Newmont Mining

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Posted by bender 04/21/2009 @ 16:12

Tags : newmont mining, newmont mining corporation, gold, mining, business

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Newmont Mining (NEM) PriceWatch Alert Support Down To $41.16 - Market Intelligence Center
Newmont Mining (NYSE: NEM) closed yesterday at $43.67. So far the stock has hit a 52-week low of $21.17 and 52-week high of $53.77. Newmont Mining stock has been showing support around 41.16 and resistance in the 45.18 range....
Newmont Mining (NEM) PriceWatch Alert Neutral Price Movement - Market Intelligence Center
Newmont Mining (NYSE: NEM) closed yesterday at $40.71. So far the stock has hit a 52-week low of $21.17 and 52-week high of $53.77. Newmont Mining stock has been showing support around 39.48 and resistance in the 41.78 range....
Zacks Industry Outlook Highlights: Newmont Mining, Kinross Gold ... - Business Wire (press release)
Today's outlook from Zacks Equity Research analyst Paul Raman discusses the Metals & Mining sector. Highlighted stocks include: Newmont Mining (NYSE: NEM), Kinross Gold Corp. (NYSE: KGC), DRD Gold (Nasdaq: DROOY) and Harmony Gold (NYSE: HMY)....
Newmont Mining (NEM) PriceWatch Alert Support Down To $42.41 - Market Intelligence Center
Newmont Mining (NYSE: NEM) closed yesterday at $44.32. So far the stock has hit a 52-week low of $21.17 and 52-week high of $53.77. Newmont Mining stock has been showing support around 42.41 and resistance in the 45.69 range....
Newmont Mining (NEM) PriceWatch Alert Up To 12.15% Downside Protection - Market Intelligence Center
Newmont Mining (NYSE: NEM) closed yesterday at $41.14. So far the stock has hit a 52-week low of $21.17 and 52-week high of $53.77. Newmont Mining stock has been showing support around 40.03 and resistance in the 42.31 range....
New Jersey Mining Company Announces Drilling to Start At Toboggan ... - MarketWatch (press release)
The Toboggan project is a gold exploration joint venture between New Jersey Mining Company and Newmont North America Exploration Limited (Newmont), a subsidiary of Newmont Mining Corporation (NEM: Drilling is planned to start at the Mineral Ridge...
Is Australia's top gold miner ripe for a raid? - Mineweb
In the late 1980s and 1990s the overseas raiders - Newmont Mining, Barrick Gold, Goldfields, AngloGold Ashanti, Harmony Gold and DRD Gold took over all the major producers except Newcrest, though the two latter South African companies perhaps wished...
CORRECTED - CORRECTED-Newmont's Indonesia unit clears way for ... - Reuters
JAKARTA, May 5 (Reuters) - Newmont Mining Corp's (NEM.N) Indonesian unit said one of the main obstacles to a share sale has been resolved, paving the way for a dispute with the government to be settled as set out by an arbitration court....
Indonesia govt says keen to buy stake in Newmont unit - Reuters
JAKARTA, April 29 (Reuters) - The Indonesian government is likely to buy stakes in a local unit of Newmont Mining Corp. (NEM.N), either directly or through state firms, the state enterprises minister Sofyan Djalil said on Wednesday....
Protesters block road to Peru Yanacocha gold mine - Reuters
Residents near the mine, run by US-based Newmont Mining Corp and Peruvian precious metals miner Buenaventura, are asking for greater compensation related to a toxic spill that occurred in 2000. They have blocked access for about a week....

Newmont Mining Corporation

Newmont Mining Corporation (NYSE: NEM), based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia, New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Holdings include Battle Mountain Gold, Normandy Mining, and Franco-Nevada Corp. Newmont also has many joint venture relationships. As of December 31, 2006, Newmont produced approximately 5.9 million equity ounces of gold annually and held reserves of about 94 million of those equity ounces. Production in the Americas accounts for about 70% of the company's equity ounces, but even so, Newmont is the largest gold mining company in Australia. Newmont employs approximately 15,000 people worldwide. Other metals that the company mines include copper and silver.

In 1929, Newmont became a mining company with its first gold product in by acquiring California's Empire Star Mine. By 1939, Newmont was operating 12 gold mines in North America.

The company acquired interests overseas. For decades around the middle of the twentieth century Newmont had a controlling interest in the Tsumeb mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa.

Beginning in 1925, Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana Gulf area and oil and gas production in the North Sea.

Newmont discovered dispersed gold at Carlin, Nevada in 1962 and began operating its first mill there in 1965 under the name Carlin Gold Mining Company. The "Carlin Trend" is the largest gold discovery in North America during the 20th century. In 1971, Newmont began using the heap leaching technology on sub-mill grade ores at Carlin. It was one of the first in the gold industry to use heap leaching. In 1986, the company's name was changed to Newmont Gold Company, and five million shares were sold publicly for US$47.5 million. Newmont Mining held a 90 percent interest.

A decade later, Newmont's assets were over US$1.9 billion and income from continuing operations reached US$338 million. In August 1987, Newmont became the target of a failed, unsolicited tender offer for control and dismemberment of the company.

After 1987, the company undertook major restructuring. This included the payment of a US$33 per share dividend to all shareholders for a total of US$2.2 billion, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests.

As a further step in the restructuring, the company moved its headquarters from New York City to Denver in February 1989. On January 1, 1994, Newmont Mining Corporation, and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production, and earnings of Newmont Gold's operations.

Newmont merged with Santa Fe Pacific Gold Corporation to form North America's largest gold producer. And, in October 1998, Newmont Mining and Newmont Gold that were outstanding at that time. On June 21, 2000, Newmont announced a merger with Battle Mountain Gold Company. The merger was completed in January 2001.

In February 2002, Newmont completed the acquisition of Normandy Mining Limited and Franco-Nevada Mining Corporation Limited, making it the world's largest gold producer, at that time. Today, Newmont remains the only gold company in the Standard & Poor's 500 Index.

Newmont has been mining gold in Nevada since 1965. Nevada operations include Carlin, located west of the city of Elko on the geologic feature known as the Carlin Trend, the Twin Creeks mine, located approximately 15 miles (24 km) north of Golconda, the Lone Tree Complex near the town of Valmy, and the Midas mine near the town of the same name. Newmont also participates in the Turquoise Ridge joint venture with Barrick Gold, which utilizes mill capacity at Twin Creeks. The Phoenix gold/copper project, located 10 miles (16 km) south of Battle Mountain, commenced commercial production in the fourth quarter of 2006. The Leeville underground mine, located on the Carlin Trend northwest of the Carlin East underground mine, also commenced commercial production in the fourth quarter of 2006.

The properties of Minera Yanacocha S.R.L. (“Yanacocha”) are located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of Cajamarca, in Peru. Yanacocha began production in 1993. Newmont holds a 51.35% interest in Yanacocha with the remaining interest held by Compañia de Minas Buenaventura, S.A.A. (43.65%) and the International Finance Corporation (5%). Yanacocha’s mining rights consist of concessions granted by the Peruvian government to Yanacocha and a related entity. Yanacocha currently has two active open pit mines, Cerro Yanacocha and La Quinua. In addition, reclamation and/or backfilling activities at Carachugo, San Jose and Maqui Maqui are currently underway. Yanacocha has four leach pads and three processing facilities. Yanacocha’s gold sales for 2006 totaled 2.6 million ounces (1.3 million equity ounces).

Pajingo. Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of Townsville, Queensland and 45 miles (72 kilometers) south of the local township of Charters Towers. In 2006, Pajingo sold 174,600 ounces of gold. The mine was sold off in late 2007.

Jundee. The Jundee operations (100% owned) is situated approximately 435 miles (700 kilometers) northeast of Perth, Western Australia. Jundee sold 305,400 ounces of gold in 2006.

Tanami. The Tanami operations (100% owned) include The Granites treatment plant and associated mining operations, which are located in the Northern Territory approximately 342 miles (550 kilometers) northwest of Alice Springs, adjacent to the Tanami highway, and the Dead bullock Soak mining operations, approximately 25 miles (40 kilometers) west of The Granites. The Tanami operations have been wholly-owned since April 2003, when Newmont acquired the minority interests.

Kalgoorlie. The Kalgoorlie operations comprise the Fimiston open pit (commonly referred to as the Super Pit) and Mt. Charlotte underground mine at Kalgoorlie-Boulder, 373 miles (600 kilometers) east of Perth. The mines are managed by Kalgoorlie Consolidated Gold Mines Pty Ltd for the joint venture owners, Newmont and Barrick, each of which holds a 50% interest. The Super Pit is Australia’s largest gold mine in terms of gold production and annual mining volume. During 2006, the Kalgoorlie operations sold 332,200 equity ounces of gold.

Martha. The Martha operations (100% owned) are located within the town of Waihi, located approximately 68 miles (110 kilometers) southeast of Auckland, New Zealand. During 2006, production commenced at the Favona underground deposit. Production at the Martha open pit will cease in 2007. The operation sold 120,300 ounces of gold during 2006. The Martha mine does not currently pay royalties. Under new royalty arrangements, however, Newmont will pay 1% of gross revenues from gold and silver sales, or 5% of accounting profit, whichever is greater, at Favona.

Boddington. Boddington is a development project located 81 miles (130 kilometers) southeast of Perth in Western Australia. As of December 31, 2006 Boddington was owned by Newmont (66.67%) and AngloGold Ashanti Limited (33.33%). In March 2006, Newmont acquired Newcrest Mining Limited’s 22.22% interest in Boddington for $173.

Newmont operates the Batu Hijau mine on the island of Sumbawa in the Indonesian province of West Nusa Tenggara through its subsidiary company P.T. Newmont Nusa Tenggara which is a joint venture between Newmont, Sumitomo Corporation and P.T. Pukuafu Indah. In 2008 the Indonesian government threatened to terminate the contract of P.T. Newmont Nusa Tenggar after accusing it of failing to meet its divestment obligations. On April 1, 2009 international arbitrators and its partner sided with Newmont rejecting Jakarta's request to have their contract revoked, which would have forced the company to walk away from the property without any compensation, instead Newmont is forced to sell a 17% stake in an Indonesian subsidiary within 180 days.

The Ahafo operation (100% owned) is located in the Brong Ahafo Region of Ghana, approximately 180 miles (290 kilometers) northwest of Accra. Ahafo poured its first gold on July 18, 2006 and commenced commercial production in August 2006. Ahafo sold 202,000 ounces of gold in 2006.

Newmont currently operates two open pits at Ahafo with total reserves contained in 15 pits. The process plant consists of a conventional mill and carbon-in-leach circuit. Ahafo reserves as of December 31, 2006, were 12.6 million equity ounces.

Newmont has one development project in Ghana, currently the subject of further optimization studies. The Akyem project is approximately 80 miles (125 kilometers) northwest of Accra. As of December 31, 2005, Newmont held an 85% interest in the Akyem project. The remaining 15% was held by Kenbert Mines Limited. In January 2006, Newmont acquired the remaining 15% interest, bringing its ownership to 100% of the Akyem project. In the second half of 2006, the Company deferred further development of Akyem, pending completion of permitting, resolution of country-wide power shortages and further engineering and optimization.

Canada. During 2006, Newmont’s Canadian operations included two underground mines. Golden Giant (100% owned) is located approximately 25 miles (40 kilometers) east of Marathon in Ontario, Canada, and has been in production since 1985. Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing throughout most of 2006. In 2006, Golden Giant sold 59,300 ounces of gold. Holloway is located approximately 35 miles (56 kilometers) east of Matheson in Ontario, and about 400 miles (644 kilometers) northeast of Golden Giant, and has been in production since 1996. In 2006, Holloway sold 26,000 ounces of gold. On November 6, 2006, Newmont completed the sale of the Holloway mine to St. Andrews Goldfields Ltd. resulting in a $13 pre-tax gain.

Mexico. Newmont has a 44% interest in La Herradura, which is located in Mexico’s Sonora desert. La Herradura is operated by Industriales Peñoles (which owns the remaining 56% interest) and comprises an open pit operation with run-of-mine heap leach processing. La Herradura sold 79,200 equity ounces of gold in 2006.

Bolivia. The Kori Kollo open pit mine is on a high plain in northwestern Bolivia near Oruro, on government mining concessions issued to a Bolivian corporation, Empresa Minera Inti Raymi S.A. (“Inti Raymi”), in which Newmont has an 88% interest. The remaining 12% is owned by Mrs. Beatriz Rocabado. Inti Raymi owns and operates the mine. The mill was closed in October 2003 and production continued from residual leaching. In 2005, additional material from the stockpiles and Lla Llagua pit were placed on the existing leach pad and ore from the Kori Chaca pit was processed on a new leach pad. In 2006, the mine sold 113,300 equity ounces of gold.

Minahasa, Indonesia. Newmont owns 80% of Minahasa and the remaining 20% interest is a carried interest held by P.T. Tanjung Serapung, an unrelated Indonesian company. Minahasa is located on the island of Sulawesi, approximately 1,500 miles (2,414 kilometers) northeast of Jakarta. Mining was completed in late 2001 and gold production was completed in 2004.

The Yanacocha gold mine in northern Peru is considered one of the largest and most profitable in the world, producing over US$7 billion worth of gold to date. Before 1994 the mine was co-owned by Newmont, Buenaventura (a Peruvian mining company), and Bureau de Recherches Géologiques et Minières (BRGM), a French government-owned company. This partnership collapsed in 1994 after BRGM tried to sell part of its shares in the company to an Australian company which was a rival of Newmont. Newmont and Buenaventura would both go to court to challenge the trade.

Larry Kurlander, then a senior executive at Newmont, claimed the French President Jacques Chirac had sent a letter to then Peruvian President Alberto Fujimori asking him to intervene in the court case in favor of the French owned company. Kurlander had been sent by Newmont to Peru in order to try and get a favorable outcome for Newmont in the dispute. The legal battle would eventually make it all the way up to the Peruvian Supreme Court.

During this period Kurlander acknowledges having met with Vladimiro Montesinos, the Peruvian intelligence chief who has since been found guilty of embezzlement, illegally assuming his post as intelligence chief, abuse of power, influence peddling and bribing TV stations. However, Kurlander claims that he did nothing illegal and that the French government were taking similar steps in trying to contact Montesinos. The French ambassador to Peru Antoine Blanca denies this, pointing to the fact that Montesinos was on the CIA payroll and thus would naturally side with the U.S-based company.

Along with this telephone conversation, Frontline and The New York Times also re-broadcast three other videos. One was filmed in April 1998 and shows Montesinos talking to "Don Arabian", the CIA station chief in Peru, in an attempt to get CIA to pressure the U.S. to back Newmont in the case. In the video Montesinos claims to have found e-mails from Paris to Peru of French officials trying to influence the court to get a decision favorable to France.

Another video recorded in May 1998 shows Montesinos meeting with Peruvian Supreme Court Justice, and former classmate, Jaime Beltran Quiroga. In it Montesinos states that state interests are at stake in the case between Newmont and BRGM. He tells Quiroga that if the decision goes to Newmont that the United States will back Peru in its boarder dispute with Ecuador which had a few years ago exploded into the Cenepa War. He also tells Quiroga to deny any connection with him to the press. Quiroga would later play a crucial role in the case, his vote would be the deciding vote in the Newmont victory. After the video was first broadcast in Peru in 2001, on a Peruvian local television station the French Ambassador Antoine Blanca was quoted as saying "Now I know why Newmont won".

In the final July 1999 video, Montesinos is again seen with the now departing CIA station chief "Don Arabian" giving him a gift and thanking him for the help he has given Peru stating "e hope that when you're back their you'll remember your friends".

In August 2004, the Indonesian Ministry of Environment filed a US$133.6 million civil lawsuit against Newmont, claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay in the North Sulawesi province, contaminating local fish stocks and causing nearby villagers to become seriously ill. Newmont denied the allegations, arguing that the illnesses had more to do with poor hygiene and poverty. On November 15, 2005, a South Jakarta court dismissed the suit on technical grounds, saying the government had breached the terms of its contract with Newmont when it took legal action before seeking arbitration. Environmentalists urged for the suit to be appealed, but on December 1, 2005, Environment Minister Rachmat Witoelar said the government expected to reach an out-of-court settlement with Newmont's local subsidiary. "By negotiating a settlement, we hope to be able to quickly compensate people living near the mine," he said. The government negotiating team was led by chief Economics Minister Aburizal Bakrie. On February 16, 2006, the Indonesian government announced it would settle the civil suit for US$30 million to be paid over the next 10 years. The agreement also includes increased scientific monitoring and enhanced community development programs for the North Sulawesi province.

With the civil lawsuit settled, attention focused on the criminal charges against President Director Richard Ness. In December 2006, Newmont Mining Corp. objected to a documentary entitled "Bye Bye Buyat" being nominated for Indonesia's top film award, FFI's Citra Award. The company said that it interfered with Ness' ongoing trial.

After a 21-month trial—one of the longest proceedings in Indonesian history—Ness was found innocent of the pollution charges on April 24, 2007. The court found that the company was in compliance with all regulations and permits during its operations at the site, and failed to find evidence beyond a reasonable doubt that Nemont's subsidiary had polluted Buyat Bay. At the end of May, the prosecution appealed to the Supreme Court to overturn the ruling.

A week after being found not guilty of criminal charges, Richard Ness sued the New York Times in Indonesian court for libel. The lawsuit asks for nearly US$65 million in damages, and that the New York Times print a page-one retraction of previously published articles.

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Gold mining in Nevada

Rawhide, Nevada, 1915

Gold mining in Nevada, a state of the United States, is a major industry, and one of the largest sources of gold in the world. Nevada currently produces 82% of all the gold mined in the United States. Almost all the gold in Nevada comes from large open pit mining and cyanide heap leaching recovery. A number of major mining companies, such as Newmont Mining, operate gold mines in the state. Active gold mines include those at Jerritt canyon.

Although Nevada was known much more for silver in the 1800s, many of the early silver-mining districts also produced considerable quantities of gold. The Comstock Lode, for instance, produced 8.6 million troy ounces (267 tonnes) of gold through 1959, and the Eureka district produced 1.2 million troy ounces (37.3 tonnes).

Goldfield was discovered in 1900, and began major gold production in 1902. The ore occurs in altered shear zones in Tertiary dacite and andesite. Total gold production through 1959 was 4.2 million troy ounces (131 tonnes).

Gold was discovered in the vicinity of Carlin in Eureka County in the 1870s, but production was small. Placer deposits were discovered in 1907, but the deposits were too small to cause excitement. It was not until 1961 that the Newmont Mining Corporation found the large low-grade gold deposit at Carlin that the mining industry began to take notice. The Carlin mine began producing gold in 1965, but at the then price of $35 per troy ounce, the ore grade was still too low to cause a rush to northern Nevada. It was not until the gold price shot up in the late 1970s that mining companies rushed to look for similar deposits. The Carlin Trend, part of what is also known as the Carlin Unconformity by geologists, is 5 miles (8.0 km) wide and 40 miles (64 km) long running northwest-southeast, has since produced more gold than the any other mining district in the United States. The trend surpassed 50 million troy ounces (1,555 tonnes) of gold in 2002. The Carlin and other mines along the trend pioneered the method of open-pit mining with cyanide heap leach recovery that is today used at large low-grade gold mines worldwide.

New ore deposits are still being opened along the trend. The South Arturo deposit was discovered by Barrick Gold in 2005. The deposit contains an estimated 1.3 million ounces (40 tonnes) of gold.

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Barrick Gold

Barrick Gold Corporation Logo

Barrick Gold Corporation (TSX: ABX, NYSE: ABX) is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Barrick is currently undertaking mining and exploration projects in Papua New Guinea, the United States, Canada, Dominican Republic, Australia, Peru, Chile, Russia, South Africa, Pakistan, Argentina and Tanzania. For 2006, it produced 8.64 million troy ounces of gold at a cash cost of US $282/ounce. As of December 31, 2004 its proven and probable gold mineral reserves stand at 123 million troy ounces.

On January 20, 2006, Barrick acquired a majority share of Placer Dome. The production of the combined organisation moved Barrick to its current position as the largest gold producer, ahead of Newmont Mining Corporation.

Barrick Gold has been accused of a number of environmentally unsound practices by environmental groups. These include the use of cyanide leach tailing dams for its gold mine project at Lake Cowal, and the release of approximately seven tons of mercury during 2004-2005 at the Super Pit gold mine (a 50/50 joint venture with Newmont Mining Corporation) near the city of Kalgoorlie-Boulder, Western Australia.

In April and May 2008, indigenous leaders from four countries opposing large-scale gold mining on their lands described the adverse impacts of Barrick Gold Corporation. These leaders spoke of Barrick Gold's tactics in "suppressing dissident voices, dividing communities, and manipulating local and national politics". They also related stories about "lack of free, prior and informed consent for local people".

January 30, 2009 Barrick Gold Corporation was blacklisted by The Government Pension Fund of Norway, one of the world's largest Sovereign Wealth Funds, after the fund's Council on Ethics in an investigation found "an unacceptable risk of contribution to ongoing and future environmental damage" in the company's Porgera Gold Mine. The fund sold all its stock in the company, worth ca. 245m US$. A spokesman for the company disputed the allegations.

Accusations of environmental malpractise have been and continue to be directed at Barrick, and the company maintains that its record speaks for itself. Barrick operates the Henty Gold Mine in Tasmania, which is located inside a Recommended Area for Protection (RAP), immediately adjacent to a World Heritage Area. In over ten years of operation, the Henty Gold Mine has never exceeded the discharge or operating parameters of its operating license, and is kept under close scrutiny by legislative and governing bodies. Many innovative and pioneering methods of preventing discharges into the environment have been emplaced at Henty, in particular a High Density Paste Fill (HDPF) plant, which returns waste rock and tailings generated by the mine back into the underground voids, the INCO cyanide destruction process, a geo-membrane encapsulating the pipeline to the tailings storage facility and a wetlands water management system which removes silt, fines and trace heavy metals from non-process water prior to discharge from the site. The water quality at the discharge point from the wetlands system is of a higher quality than the river it discharges into, and a family of platypus monotremes have made the wetlands water treatment system their home for the last eight years.

Whilst not the cause of the devastating Marcopper Mining Disaster in the Philippines, when Barrick Gold took over Placer Dome, Inc. it inherited a law suit initiated by provincial authorities on the Philippine island of Marinduque, where 27 years of irresponsible mining by Placer Dome (1969-1996) had caused immense damage to the island of Marinduque and its people. Currently Barrick is part of an ongoing case to not pay compensation for the Marcopper Mining Disaster despite knowing in the first place that it would inherit all ongoing legal battles brought on by the purchase of Placer Dome, inc.

In 2007, Barrick Gold installed the world's highest-situated wind turbine at the Veladero mine in San Juan Province (Argentina) at nearly 4,200m elevation.

From 2004 to 2007, Barrick has received 13 environmental awards for its best mining practices and rehabilitation work at different sites around the world.

2007 Nevada Excellence in Mine Reclamation, Nevada Division of Minerals, Nevada Department of Wildlife, Nevada Division of Environmental Protection, BLM and the U.S. Forest Service awarded to Goldstrike for Wildlife Habitat Enhancement, Bazza Rock Storage Area.

2007 Fourth Quarter General Electric "Our Return on Environment" award - Goldstrike mine was one of 25 global recipients in the fourth quarter 2007 to receive the award that recognizes customers that strive to improve their environmental footprint in the course of conducting business.

2007 Winner of the Presidential Environmental Award - Tulawaka Mine, Tanzania.

2006 "Special Mention" in the Annual Prize for the Responsible Management of Solid Waste - The National Commission of the Environment, CONAM, awarded this prize in recognition of best management practices in mine waste disposal, as well as our efforts in community education and participation in community environmental practices.

2006 Finalist in Department of Minerals and Energy Golden Gecko Award - For work done at the Mt. Gleddon Rehabilitation Project.

2004 Excellence in Mine Reclamation Award – Presented by the US BLM, State of Nevada and US Forest Service (USFS) to Round Mountain Mine.

In January 2009, it was announced that a recommendation The Government Pension Fund of Norwayto exclude Barrick Gold from its investments had been filed, due to the possible environmental degradation caused by the riverine tailing pond at the Porgera Gold Mine in Papua New Guinea.

Barrick has committed to a multi-million dollar project to pioneer a method whereby tailings products and erodible waste can be encapsulated within the coarser waste rock stockpiles. This method will ensure that the water quality of the local river systems is not compromised, without the construction of a 'normal' tailings dam, which in the rugged topography of the Porgera valley would be prone to eventual failure.

Pascua Lama is a mining project at a large and complex poly-metallic orebody in the high mountains south of Atacama on the border between Chile and Argentina. Its main product will be gold.

Barrick Gold acquired the deposit with its acquisition of Lac Minerals in 1993 and has planned on investing US$1.5 billion in this project, which had a planned lifetime of at least 20 years. Barrick intended to commence construction on September 2006 with extraction operations beginning in 2009. The Chilean government and local stakeholders are yet to provide final approvals.

The ore body lies partially under two small glaciers (or more correctly, glaciettes) which eventually feed into the rivers of the Huasco Province. Mine exploration has already been linked to a 56 to 70 % depletion in the three glaciers nearest to the mine site. Access to the ore body will require relocation of some of this ice to permit ore extraction, with accompanying waste rock and low grade ore stockpiles. Barrick Gold maintains that 5 hectares of "ice reserves" will be relocated by their operations and that another 10 hectares will melt as a consequence.

Extensive water management infrastructure is incorporated into the mine design to mitigate the effects of surface and sub-surface water migration across the operation.

Low levels of residual ore processing waste products, such as sodium cyanide and sulphuric acid will be treated and neutralised on site, then discharged into the local water systems, providing the residual levels meet the legislative requirements of the Chilean governing bodies. A strict regime of monitoring is included in the operating license.

The mine’s opponents in Chile include the Diaguita Huascoaltinos Indigenous group and Alto del Carmen councilperson Luís Faura Cortes, who fear that the mine will damage the agriculture industry in the Huasco Valley.

In a Chilean court case over title ownership between Barrick Gold and a mining trustee named Rodolfo Villar, employee of the alleged owner Jorge Lopehandia, there was a verdict passed down declaring that Lopehandia was the rightful owner of the mining claims that comprise the Pascua Llama project. Barrick Gold proceeded to sue the Judge claiming that the Judge was bias, and therefor the Judgement should be overturned. This case was elevated to the Chilean supreme court level where it was declared that the Judge's decision was the correct one.

On July 24, 2006, Barrick announced their intent to purchase NovaGold Resources and Pioneer Metals. The unsolicited bid for NovaGold Resources was at US $1.29 billion or US $14.50 per share, and the solicited bid for Pioneer Metals was at US $53 million or US $.88 per share. NovaGold management quickly characterized Barrick's bid for their company as undervalued. Pioneer management however quickly endorsed Barrick's bid for their company. Previously on June 19, 2006, NovaGold made an unsolicited bid for Pioneer Metals at US $31 million. NovaGold and Pioneer are currently in litigation over the Grace project in British Columbia, Canada. That project is adjacent to NovaGold's Galore Creek project and 75 kilometers away from Barrick's Eskay Creek mine. NovaGold and Barrick also cross paths at the Donlin Creek project in Alaska where NovaGold is 70% owner and Barrick is 30% owner, however Barrick has the right to earn in a 70% share as a result of their takeover of Placer Dome in January 2006.

On August 14, 2006, NovaGold filed a lawsuit in British Columbia, Canada alleging that Barrick misused confidential information to make its bid for Pioneer metals. As part of the suit, NovaGold is asking that any shares tendered to Barrick under the Pioneer bid be held in a trust for NovaGold. On August 25, 2006, NovaGold filed a second lawsuit against Barrick - this time in the District of Alaska court alleging that Barrick violated U.S. security laws by misrepresenting its position by repeatedly stating it is on-track to earn a 70% interest in the Donlin Creek mine. The suit seeks a temporary suspension of Barrick's hostile bid for NovaGold.

On December 16, 2006, after extending the bid for NovaGold 6 times, increasing the offer once, and lowering the threshold for takeup of tendered shares from 75% to 50%, and then to no minimum, Barrick finally let the bid expire . The net result for Barrick was a takeup of 12.7% of the outstanding NovaGold shares. Barrick's Chief Executive Greg Wilkins indicated that the company would look elsewhere for acquisition opportunities. More recently, the company is reported to be eyeing Aurelian Resources in Ecuador.

In November 2007, NovaGold and Teck Cominco announced the suspension of Galore Creek project and Nova Gold share plummeted. During the summer and Autumn of 2008, Nova Gold tried to put their Rock Creek project in Alaska into production. After less than two months of operation, production was shut down for obscure reasons. On January 2, 2009, Nova Gold announced a 60 million dollar private placement for a 30% control in the company, valuing the company at approximately 200 millions dollars, or 1/8 of the price offered by Barrick two years earlier.

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Buyat Bay

Buyat Bay is small bay on the south coast of Minahassa Peninsula on the north of Sulawesi island of Indonesia. Since 1996, Newmont Mining Corporation under its subsidiary company, PT Newmont Minahasa Raya, has been using the bay as the tailing (mine waste) dumping ground for its gold mining activities. In 2004, local people in the area complained several unusual health problems which further suspected Newmont's for breaching the mining waste level regulation to had contaminated the area with hazardous materials. The Indonesian activist group on environment, WALHI, claimed that Newmont has been dumping 2,000 tonnes of mine waste into the bay daily. A legal case between the government of Indonesia versus one of the company's top executive is still ongoing.

The bay is located at the southeast side of the northern peninsula arm of Sulawesi island, facing to the Maluku Sea. Buyat is a small bay where local fisherman villages are located. Since 1996 until August 2004, the bay had been used as tailing area for the Mesel Gold Mine, operated by PT Newmont Minahasa Raya, 80%-owned subsidiary company of Newmont Mining Corporation. Tailings from the gold mine are finely ground rock which gold has been recovered.

A pipeline was constructed to transfer the tailings from the gold mine area to the bay extended 900 m to the sea and dumping the material at depth 82 m. In July 2004, several non-governmental organizations started a campaign accusing PT Newmont Minahasa Raya deliberately polluted Buyat Bay, which resulted in adverse health effect of the local residents.

In the mid 2004, local fishing community appealed the Indonesian government for independent research to investigate the level of Newmont's mining waste to Buyat Bay. Local fishermen witnessed of sudden increase in fish deaths, unusual swelling in the fish body, the loss of young milkfish and several fish species in the bay area. They also complained for unusual health problem including unexplained skin diseases, tremors, headaches, and unusual swellings on the neck, calves, wrist, buttocks and head. The research then found several heavy metals including arsenic, antimony, mercury and manganese distributions in the area with the peak density around the tailing ground.

In November 2004, WALHI (the Indonesian NGO for environmental issues) together with several non-profit groups (the Indonesian Mining Advocacy Network, the Earth Indonesia, and the Indonesian Center for Environmental Law) compiled a more comprehensive report on Buyat Bay condition, concluding that the bay is polluted by hazardous level of arsenic and mercury, and thus highly risk to the community. Arsenic pollution from the Buyat Bay seabed sediment samples revealed as high as 666 mg/kg arsenic level (hundred times than the ASEAN Marine Water Quality Criteria of only 50 mg/kg) and on average over 1000 µg/kg mercury level (the same standard defines 400 µg/kg level). Compared to natural control samples from sites not affected by mine waste dumping, the study also concluded that the arsenic and mercury levels were not natural and the only possible source comes from the Newmont's mine waste dumping. Mercury and arsenic accumulated in different living organisms in Buyat Bay including fish, consumed daily by the local people. Human health was at risk and the report recommended the fish consumption should be significantly reduced and the possibility of relocation of local people to other areas.

In 1994, Newmont's Environmental Impact Assessment stated a thermocline layer at 50–70 meters depth as a barrier to keep tailings from mixing and spreading in Buyat Bay. Despite of Newmont's claim, WALHI did not find the thermocline ocean layer.

In August 2004, the Indonesian Ministry of Environment filed a US$133.6 million civil lawsuit against Newmont, claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay in the North Sulawesi province, causing nearby villagers to become seriously ill and contaminating local fish stocks. Newmont denied the allegations, arguing that the illnesses had more to do with poor hygiene and poverty. On November 15, 2005, a South Jakarta court dismissed the suit on technical grounds, saying the government had breached the terms of its contract with Newmont when it took legal action before seeking arbitration. Environmentalists urged for the suit to be appealed, but on December 1, 2005, Environment Minister Rachmat Witoelar said the government expected to reach an out-of-court settlement with Newmont's local subsidiary. "By negotiating a settlement, we hope to be able to quickly compensate people living near the mine," he said. The government negotiating team was led by chief Economics Minister Aburizal Bakrie. On February 16, 2006, the Indonesian government announced it would settle the civil suit for US$30 million to be paid over the next 10 years. The agreement also includes increased scientific monitoring and enhanced community development programs for the North Sulawesi province. Newmont, with a market value of US$25 billion, is expected to make US$5 billion in revenues for 2006.

Though the civil suit was dismissed, there is still pending a criminal suit against Newmont's top U.S. executive in Indonesia, Richard Ness, on charges stemming from the same allegations. His trial began in August 2005— if convicted, Ness faces up to 10 years in prison. Prosecutors have recommended financial penalties of US$110,000 for Newmont and US$55,000 for Ness.

On April 24, 2007, Richard Ness was cleared of all charges relating to the alleged pollution in Buyat Bay. Furthermore, the Indonesian court held that Buyat Bay was not polluted and that Newmont's local subsidiary was in compliance with all environmental regulations and permits for the entirety of its operation from 1996 to 2004.

A documentary film entitled Bye Bye Buyat was made in 2006 and it won the Indonesia's top film award, Indonesian Film Festival in the same year. Newmont Mining Corp. objected to the documentary saying that the film interferes with the controversial Richard Ness pollution trial.

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Source : Wikipedia