  • Pages
  • Editions
01 Cover
02 Welcome Letter / Sections
03 Article & Interview Directory
04 Section 1: Introduction
05 Introduction to Mining in Ontario
06 Government of Ontario Interview
07 Ontario Mining Association (OMA) Interview
08 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Interview
09 Navigating Uncertainty
10 Ormston List Frawley LLP Interview
11 PDAC Interview
12 Section 2: Production and Development in Ontario
13 Production in Ontario
14 Map of Ontario Mines
15 Newmont Interview
16 Barrick Gold Interview
17 Wesdome Gold Mines Interview
18 Alamos Gold Interview
19 Evolution Mining Interview
20 A New Wave of Ontario Gold Mines
21 Argonaut Gold Interview
22 Equinox Gold Interview
23 Industry Thoughts: Production and Development in Ontario
24 Section 3: Mining Finance
25 Mining Finance and Investment
26 Insights from the Toronto Stock Exchange
27 PearTree Securities Interview
28 Triple Flag Interview
29 Red Cloud Securities Interview
30 IBK Capital Interview
31 Stifel Interview
32 Roth Canada Interview
33 Industry Thoughts: Mining Finance Trends
34 Section 4: Toronto's Global Reach
35 Toronto’s Global Reach
36 Toronto's Global Reach Map
37 Rupert Resources Interview
38 Eloro Resources Interview
39 Industry Thoughts: Global Operations Based in Ontario
40 Eyes on Latin America
41 Torex Gold Resources Interview
42 Minera Alamos Interview
43 Sable Resources Interview
44 Section 5: Junior Exploration
45 Junior Exploration
46 Great Bear Resources Interview
47 Exploring Across Canada
48 O3 Mining Interview
49 Purepoint Uranium Group Interview
50 ALX Resources Interview
51 Industry Thoughts: Gold Juniors Have Their Say
52 Gold Juniors Replacing Depleting Resources
53 Moneta Gold Interview
54 Goldshore Resources Interview
55 Galleon Gold Interview
56 Element79 Gold Interview
57 Signature Resources Interview
58 Section 6: ESG and the Battery Materials Supply Chain
59 Transition Metals on the Rise
60 Conquest Resources Interview
61 Generation Mining Interview
62 Inventus Mining Interview
63 Noble Mineral Exploration Interview
64 The Move to Combat Climate Change Gathers Pace
65 Insights from Onyen Corporation
66 Thorn Associates Interview
67 Leading the Charge
68 Electra Battery Materials Interview
69 Frontier Lithium Interview
70 Industry Thoughts: Entering The Transition Economy
71 The Battery Material Supply Chain
72 ION Energy Interview
73 Clean Air Metals Interview
74 Section 7: Services, Technology and Innovation
75 Engineering, Construction & Consultancies
76 Ausenco Interview
77 Cementation Americas Interview
78 PCL Construction Interview
79 Redpath Mining Interview
80 Technological Advancements & Innovation
81 Industry Thoughts: Canadian Associations
82 EY Interview
83 Maestro Digital Mine Interview
84 Centric Mining Systems Interview
85 Industry Thoughts: OEMs Have Their Say
86 Drone Delivery Canada Interview
87 Sofvie Interview
88 Novamera Interview
89 Industry Thoughts: Paving the Way for ESG Reporting
90 Section 8: Company Profiles
91 Wesdome Company Profile
92 ION Energy Company Profile
93 PearTree Securities Company Profile
94 Ormston List Frawley Company Profile
95 Maestro Digital Mine Company Profile
96 Sofvie Company Profile
97 Credits

Mark Bristow, President and CEO,

BARRICK GOLD

"Our pipeline, whether it is the work we are doing in the Veladero Pascua-Lama region, advancing Donlin Gold in Alaska, or the various frontiers that we have opened such as Egypt, Japan and Guyana, means the company’s future is in good shape."

What did Barrick’s Q3 2021 results show you about progress made since the Randgold merger?

After the Barrick/Randgold merger, Nevada Gold Mines (NGM) was established, we took Acacia private, and sold Sabodala to Teranga (before the Endeavour merger). From the initial discussions with John Thornton in 2015 we had a strategic plan based upon flattening the structure and focusing on the Randgold model whereby the operations own the orebodies, have a responsibility to unlock their value, and importantly, are able to respond quickly to changes.

Barrick’s Q3 results show that we have been able to deliver on our strategy of focusing on the best assets, fixing the balance sheet and ensuring our social license to operate, even though the environment changed around us. If we have a challenging next seven years, like we had from 1992 to 1999, Barrick will still do well because we are fundamentally profitable. We run our business on US$1,200/oz Au and have a significant amount of net cash. This makes us independent of the market, and means the responsibility of creating value sits with management.

Another key aspect highlighted in Q3 was Barrick’s focus on exploration. We replaced more than 70% of the gold we have mined in the last two years, and in 2021 we will replace all the gold we mined. Our pipeline, whether it is the work we are doing in the Veladero Pascua-Lama region, advancing Donlin Gold in Alaska, or the various frontiers that we have opened such as Egypt, Japan and Guyana, means the company’s future is in good shape.

You have been outspoken about Barrick’s intention to increase its portfolio in Canada. What type of asset are you looking for?

We look to consolidate significant land packages that we can put geological models to, and then commit to investing in exploration. I have no doubt that Canada has the potential to still deliver significant discoveries.

The criticism I have of the current breed of fund managers is that they keeping forcing the gold industry into short-term trading. They do not work with the industry to consolidate good assets under quality management. You have too many managers managing too few assets. Assets are rarely high quality when they get discovered or announced, and are forced into deals at inappropriate times, after the heart of the deposit has been mined out. As a result, mines get taken out at the top of the market because of necessity, at a higher price than they’re worth. We were keen on a number of assets, but saw them become too expensive so their value eroded. Considering this context, we decided that if we cannot find mines to buy that fit our criteria, let’s build mines ourselves.

What is the status of the transition to underground mining at Hemlo?

Hemlo has very high grades and is a mine that made money in spite of what people did with it. It was one of our assets that needed the most fixing, and one that was impacted the most be Covid. We decided to close the pit and bring in Australian contractors to retrain the workforce, but lockdowns in Canada and Australia have delayed this process. However, we have not stopped drilling to increase reserves and resources.

On the topic of ESG, what benefits have you seen when empowering local workforces?

I grew up in South Africa under apartheid, and know that you cannot put a value on the liberation of people. People speak about the “E” component until they are blue in the face, but I call the S in ESG “the silent S” because no one talks about it. When you build a mine you do not really own it, you are renting a national asset – the natural resource endowment of a country. If you cannot create value out of it, then you shouldn’t develop it, because that’s theft. If you can create value, that value should be part of a pie that is shared with local communities and the people of the host country. As a public company, your responsibility to the silent S is enormous.

Next:

Interview: Wesdome Gold Mines