The paper "Barrick Gold Corporation - Dealing with Local and International Stakeholders" is a good example of a business assignment. Barrick Gold Corporation has been known as the world’ s biggest gold mining company. It was founded in 1980 by a man known as Peter Munk. Barrick Corporation is based in Toronto, Canada and is based on the principle of responsible mining. For years Barrick has sought to improve the living conditions of the areas in which it practices mining. it takes social responsibility as a major backbone of its endeavors.
Barrick, however, still faces attacks from the community due to various societal issues. Regardless of everything Barrick has sought t9odofor society note very one has warmed up to the company. This will be shown in the discussion below. Q. 1& 2(a). Primary stakeholders and handling of their concerns Stakeholders of the Barrick Corporation have all been affected by the company’ s determination to grow and create an impact on society. We see that most of the problems that Barrick has faced over the years as Munk calls it, ” a perfect storm” has been a result of its stakeholders and their reaction to most of the things that the company undertakes.
There are many categories of stakeholders to the company, these are suppliers, the government, employees, customers, owners, community, and investors Margaret (2010). All of these have had a complaint against Barrick and have required affirmation of their needs by the company. We see that regardless of the roadblocks the stakeholders' concerns create on the development of the Company Barrick has effortlessly continued to give this affirmation. It has continued to deal with each and every issue at its point of concentration. The government has raised concerns about the operation of Barrick.
We see that before Barrick could begin the project at Pascua Lama it had to help to negotiate a treaty between the government of Chile and Argentina to allow the gold that would be mined to cross the border on conveyor belts into the country of Argentina. From this, we see that Barrick knew that it had to be on the right terms will all stakeholders, therefore, had to participate in the making of this treaty.
This treaty is a show of responsibility on the company’ s side because without it there would have been rivalry which we see is avoided due to the company’ s efforts Margaret (2010). Furthermore, we see that the Chile government had suspended pre-stripping in their country in regard to workers' health. We see that Barrick made an effort to improve and talk to its stakeholders on the measures being taken t5o ensure workers' safety Pav (2013). Court proceedings were also in the equation that Barrick participated in and ensured were cleared in time.
For the development of the company, specifically the Pascua Lama project Barrick did everything in its ability to ensure harmony with the government. Barrick also faced a challenge from governments that asked for a larger share of profit in the countries that seemed to be promising. However, we see that Barrick was able to curve all these challenges by heeding to regulations and holding conferences to cumber misconceptions about its relation to the government. However, I feel that Barrick should have taken more measures, regarding workers' safety to prevent the suspension by the Chile government.
Catherine, S. (2012) “More than just cost are a concern at Barrick Gold’s. Pascua Lama Megamine. Montreal Gazette, December, pp. 14-16
Reuters, “Chile environment permit for Barrick mine was flawed----President” (2013) June, pp. 6-10
Barrick Pascua Lama Chilean Water Management System Factsheet (2009).pp 12-14
Barrick “Pascua Lama FAQ’s” (2010) http://www.barrick.com/operations/projects/pascua-lama/faqs/default.aspx (last accessed June 4 2010)
Catherine, S. (2012) “In Arid Chile, Villagers Farmers divided over benefits of Water fund” Montreal Gazette December, pp 24-30
Benefits to the community summarized from Borders beyond Barrick blog posts (2007-2013) http://www.barrickbeyondborders.com / (last accessed March 3 2012)
Catherine, S. (2012) “Clean Capitalism gets mixed results in Andes. Montreal Gazette. December, pp. 17-21
Jimmy, L. (2006) “Pollution: Losing some luster; With gold prices skyrocketing environmentalists are taking an aim at one of the worlds dirtiest industries” Newsweek April, pp 1-25
Barrick Stakeholder outreach activities summarized from Barrick’s “Pascua Lama FAQs” (2006) prepared by ERM November, pp 67-69
Barrick Pascua Lama Project Description (2010) http://www.barrick.com/operations/projects/pascua-lama/faqs/default.aspx (last accessed June 22 2013)
Barrick’s Newsletter , Beyond Borders “Training helps fill local skills gap at Pascua Lama” http://beyondborders.com/2013/02/training-helps-fill-local-skills-gap-at-pascua-lama/ (Last accessed April 24,2013)
Margaret, W. (2012), Our World needs more Peter Munks” Toronto Globe and Mail, June, pp, 1-3
Barrick Corporation annual report (2012) pp. 21-24
Historic details summarized from International Directory of Companies Histories (2000) Vol 34. St. James Press. http://www.fundinguniverse.com/company-histories/barrick-gold-corporation-history (last accessed January 14 2006)
Peter Munks comments to Barrick’s Annual Meeting. (2013) http://www.gowebcasting.com/events/barrick/2013/04/24/2013-annual-meeting-of-shareholders/play/stream/7102 (last accessed April, 24 2013)
Barrick Gold Corporation Pascua Lama Summary (2010) http://www.barrick.com/operations/projects/pascua-lama/faqs/default.aspx (last accessed February 28 2012)
Julie, G. (2013) “Barrick shows progress on costs, cuts spending” Reuters April, pp. 24-28
Pav, J. (2013) “Peter Munk confronts Barrick’s Perfect Storm” Toronto Globe and Mail, April, pp.80-84
Jorge, D. T. (2013) “Barrick’s Glaciers, Technical Report on Barrick Gold on Glaciers and Periglacial environments at Pascua Lama and Veladero” Centre for human rights and environment, October, pp. 34-37
Allison, M., Euan R (2013) “Gold mine face new challenge in plummeting gold price,” Reuters, April, pp. 67-69