The July issue of Mining Global is live!
How do you implement massive change with positive disruption? “The only area we have yet to dominate is culture…” This summer we hear from Friska Wirya, Head of Change at Newcrest Mining, about how the Australian mining major is embracing innovation and managing the people-side of change to meet its future goals.
During the PDAC convention, we spoke with Chilean Minister of Mining Baldo Prokurica who unveiled an investment initiative around 25 new mining projects. Mining Global learns how a pro-investment government is providing a unique opportunity to harness the potential of Chile’s world class copper and lithium endowment.
Elsewhere in this issue, following Guinea’s Symposium of Mines at Conakry in April, we spoke with industry insiders, and heard from the bauxite rich nation’s Minister of Mines & Geology Abdoulaye Magassouba, about the challenges ahead for the African republic to fulfil the potential of its mineral endowment through improving infrastructure and attracting investment.
“The UK (and Ireland) have a rich mining heritage, peaking during bygone days when vast deposits of coal and iron ore drove the industrial revolution and built an empire…” Could those halcyon days of self-sufficiency return? Marco Maestri, European Mining Leader at Golder, analyses the current state of the UK mining industry and asks: ‘What does the future hold?’
Barrick profit beats expectations as copper, gold prices up
Barrick Gold has reported a 78% jump in first-quarter profit, beating analyst expectations thanks to rising gold and copper prices, and said it was on track to meet annual forecasts.
Production in the second half is expected to be higher than the first, the gold miner said, thanks in part to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia, reports Reuters
Barrick’s first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
Adjusted profit surged 78% to $507mn in the quarter ended March 31, from $285mn a year earlier, and Barrick announced a 9 cent per share quarterly dividend.
Stronger prices helped boost Barrick’s revenue from its copper mines in Chile, Saudi Arabia and Zambia by 31% from the fourth quarter. Overall earnings per share were $0.29, ahead of analysts’ estimate of $0.27.
“We expect a positive stock reaction to the earnings beat and strong cash flow,” said Credit Suisse analysts.
Potential for South Africa merger
Barrick CEO Mark Bristow, who has championed mergers across the gold industry, said he backed the idea of South Africa-listed miners Goldfields and AngloGold Ashanti combining.
Speculation has been swirling around the two companies and Sibanye-Stillwater, whose CEO Neal Froneman floated the idea of a three-way merger.
“I’m a South African, and this country has such a great mining history and it would be great to see a real gold business come out of the many failed discussions that we’ve seen,” said Bristow.
Goldfields declined to comment. In a statement, AngloGold Ashanti said it was focused on delivering on its growth plan to unlock value from its portfolio of gold assets.
Bristow also said he had met with the Democratic Republic of Congo’s new mines minister and other officials and was continuing to work on getting $900mn belonging to its Kibali mine joint venture out of the country.
“We have a solution, it just needs to be sanctioned by the appropriate authorities which haven’t been around for a while,” he said, referring to a recent government overhaul by President Felix Tshisekedi.