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Essay / Barrick Gold Case Study - 684
Barrick Gold Mining differentiates itself by focusing its efforts on exploration and innovation. They are directing work toward the construction and maintenance of new pipeline projects in the following areas: Cortez Hills, Nevada; Pueblo Viejo in the Dominican Republic; Buzwagi in Tanzania; PascuaLama, Chile/Argentina; Buzwagi, Alaska, United States; Reko Diq, Pakistan; Sedibelo, South Africa; Federova, Russia; Tanzania; Donlin Creek and Kabanga, Tanzania. These explorations are taking place in sixteen different countries, providing many sources of potential growth and new opportunities for ounces. They are home to a team of over one hundred and fifty geoscientists who are the industry experts in exploring new areas and opportunities for mineral growth. They primarily focus on reserve development and production replacement, which are critical to the long-term success of a mining company. The company's strategy is based on operational excellence and community. Barrick Gold seeks to generate revenue for its shareholders while remaining focused on renewable energy, thereby reducing employee injuries and leading by example in today's environmentally conscious world. They aim to benefit the business owners and the world at large, through a multitude of methods: they try, as much as possible, to use local resources and employment to feel smaller and more staff, and get acquainted with the locals around the bases. Community development is a priority at Barrick. Barrick invests in building surrounding communities through education, Barrick offers community programs and initiatives in every area they choose to operate. How they strategize and invest depends on the needs and location of local communities and regional governments...... middle of paper ...... e profit over the next two years. Barrick's strategy for future success is based on a more honest policy. The emphasis on community and development to maximize shareholder returns has not been sufficiently successful due to environmentally unfriendly practices and resulting controversies. They should invest more in becoming the company they say they are, so that environmental protests don't hurt their performance. They moved into new mining areas, but were not open to the natives of that region about the potentially toxic and disastrous effects their projects would have, so even building schools and medical centers is not sufficient to satisfy the surrounding communities. . In order to improve their public image and create a better reputation, they must adhere to the standards they have set in their business vision..