Company’s economic impact in Nevada profiled in latest edition of Beyond Borders
(3BL Media) Toronot, ON – May 25, 2012 - Barrick Gold Corporation’s operations added $13 billion in economic value to its host countries in 2011, a 30 percent increase from the company’s $9 billion contribution a year earlier. This figure includes local and regional purchases, employee salaries, taxes and royalties and $47 million in community investments to improve quality of life in more than a dozen countries.
“At Barrick, we recognize that our business has a significant economic impact and can be a catalyst for positive social change,” said Barrick President and CEO Aaron Regent. “Our approach is to create shared value, for our shareholders and for the people whose resources we are developing in 12 countries worldwide. While the contribution of mining to developing economies is often most evident, we also see this strong impact in places like Nevada, where the gold mining industry has been a bright spot through tough economic times.”
Currently, about 45 percent of Barrick’s global gold production is from North America, primarily from Nevada. The company’s contribution to the state’s economy is featured in the latest edition of Beyond Borders magazine. While Nevada led the U.S. in unemployment during the recession, the mining industry was one of the few sources of job creation. As Barrick expands its presence in the state, it is continuing to create jobs and generating new opportunities for hundreds of Nevada businesses. Barrick employs more than 5,000 people at its Nevada operations, and expects to add about 330 new employees this year, after hiring a similar number in 2011. Spending on exploration in Nevada this year is projected at up to $220 million compared to $146 million in 2011.
“We announced a major discovery in Nevada last year that we believe could prove to be one of the most significant gold discoveries in decades,” Regent said. “As we develop this discovery, and continue to build our existing business, we believe Barrick has a significant role to play as Nevada continues on its path to recovery.”
Earlier this year, Barrick announced the establishment of a Corporate Social Responsibility (CSR) Advisory Board and named five individuals to serve as inaugural members. The Advisory Board’s role is to provide advice and guidance to Barrick management on the company’s global CSR performance and evolving best practices. The Board held its first meeting in April in Toronto. The all-day session included discussions on the environment, safety and health, community relations and security and human rights.
The latest edition of Beyond Borders also provides an update on the company’s $5 million project to support the rebuilding effort in several Chilean communities devastated by a massive earthquake in 2010. In March, a ceremony was held in the town of Boyeruca to celebrate the reopening of a school destroyed during the earthquake. It is one of three schools that Barrick helped rebuild in communities in Chile’s coastal region of Maule. In nearby Vichuquén, Barrick is contributing funds for the reconstruction of 24 houses that are designated historic sites and the town’s city hall.
In Peru, Barrick recently inaugurated the Alto Chicama Commitment, a new CSR initiative that brings together government and non-governmental organizations working with the company in the La Libertad region. Barrick’s partners in the program include World Vision, the U.S. Agency for International Development (USAID), the Sodexo Foundation, the BBVA Foundation, Wayra SRL, the Apoyo Institute, the Alternative Farming Institute and Exporting Highlands. While Barrick has been working with each organization individually to improve education, farming and small business development, this collaboration will allow the organizations to leverage their combined expertise and efforts to maximize benefits for local communities.
The Alto Chicama Commitment builds on the success of the Atacama Commitment, a public-private sector alliance initiated by Barrick in 2008 to alleviate poverty in Chile’s Atacama region. One of the many noteworthy programs being implemented under that initiative is a $6.5 million housing project that Barrick is undertaking with its partner A Roof for Chile. In all, 700 new homes are being built for 1,200 people currently living in substandard housing. The first phase of the project is expected to be completed this summer.
In Tanzania, African Barrick Gold (ABG) recently signed Village Benefit Agreements (VBAs) with all seven villages near the company’s North Mara mine, marking a key milestone in a plan to improve community relations with its neighbors. The VBAs provide for an $8.5 million investment in the villages over a three-year period. They are a key component of the North Mara Co-existence plan, whose goal is to build trust, improve relations with local villages and address long-standing legacy issues at this operation.
Beyond Borders also includes an update on ABG’s Maendeleo Fund, the largest corporate community development fund in the country with a $10 million annual budget.
Barrick Gold Corporation is a Toronto-based gold mining company and industry leader, with a portfolio of 26 operating mines, and projects on five continents. Barrick trades on the Toronto and New York Stock Exchanges and employs 25,000 people worldwide. The company has been ranked as a world leader in social and environmental responsibility for the fourth consecutive year by the Dow Jones Sustainability Index. Barrick is also listed on the NASDAQ Global Sustainability Index of the top 100 companies.
About Beyond Borders
Beyond Borders magazine is published by Barrick Gold Corporation and featured the latest news and updates on Barrick’s social, environmental, safety and economic development programs.
Learn more at www.BarrickBeyondBorders.com.
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