Basic Materials: Barrick Gold

Ticker Symbol: ABX

About the company

Headquartered in Toronto, Canada, Barrick Gold (ABX) is the largest gold miner in the world. Barrick began mining for gold in 1983 and now has the largest gold mineral reserve base. Gold reserves at the end of 2007 were approximately 15 million ounces.

Barrick bought Placer Dome in 2006, pushing it past Newmont Mining Corp in terms of reserves. Earlier in the company's history, Barrick bought Lac Minerals in 1994, Arequipa Resources in 1996, Sutton Resources in 1999, and Pangea Goldfields in 2000. On July 24, 2006, Barrick made an unsolicited bid for NovaGold Resources valued at $14.50/share. After several extensions on the offer, Barrick let the bid expire on December 16th.

In addition to the 27 mines Barrick currently operates, the miner has currently has 10 development projects. Barrick employs about 20,000 people around the world.

Barrick Gold's Competitors:

• Tier 1 competitors: Kinross Gold (KGC), Newmont Mining Corporation (NEM), Agnico-Eagle Mines Limited (AEM), AngloGold Ashanti Limited (AU, NovaGold Resources (NG), Goldcorp Inc (GG)
• Tier 2 competitors: Teck Cominco Limited (TCK), Northgate Minerals (NXG), Lundin Mining Corporation (LMC)

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