Barrick Gold’s Perfect Storm Peter Munk on Resource Nationalism and the Changing Global Paradigm

The origin of problems according to Barrick Gold

Barrick Gold’s Perfect Storm Peter Munk on Resource Nationalism and the Changing Global Paradigm



“Please understand” … pleaded Peter Munk several times to shareholdersgathered in Toronto on April 24th for Barrick’s annual shareholdermeeting (AGM) as he laid out the reasons why Barrick Gold has lost nearly three-fourths of its company value, why projects are being closed due toenvironmental contamination, and why all of a sudden gold, and Barrick Gold stock in particular, doesn’t look so attractive. The speech is a revelation of what really drives the gold miningindustry and one of the most controversial industry leaders in particular.

Munk was clearly referring to Pascua Lama, the multi-billion dollar goldproject on the Argentine-Chilean border that has become a constant headache forBarrick Gold. The project is riddled with environmental problems and unpredictedand escalating costs, and suffered as a result of the collapse of the financingscheme Barrick hoped to build with subsidized public money from EDC (Canada)and EXIM bank (USA). Today, the mine remains closed in Chile for failure tocomply with environmental regulations. Barrick’s legal appeals have had noinfluence on the Chilean authorities.



A year ago today, Munk boasted that the fundamentals were brilliant.Barrick was on the verge of launching two of the most spectacularly unique goldmines, Pascua Lama in Argentina/Chile and Pueblo Viejo in the DominicanRepublic. Both projects would be characterized by exceptional production, longlife, and some of the lowest average operating costs per ounce. This yearthough, Munk was reduced to asking, “What can I say to you? ...The fundamental stoday could not be more different than they were a mere twelve months ago. Our two mines are both in trouble”. (AGM Speech: Minutes 43:00-44:00)

At both Pascua Lama and Pueblo Viejo, Barrick has run into significant problems.Munk attributed this to growing resource nationalism, which he referred to numerous times throughout his speech. He says it’s a global phenomenon and the underlying characteristic of the new mining paradigm.

He posed the following hypothetical situation to the audience: “You’rethe new president of a small Latin American country… You have two choices, keepon taxing the people… or go after that big multinational huge globalcorporation with billions of dollars of assets. … This is totally understandable, it is the essence of this enormously rapidly growing resource nationalism… It is the ultimate threat to the very lifeline of the mining industry, which ultimately will cause an enormous spike in commodity prices. (Minutes46:00 - 47:00)

He pointedto leaders such as Hugo Chavez of Venezuela and Evo Morales of Bolivia … suggesting that “there’s a whole slew of new modern populist leaders that may not follow the rule of law as we expect them to do”. (Minute 48:00)

While never explicitly stated, it was clear that his critiques were no tso much about Chavez and Morales, but rather referred to his frustration with Argentina and Dominican republic

Ironically, the venting and frustration over host government rule-bendingquickly vanished when Munk came to the issue of executive pay. There, Munk pointed to the impressive CV of newCo-Chairman John Thorton, former Goldman Sachs chief, as a justification for awhopping US$11.9 million pay package from the gold giant to have Thorton takeover Barrick, which has dropped in value by nearly 75% since its recent marketpeak.

In his closing comments, Peter Munk reached out to the essence of whatsustains the gold industry. Companies mine, process and sell gold not forsocial or economic development, not for social progress and not for the benefitof the needy or the poor communities in the countries where Barrick Gold isinvested




So, the conclusion of BG speech:

• Dominican president is as radical and keep the same political lines of as Chavez and Morales
  

• The most important mines of BG are Pascua lama and Pueblo viejo have a populist leader that "dont follow the rules of law"

• BG always follow the rules of law
  

• BG is not in DR for social progress or the needy poor communities of Cotui.
  

• BG never mention pollution, smuggling cyanide, fines, etc so all those "rumors" are probably a lie

• Barrick Gold has lost nearly three-fourths of its company value, shareholders are VERY scare
  

• It's ok to pay somebody a bonus of $11.9 millions made from dominican gold , but not a single dime yet to dominican people
  

source: www.gowebcasting.com/events/barrick/2013/04/24/2013-annual-meeting-of-shareholders/play/stream/7102

These are the personal words of BG president Peter Munk in the last shareholder meeting..
Personally I am speechless ..

You make your own conclusions..

Barrick Gold sticks to its claim over limestone shipment

 
Santo Domingo.- Barrick Gold Corp. on Friday said the shipping manifest filed with the Customs Agency on the six tanks retained for nearly a month are in fact, limestone originally from Portugal worth only 50 dollars.
But Customs technicians said the cargo was shipped from the mine at Pueblo Viejo, Cotuí, a week after Barrick Gold and the Government signed the new agreement


An elnacional.com.do sources revealed that the mining company sought to ship the cargo to Canada, this time with a courier not the usual commercial carrier.

It said the company roused suspicions when it transported the six tanks to Punta Caucedo freight terminal’s Warehouse 10, instead of the customary Warehouse 3.

Another attitude which the source says spurred suspicion is that the company at no time demanded that Customs return the tanks which allegedly contain limestone.

They said the shipment would’ve been sent one week after signing the new contract, "the company still used tricks in the extraction of gold and silver, seeking to circumvent the payment of taxes."

Barrick Gold reportedly set the value of the limestone at 50 dollars, even though a shipping company would’ve charged more than $7,000 to ship it to Canada.
 

 Barrick Gold  set the value of the limestone at 50 dollars from Portugal?
The shipping company would’ve charged more than $7,000 to ship it to Canada.?
The limestone was coming directly from Pueblo Viejo mine?

Something smells very funny there..

Just the manner of declaring the commodity worth $50 is a slap in the face.
 Barricks actions moving the limestone originating from Portugal, subsequently arriving in the RD, and then manifiested to Canada is a de facto declaration of a special utility which adds value to the product.

 ¿ Is it worth the expense to ship ? Barrick thinks so.

Note: Gold is found in limestone deposits. Could it be the limestone was sent to Barrick in the RD for analysis ?

The actions by Barrick It do not pass the smell test.

Barrick's share holders have not gotten a whiff of it yet.

Barrick Gold in Chile: ‘We regret environmental problems, we’ll comply’

Barrick Gold in Chile will comply in enviromental issues, not in Dominican Republic

 

Canadian mining company Barrick Gold Corporation said today that it will comply with the details of the resolution of Chile's Superintendent for the Environment (SMA) in which the authority fined the company US$ 16.4 million.

As Digital Journal reported earlier today, Chile’s SMA announced a fine of about 16,4 million dollars to Barrick Gold for violating several regulations and environmental compliance resolutions. Additionally, the authority instructed Barrick Gold to stop construction activities at the Pascua Lama project until contaminated water management systems could be implemented in the manner provided in the Environmental Qualification Resolution that approved the operations, but the company had failed to put in place.



Today the company issued a statement saying it will build temporary structures to gather, transport and discharge water into a settling basin north of the mine and will monitor the environmental variables affected by the operation which threaten Andean glaciers very important to local indigenous Diaguita communities.

""We deeply regret that Pascua Lama has suffered difficulties in its construction and we will endeavor to rectify the problems and meet the terms of the approved project. We are respectful of the institutions of the countries in which we operate, and consequently, we will act according to the resolution."" said Eduardo Flores Zelaya, president of Barrick Gold South America, and Senior VP of Pascua Lama, according to LaTercera (in Spanish).




Furthermore, the company’s website posted a declaration which includes the following statement: ""Barrick is fully committed to complying with all aspects of the resolution and to operating at the highest environmental standards." "





After reading this ,,we ask our self several questions:

How come they were can comply in Chile and Nevada but not in Dom. Rep. ?

How come that nobody says nothing either?

Why the Dominican government is not forcing them to comply with environmental issues in the last "happy agreement"?

Why they didn't talk about reforestation, jobs for the poor people in the area , water treatment facilities,hospitals for the people that eventually will get sick, etc?

How come that the Dominican government haven't seen a dime yet?

Now we certainly have more questions than answers..

Barrick agrees to pay fine to Chileans, nothing to Dominicans

Barrick Gold pays $11.6-million Pascua-Lama fine ...

Santiago — Reuters

Published Friday, May. 31 2013, 6:30 PM EDT



Barrick Gold Corp. has paid a discounted $11.6-million (U.S.) fine for serious environmental violations at its suspended Pascua-Lama gold project, a spokesperson for the company said on Friday.

Last Friday, Chile’s new environmental regulator ordered the controversial $8.5-billion project be halted and fined the world’s biggest gold miner around $16-million.

Chile’s President says Barrick Gold Corp. must follow 23 steps to comply with orders from his country’s environmental regulator, a message that underscores the tough road ahead for the company to get its crucial Pascua-Lama gold project back on track.

Sebastian Pinera, in Ottawa to discuss Canada-Chile economic relations, admonished Barrick for its handling of the $8.5-billion (U.S.) mine development so far.






So, let me see If I understand:

• Barrick Gold agree to pay to Chile the fine ( nothing to the Dominican counterparts)

• No foreign investment run away of Chile because of the fine

• The did have resources to pay a fine , despite what their executives were saying recently

• Dominicans haven't seen a dime yet after the famous agreement

• Barrick Gold will keep polluting the environment, the rivers, dams and air with tons of cyanide and mercury as they always do everywhere in the world...

• We, Dominicans , are the most naive human beings on planet Earth

Nobody is going to do nothing? Nobody is going to say nothing either?What the hell I am missing over here?

Barrick Gold Pollution

 Pollution of Barrick Gold in Dominican Republic



Everybody is happy with BG agreement with the government last week , everything happily settle down for financial issues, but there is anything made to shrink the environmental impact ?
Barrick Gold has been accused of a number of environmentally unsound practices by environmental groups.
The company has countered accusations by activists, challenging the accuracy of criticisms.

Criticisms include poisonous spills of cyanide , mercury and other heavy metals in Hatillo and Margajita and Yuma river, leading to environmental damage and the poisoning of human populations.



The director of Corporación del Acueducto y Alcantarillado de Santo Domingo (CAASD), architect Alejandro Montás, declared that the Hatillo dam is contaminated by Barrick Gold and can not be used no more for human consumption




Dead fishes from Hatillo dam.

Water depletion is a major negative consequence of gold mining, not to mention the poisoning of thousand of fishes, cattle and crops.. The large amount of water required to run a gold mining operation exacerbates its impact on local communities of Cotui and Cibao valley, many of which are already experiencing drought.

Last year not 106 as they claim, but 400 peruvian miners show up at Centro médico Ureña Hernández of Cotuí, in DR with symptoms of intoxication.

The base of Cotui economy is not mine activities but agriculture production, mostly exportation of pineapple

There is a very delicate balance in Dominican ecosystem , and now everybody seem unfriendly to the natural resources situation.






 A lot of people are complaining about the pollution left behind by the Rosario, but the super negative impact of Barrick Gold is unbearable..Once the gold oxide was processed, the sulfides were exposed and the mine was abandoned to its fate, allowing acidic waters from the Margajita River to drain away to the Hatillo Dam.

The acidic water is the result of a mixture of rainwater and the minerals from the gold sulfides that have remained exposed.

Another legacy of negative environmental impact from Rosario is the accumulation of heavy metals like iron, copper, and mercury , but now is way worst with Barrick Gold new damn El llagal and at at the site of the old plant and the sludge from Mejita and Margajita Rivers.


 



El Llagal , new illegal dam made by Barrick Gold




The contaminated Margarita river
 

Maguaca river


 Contaminated Margajita River by Barrick Gold according to the  president of Miguel de Peña García Fundation

There must be a serious environmental  plans to clean the cyanide and mercury from DR , because the damage could  be intolerable for any kind of vegetable animal or human life.Otherwise, get ready to start pointing fingers, as we did a couple weeks ago..

Somebody have to take the responsibility for no taking care of our natural resources, because once they  are lost, they will be lost forever.

Somebody better be responsible for the ecological mess in our fragile ecosystem!

The gold have some value but our land and our people health is worthless?

Is it ok that we get our rivers and lakes full of cyanide and mercury and nobody complains about it?


Are we conscious that no fish, animal life or  vegetable life  can ever grow up in such poisonous conditions?

Did we ALL get insane?

Barrick says they don't know the reason for their shipment retention

RE: Say no to Barrick Gold pirates

06 de mayo del 2013
Barrick says they don't know the reason for their shipment retention
Barrick Gold dice desconocer razones de retención de nuevo embarque
ww.7dias.com.doSanto Domingo06 de mayo del 2013







En un comunicado emitido este lunes, la empresa desmiente que el retraso en el embarque obedezca a la detección de irregularidades en los documentos de declaración que deben ser llenados.

“Toda la documentación de los embarques realizados a la fecha ha sido inspeccionada y aprobada por la propia DGA. Cada vez que la DGA nos ha comunicado algún cambio en cuanto a los trámites de exportaciones, hemos procedido a acogerlos. En dos de los embarques tuvimos inconvenientes debido a limitaciones del propio sistema SIGA de la DGA”, apunta Barrick Gold.

Insiste en que, hasta ahora, no ha sido notificada por la Colecturía de la DGA en el Aeropuerto Internacional de las Américas de que hubiera error o irregularidad en la declaración, por lo que ignora las razones de la medida de las autoridades.

En algunos círculos se comenta que con este tipo de medidas el gobierno del presidente Danilo Medina ejerce presión para lograr la revisión del contrato.


In some circles, people comment that these are measures by the goverment of the president to force a long waited revision  of the contract -scam


“Reiteramos que en todos los aspectos de nuestras operaciones, perseguimos el cumplimiento a cabalidad de todas las leyes y normas establecidas por la autoridades nacionales por lo que esperamos que se normalicen los trámites para poder proseguir con la exportación como se ha hecho con los 27 embarques anteriores, todos debidamente autorizados por la DGA”, concluye la minera.

The Customs Agency instructed its Punta Caucedo Port office at Las Americas Airport (AILA) to retain Barrick’s gold cargos until it reaches a new agreement with the Government.

Esta misma mañana, autoridades aduaneras informaron que procederían a tomar nuevas muestras del retenido embarque número 28 de oro y plata para comprobar la correspondencia entre lo embarcado y lo declarado.

The information was provided  at Las Americas, from where a detailed report was sent to president Danilo Medina , after inspections conducted on Barrick’s exports found alleged irregularities.
The Government reportedly instructed Customs to slap the mining company with more than US$96.0 million in fines for its doré shipments.
______________________________________________________________________________

Poor Barrick Gold, so naive and innocent..Maybe if some employee would ever read a dominican newspaper and see what EVERYBODY in DR is thinking about them ,
-about smuggling gold in front of the authorities

-the eviction to hundred of families,

-the disrespect to the Dominican president


-the TOTAL IMPUNITY while breaking dozens of dominican laws

-the problems with the government,

-scams ,

-the arrogance with the press, the government and the Dominican people,

-illegal dams constructions,

-why they were expelled from Chile last month,

- illness and cyanide pollution in a bunch of rivers of Cibao valley,

-how they bring misery to the communities that they touch,

-and most of all, how Barrick Gold get the pinnacle of infamy ,They would get an answer..
But of course..Barrick Gold didnt know anything about it !

"Poor Barrick Gold.. Such naive and innocent` " !

After 500 years , the gold exploitation continues at ANY cost..!

 Please visit our latest video.Click here:

No to Barrick Gold

Barrick gold final warning in Dominican Republic

 Barrick Gold ships US$496M since Dominican leader’s warning
 

Santo Domingo. - Barrick Gold’s gold and silver exports ?? 11 topped US$496 million since November, ratcheting its shipments after president Danilo Medina issued the April 30 deadline to start talks to review the mining contract to give the country a bigger share.

Citing a Customs Agency source, elnacional.com.do revealed that Medina will receive today the full report on the review of Barrick’s 27 gold and silver shipments to date.
Barrick’s 27 shipments since Nov. 11 were reportedly 9,040 kilos of gold and 24,357 of silver.


 Our personal math
Barrick’s 27 shipments since Nov. 11 were reportedly 9,040 kilos of gold and 24,357 of silver


kilo = 35.27 oz
Gold oz price :US 1600

9,040 kilos x US1,600.00 x 35.27=


U$510,145,280.00
__________________________

oz silver: U$25.-

US25 x 35.27 oz x 24, 357 kilos=
U$21,476,784

___________________
Total taken by Barrick gold till now :
U$531 Millions
_______
Total paid to the Dominican state:

US 0 Dollars
______
Total they are planing to pay to the Dominican state:

US 0 Dollars
______
Total paid in Fines for smuggling:

US 0 Dollars

____
Dominican Republic offers Barrick Gold a “final” deal

Dominican Republic on Tuesday made to Barrick Gold what it calls the final proposal to amend its mining contract, the Presidency’s Press Office said in a statement.

"We have presented today (Tuesday) a final proposal and we expect an answer in the coming days," the document says.

"In any given scenario the government will demand compensation to the country for mineral exports payable retroactively," it said, noting that any decision the Executive Branch agrees to will affect the mining company’s total exports "since the first ounce of gold that left the country, November 13, 2012."

He said the commission designated for the talks underwent an intense process in recent weeks, "which should lead to a definitive definition, in the short term.


The Dominican government already gave them their final warning.So far Barrick gold  has always a last nasty trick under the sleeves.

They have pretend to ignore the government about renegotiate the contract-scam they made before.

under that scam, they dont have to pay a single penny to the government.

Barrick Gold already have nasty relationship with governments all over the world,. Specially in Latin America.

They were ordered to halted operations in Chile this month and to pay a big fine in Nevada  , USA for contamination..

Their idea of not paying nothing to the Dominican government , continue smuggling gold shameless in  front of the authorities, and heavy polluting dozens of rivers in Dominican Republic is unbearable, not to mention dead cattle, spoiled crops  and a lot of ill people.

So far, Barrick gold have only bring misery to Dominicans and the proofs are way overwhelming

The Dominican President have the support of most Dominicans.

As far as I could see, the only result is to follow Chilean steps.

Time to stop Barrick Gold!

Update..->  ->   ->. Breaking news!

US$96M fine ratchets Dominican Republic-Barrick Gold showdown 

 

Santo Domingo.- The Dominican Government on Wednesday halted another precious metal shipment by Barrick Gold, just hours after offering the Canadian based minor a “final deal” to amend the contract for the mine at Pueblo Viejo.
The Customs Agency instructed its Punta Caucedo Port office at Las Americas Airport (AILA) to retain Barrick’s gold cargos until it reaches a new agreement with the Government.
The information was provided Wednesday morning at Las Americas, from where a detailed report was sent to president Danilo Medina on Tuesday, after inspections conducted on Barrick’s exports found alleged irregularities.
The Government reportedly instructed Customs to slap the mining company with more than US$96.0 million in fines for its doré shipments.


Another smuggling case, just minutes after the warning? 
So Barrick gold is above dominican laws and the President as well?
So the dominican president means nothing to Barrick Gold?

This is going to be good!

Government and Barrick without accord after 20 plus meetings

Government and Barrick without accord after 20 plus meetings

The negotiations between the parties entered an "accelerated process"

SANTO DOMINGO. In spite of having held more than 20 meetings between the government and the Barrick Gold mining company after the call for negotiations made by President Danilo Medina last 27 February, there is still no set date for finalizing the conversations between the parties.

These have been extended due to the company that operates the Pueblo Viejo mine, located in Cotui, Sanchez Ramirez, saying that they are operating under a contract approved by the National Contract, according to a report from a source at the Presidential Palace.

Over the last few weeks, the negotiations have entered an "accelerated process," in which Dominican officials and mining executives from the company are taking part. In some of the meetings representatives of the Canadian government have taken part.

In the talks, there are also mining technicians from the Dominican government, contracted for these talks, who in addition are working on everything related to the volume and amount of gold and silver that is extracted and exported by Barrick.

The source said that the government is keeping up permanent talks with the Canadian company, where their greatest interest will be to benefit the country.

Barrick's position

Last Wednesday, the president and chief executive of Barrick Gold, Jamie Sokalsky, revealed that the company was holding on-going talks with the authorities of the Dominican Republic regarding the mine at Pueblo Viejo.

The executive reported, likewise, through a press communiqué, that the net profits of Bardick, the world's largest gold producer, reached US$847 million, a decrease of 18.5% during the first quarter of this year in relation to the same period last year. Barrick said that their share of 60% of Pueblo Viejo provided 96,000 ounces of gold during the quarter.

The government has requested according to the Canadian company, "accelerate and increase in a significant manner their quota of earning from Pueblo Viejo," a joint operation between Barrick and another Canadian mining concern, Goldcorp.

Government's position

In his speech before the joint session of the National Congress, Danilo Medina said that under the fiscal scheme established in the contract for the exploitation of the mine, with an average price of US$1700 and ounce for gold and US$28.00 for silver, Barrick would obtain net income after operating costs for US$2.6 billion in the first two years of production, which would allow the company to recover in this time frame the total investment in the country.

And there he added that of the US$753 million from income for exports, the country would receive US$56 million.

Pueblo Viejo has huge reserves

As of 31 December 2012, Pueblo Viejo had proven and probably gold reserves of 15 million ounces, and a useful life of 25 years. It is estimated that this reserve is one of the largest in the world. With the exploitation of the gold mine, Barrick Gold is administering in Dominican territory one of the businesses where the company is betting to improve its earnings, given the decrease in its earning in 2012. The company has reported a net loss of US$3.06 billion (US$3.06 per share) in the fourth quarter of last year.

Barrick Gold have made in the past a scam bribery with Dominicans politicians .That contract is so picky  with so many small details that there is no way that dominicans will ever see a dime out of that contract.

 

The result is that now in the middle of the island we have a company that haven't pay a dime yet and is heavily exploiting a big part of territory  , and now want to convert it into a pool of cyanide and mercury.

 

 Margajita river, heavily contaminated by Barrick Gold

There is a heavy pollution as well.In that area you will NEVER see a plant or a tree grow never EVER again.

Now residents in the communities are crying with desperation because of the illness, the peasants for the dead crops and cattle and the people for their health. 

 

People start moving and there are riots almost every week against Barrick Gold ..

Economist Jaime Aristy Escuder Saturday accused the mining company Barrick Gold in exaggerating the cost of its investment in the country, in order to extend the time you have to start pay the state the profits.

Escuder further stated that while Barrick installation monies allegedly spent on the Pueblo Viejo, Cotuí mine, more monies will be needed, as the contract states that until the company recovers the initial investment, the Dominican state resources will not be paid, in respect of the exploitation.

They have being cough smuggling gold as well in AILA international airport..

 

That is a scam, after scam , after scam.. 

The plan is very simple: Not to pay a dime to Dominicans , in the same way that Barrick did in Chile for 16 years, and pour tons of  cyanide regardless of the life of 10 millions of Dominicans...

Usually, the aftermath is a total devastation.

 

We need the help of the international community..

We need to say united: SAY NO TO BARRICK GOLD!

Click here to see more information

Barrick’s environmental foes jump on wobbly miner

RE: Say no to Barrick Gold pirates

Barrick’s environmental foes jump on wobbly miner

by MARTIN MITTELSTAEDT , Globe and Mail
http://www.dominicantoday.com/dr/forum/living-in-the-dr/general-info/52340/Say-no-to-Barrick-Gold-pirates
April 25th, 2013




The shares of embattled miner Barrick Gold Corp. are continuing their upward bounce after plunging to 20 year lows earlier this month, a move higher driven by a continuing recovery in the bullion price.


The world’s largest gold producer is adding another 2.3 per cent or 44 cents to $19.82 a share in Thursday trading, a good move from the recent low of $17.98. The rise should certainly should cheer up shell-shocked shareholders who’ve been watching their investment get pummelled by self-inflicted wounds through ill-timed acquisitions and cost over runs on major projects.

The long term outlook for Barrick shares hinges on many factors: the gold price is obviously the biggest driver, but the company also faces vociferous opposition from environmentalists and many residents around its mine sites, which should be a long term worry for shareholders.

Given that it’s the largest company in the business, with 25 mines in 10 countries, it isn’t totally surprising that Barrick would be a magnet for protesters. Mining can be a hugely disruptive businesses. Open-pit mines are massive undertakings, as is the management of the vast quantities of waste rock left over after ores are processed.

The main hubbub at Wednesday’s annual meeting dealt with the controversial $11.9-million signing bonus for co-chairman John Thornton, so investors may have missed another report timed for release during the meeting from Barrick’s environmental foes.

The report is 30 pages of footnoted attacks on Barrick for weak environmental practices and human rights abuses around its mines. The report accuses the company of “ignoring the warning signs of numerous conflicts across the globe.”


Investors shouldn’t stay tuned to this issue because it’s unlikely to go away any time soon.

For its part, Barrick released a statement dissing the report: “The report lacks credibility ... responsible mining is an absolute priority for Barrick and is central to how we run our business, reflected by the fact that we have been ranked as a leader in social and environmental responsibility for five consecutive years by the Dow Jones Sustainability Index. Our operations are a catalyst for economic development and create meaningful, long-term benefits for the communities in which we operate.”

But some recent signs of how much the company is chafing under environmental criticisms came from founder Peter Munk at the annual meeting.

Barrick Gold Corp. chairman Peter Munk arrives at the Metro Toronto Convention Centre on Wednesday, April 24, 2013, for his company’s annual general meeting. Behind to his right, Barrick board member and former prime minister Brian Mulroney.



“There are now libraries – libraries – full of reports. One report after another of every little aspect of air quality ... road conditions, dust conditions in building a mine. And each and every one of those can be changed, and every time they get changed, they get changed for the worse,” he complained.

According to Mr. Munk governments aren’t helping either, because they’re listening to non-governmental organizations. “What’s happening is that this enormously altered public perception of environmental concern – NGOs, human rights, water quality, air quality, etc. etc. etc. – becomes put one on top of the other, and how do governments react? They impose more regulations.”


Mr. Munk speaks to shareholders about Barrick’s troubled Pascua-Lama mine in Chile and Argentina. Work on the Chilean part of the mine was halted by court order over allegations of polluted groundwater.


If they can give the chairman $11.9 million bonus, how come that Barrick Gold have NEVER pay a dime to Dominican Republic for a free gold mine?

• 
  

If they stoped Barrick Gold in Chile and Argentina, how come we can not do the same in Dominican Republic?

• 
  

How come they keep contaminating , working, smuggling gold, with such impunity in DR?

Barrick Gold concession violates laws

Barrick Gold concession violates laws

Deputies say Dominicans Barrick concession violates laws
Posted March 6, 2013 Associated Press
SANTO DOMINGO, DOMINICAN REPUBLIC - A special committee of the Chamber of Deputies of the Dominican Republic reported Wednesday that the millionaire contract granting a gold mine to Barrick violates several local laws, and therefore recommends that immediate review or annulment.

"We have the options of submitting an override of the Barrick contract with the state because there is sufficient evidence, legal elements," said Demosthenes Martinez, chairman of the justice committee of the House.

Martinez reported that according to a study by a multiple commission, the contract contravenes 10 articles of the energy bill, as well as at least five of the environmental law and several provisions of the constitution.

The agreement, originally negotiated in 2002, was amended by an amendment passed by Congress (bicameral) in September 2009.

After months of protests against various sectors of the mining concession considering leaving few economic benefits to the country, the president of the Chamber of Deputies, Abel Martinez, requested in February to justice commissions, environment and energy, submit the agreement to a new study.

The tripartite committee concluded its report on Wednesday, which will be discussed in the coming days by the full House of Representatives, said Alejandro Jerez, president of the energy committee.

The Canadian Barrick Gold and Goldcorp acquired in 2006 the concession to operate for 25 years the Pueblo Viejo mine, 100 kilometers north of the capital, with a proven reserve of 20 million ounces of gold. The miner also extract silver and zinc.

Using an adaptation of the contract in question, passed in 2009 by both houses of Congress, Barrick will begin to pay the state profits from the exploitation of the mine only when you have recovered their entire investment and achieved a 10% return.

Until these conditions are met, the state will receive only 3.2% of the profits and income tax.

President Manuel Rocha miner said last week that the mining company has invested nearly 4,000 million, the highest foreign direct investment in the history of the Dominican Republic.

President Danilo Medina warned last February 27, introducing his first government report that Barrick should renegotiate the contract, considering it "unacceptable" because of a presumed allow the company to remain "virtually all" the benefit of the mineral extraction and export, which began in mid-2012.

   
Medina said that gold prices have increased from $ 298 an ounce since negotiating a $ 1,700 grant, without representing more immediate benefits for the country.

Not to accept a renegotiation, Medina warned the mining submit a bill to impose new taxes on the "windfall profits" of the mining industry by the increase in metal prices.

While insisting that the company is open to dialogue, the Pueblo Viejo Barrick spokesman, Jorge Esteva, said this week in an interview with a local television station to "renegotiate the contract, redefine the rules, change the legal framework that protects the investment, that is not on the table ".

Esteva told The Associated Press that negotiations to adapt the contract in 2009 lasted 27 months and also passes through both houses of Congress and was enacted by the executive branch.

Trajano Potentini from the Justice and Transparency Foundation (FJT), reported Sunday that the contract with the company Barrick Gold, as well as being harmful, illegal and unjust, so Olympic violates the Constitution, in relation to the constitutional principles of equality, equity and proportionality, privileges almost absolute tax exemptions, as well as issues of health, environment, international treaties, and the General Mining Law.

Trajano Potentini president of the FJT considered mockery, a challenge and a provocation of the head of the Barrick Gold in the country, when required by the Dominican State to fulfill an agreement that is illegal, unjust and unacceptable.

"It is a contract full of constitutional and legal violations, specifically the Mining Law of the Dominican Republic, it is a nightmare, a dismal and unfortunate experience for the country, which now requires the will and determination of the authorities and the Dominican people in a relentless struggle to reclaim our heritage, "he said.

                                           Cancellation of contract

He stressed that the consensus position of the FJT, is that the contract is totally null reference, both by general principles of law that establish the invalidity of the conventions that repealing public order regulations, as express provision of Article 19 in fine of the Mining Law No.146 "the terms of the contracts may not be less favorable to the national economic interest that under this law."

He said the contract Barrick Gold violates Articles 32, 43, 75, 95, 98 letter g), 129, 133, 134, 137 and 138 including the Mining Law of the Dominican Republic, No. 146, dated 16 June 1971, published in Official Gazette No. 9231, resulting void.

Trajano said that among the many violations attributed to the contract between the Dominican State and Barrick Gold, was identified as Article 98 directs the Dominican Mining Law, which within six following the granting of the concession, the Barrick Gold due constitute a Dominican company to carry out the operation, which has not done yet. For this reason alone, the award is null and void.