Latest edition also includes feature on new business realities in the mining industry
Submitted by Barrick Gold Corporation
The new edition of Barrick Gold Corporation’s (NYSE: ABX) Beyond Borders magazine features an in-depth interview with Robert Fowler, the highly respected Canadian diplomat and member of the company’s Corporate Social Responsibility (CSR) Advisory Board. The magazine also includes a story on new business realities facing the mining industry and Barrick, and a special feature on managing social conflict in Peru.
During his 38-year career, Robert Fowler served six Canadian prime ministers in a number of senior roles, including foreign policy advisor, personal representative for Africa, and as Canada’s Ambassador to the United Nations.
Fowler draws on his experience to offer insights on resource nationalism, human rights, foreign direct investment in Africa and the enduring need for foreign aid. On the mining industry, he discusses the heightened industry pressures to reduce costs while meeting growing government demands for resource revenue:
“Things have gotten a lot tougher across the board and everybody is being squeezed. Also, everybody is being held to a higher standard of accountability, and I’m afraid that’s just the way it is. It’s not going to change in the foreseeable future, but it does mean that it’s incumbent upon companies to be more effective in both what they do in CSR terms, and also what they do in communication terms.”
Barrick committed to CSR despite new business realities
Barrick and many of its peers are facing multiple challenges, including rising costs, a lower gold price, project delays and resource nationalism. In the Beyond Borders cover story, Barrick President and CEO Jamie Sokalsky reiterated the company’s commitment to responsible mining practices, even as Barrick adapts to changing industry fundamentals and implements a business model based on disciplined capital allocation.
“Since becoming CEO, I have made it clear that disciplined capital allocation cannot come at the expense of our commitment to corporate responsibility. Even in these volatile market conditions, we will not cut costs that jeopardize our ability to operate in a socially and environmentally responsible manner,” Sokalsky says.
Preventing and managing social conflict in Peru
The magazine also includes a special feature that examines the root causes of social conflicts in Peru, one of the world’s fastest-growing economies and mining regions. Drawing on independent research, the feature identifies a range of complex factors behind the growing number of active social conflicts between companies and communities nationwide. It also documents how Barrick is working to prevent these conflicts at its Pierina and Lagunas Norte operations through early and sustained engagement with host communities, community investments and multi-stakeholder initiatives to promote sustainable development.
In Peru and other countries where Barrick operates, the company’s new Community Relations Management System (CRMS) is driving a more consistent, disciplined and professional approach to community engagement activities. All Barrick sites now have a grievance mechanism in place, as required by the company’s CRMS. The article “Giving Communities a Voice” provides an inside look at how the grievance mechanisms works, highlighting the importance of providing communities with an accessible, culturally-appropriate tool to resolve issues in a timely, fair and consistent manner.
About Barrick Gold Corporation
Barrick is the gold industry leader. Based in Toronto, the company operates mines and advanced exploration and development projects on four continents. Shares are traded on the Toronto and New York stock exchanges under the symbol ABX. The company has been ranked as a world leader in social and environmental responsibility for five consecutive years by the Dow Jones Sustainability Index, and is also listed on the NASDAQ Global Sustainability Index of the top 100 companies, and Corporate Knights Magazine’s Global 100 list of the world’s most sustainable companies.
Barrick is the gold industry leader. Based in Toronto, the company operates mines and advanced exploration and development projects on four continents. Shares are traded on the Toronto and New York stock exchanges under the symbol ABX.
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