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Barrick Goldstrike Mines Inc history
Barrick Goldstrike Mines Inc company history timeline
Although the gold standard was established in 1821, the story of Barrick Gold Corporation did not begin until more than 160 years later.
Hungarian-born Peter Munk, whose family fled from the Nazis to Switzerland, came to Canada in 1948 with big dreams and even bigger ambition.
Comment (Deposit): Discovery Year: 1960'S
Reference (Deposit): NEV. BUREAU OF MINES AND GEOL. BULLETEIN 64, 1967, 152 PP.
From Inauspicious Beginnings Come Great Things: 1980-85
Reference (Deposit): SURVEY BULLETIN 1473, 1980, 81 PP.
Reference (Deposit): MINOBRAS, 1981, 114 PP.
Reference (Deposit): ASSOC. CONVENTION, SPOKANE, WA, DEC. 10, 1982, 4 PP;
The new Barrick went public on the Toronto Stock Exchange in May 1983 with 1.3 million shares.
In 1984 the tide turned with the acquisition of the debt-laden Camflo Mines Ltd. of Quebec.
Barrick went public on the New York Stock Exchange in 1985, issuing shares at C$1.40 each.
In 1986 Barrick had another year of hidden advantages after the company's prospectors traveled to the gold country of the Carlin Trend in north central Nevada.
Reference (Deposit): BONHAM, H.F. 1986, NBMG MAP 91.
Yet some analysts felt hedging was not in the best interests of shareholders if prices rose significantly, to which Munk said, 'Isn't it more important to have no downside?' Then he needed only point to the numbers--stock valuation had gone up nearly 190 percent on the NYSE for 1987 alone.
1987: Barrick gains full ownership of Nevada's Goldstrike Property.
Reference (Deposit): NOV. 1987, 66 PP.
Reference (Deposit): ROCKY MOUNTAIN PAY DIRT, JUNE 1988, P. 3A.
Comment (Reserve-Resource): 1988 FIGURES AS OF 12/31/88 FOR AMERICAN BARRICK AT POST, DEEP POST, AND BETZE OREBODIES.
Reference (Deposit): "GOLDSTRIKE MINE", MINING MAGAZINE, OCTOBER 1989, V. 161, NO. 4, P. 269-272.
In 1989 Munk was the conquering hero to shareholders and the industry when gold prices took a dive to their lowest point in three years.
Reference (Deposit): AMERICAN BARRICK RESOURCES CORP., 1991 ANNUAL REPORT, 23PP.
Reference (Deposit): ANDERSON, SCOTT. GOLD COMPANY TO TRIPLE SIZE BY 1992.
The next year, 1993, Munk received Canada's highest honor, when he was named an Officer of the Order of Canada for his contributions to the country and beyond.
Reference (Deposit): AMERICAN BARRICK, 1993 ANNUAL REPORT
In 1994 came another banner year when the company won a bidding war for Lac Minerals Ltd., which turned out to be the biggest gold company acquisition in North and South America at the time.
Reference (Reserve-Resource): BARRICK GOLD CORP., 1994 ANNUAL REPORT, P36.
Reference (Deposit): BARRICK GOLD CORP., 1995 F0RM 40-F REPORT, P25.
The new Meikle Mine on the Goldstrike property in Nevada also began production in 1996, on time and on budget.
Reference (Deposit): THE MINING RECORD, VOL., 107, #45, NOV. 6, 1996, P3.
Reference (Deposit): MINING ENGINEERING, VOL., 49, #4, APRIL, 1997, PP26-29.
According to Maclean's, the company had been valued on the stock market at $15.4 billion, and by the end of 1997 had fallen to $8.6 billion with gold at a 12-year low of $295 per ounce.
For Barrick, 1997 had been a rude awakening; the company was not above major market fluctuations regardless of its hedging program, which Munk still firmly believed in.
In October 1998, Barrick suffered a heavy blow when Vice-Chairman Bob Smith passed away.
1998: Record earnings top $300 million; profits per ounce are six times nearest rival.
With prices reaching their lowest point in 20 years, and Barrick's sales soaring in 1999, the finger-pointing was inevitable.
THIS PIT PLAN INCLUDES THE REMOVAL OF 815.6 MILLION TONS WASTE. WATER INFLOW INTO THE POTENTIAL PIT AT 2000 FT. BELOW THE GENERAL LAND SURFACE IS EXPECTED TO BE APPROXIMATELY 40,000 GALLONS/MIN AT 125 DEGREES F. SULFIDE ORE IS TREATED IN A 5000 TON/DAY AUTOCLAVE CIRCUIT COMMISSIONED 2/2/90.
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