Engineering & Mining Journal

DEC 2018

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

Issue link: https://emj.epubxp.com/i/1062944

Contents of this Issue

Navigation

Page 50 of 115

CHINA MINING 2018 DECEMBER 2018 • E&MJ 49 www.e-mj.com potential Tier 1 assets under development," Lee said. "No other company in the world has more than one Tier 1 asset." Lee explained that Barrick's partnership culture extends outwardly and internally, which means partnerships in local commu- nities and other companies, such as Zijin and Shandong Gold in China. "Internally, everyone within the company owns stock and top executives cannot liquidate their shares until they retire," Lee said. "We re- ally own the company and we are building a leading gold company for the 21 st century." The new Barrick will have even more opportunities to partner with China and China's leading companies, Lee explained. Barrick is alone among major western gold companies that have made China one of the pillars in its future strategies. "Why?" Lee asked. "We believe fundamentally that no company in any industry in the 21 st century can be a leading enterprise without a close relationship of trust with China; China is not only the leading gold producer, but the largest gold consumer. Chinese companies have global ambitions and are demonstrat- ing an increasing ability to operate success- fully abroad. Our experience has shown Chinese partners share a long-term busi- ness orientation. Chinese partners give us the best insight to the best and most-com- petitive Chinese suppliers and sources of capital that do not exist elsewhere. Partner- ing with China can help reduce risk in other parts of the world where we operate. In 2015, Barrick partnered with Zijin at the Porgera gold mine in PNG. Last year the company developed a 50:50 partnership with SD-Gold at the Veladero gold mine in Chile. "On the day the Randgold merger was announced, both companies, Barrick and SD-Gold said they would buy $300 million in shares of each other's companies," Lee said. We also have a very close relation- ship with China National Gold." Looking toward the future, Lee said he wants to get to know Zhaojin Mining, China's fourth largest gold producer. The World's 10 Largest Gold Producing Countries (2017) Country .................................. Unit: mt 0 1 China .................................426.14 0 2 Australia.............................289.00 0 3 Russia ................................272.00 0 4 America .............................244.00 0 5 Canada...............................171.00 0 6 Peru...................................167.00 0 7 South Africa .......................157.00 0 8 Ghana ................................130.00 0 9 Mexico ...............................122.00 10 Indonesia ...........................114.00 China's 10 Largest Gold Producing Provinces (2017) Province ................................. Unit: mt 0 1 Shandong ...........................177.59 0 2 Henan ..................................85.53 0 3 Jiangxi .................................39.68 0 4 Hunan ..................................36.74 0 5 Yunnan ................................26.97 0 6 Inner Mongolia ......................21.89 0 7 Gansu ..................................20.52 0 8 Xinjiang ................................16.47 0 9 Fujian ..................................14.78 10 Anhui ...................................14.02 Source: China National Gold Corp.

Articles in this issue

Links on this page

Archives of this issue

view archives of Engineering & Mining Journal - DEC 2018