Barrick Gold Elects Zambian Economist-Cum Writer to Board

Zambian born economist-cum writer Dambisa Moyo has been elected to the Board of Barrick Gold Corporation, owners of Lumwana mine in North Western Province, the company has announced.

A controversial economist who writes on macroeconomic and global matters, Moyo was recently elevated to the 11-member board as one of the directors after polling 592,898,749 votes, representing 97 per cent of the possible total votes available, according to a statement issued by Barrick Gold Vice President, Investor Relations Amy Schwalm.

Moyo has recently authored controversial books including ‘Dead Aid: Why Aid is Not Working and How There is a Better Way For Africa’in 2009, ‘How the West Was Lost: Fifty Years of Economic Folly – And the Stark Choices that Lie Ahead’in 2011 and ‘Winner Take All: China’s Race for Resources and What It Means for the World’ published in June 2012.

Other board of directors elected during the meeting include William Birchall, Gustavo Cisneros, Ned Goodman, Brett Harvey, Nancy Lockhart, Anthony Munk, David Naylor, Steven Shapiro, Jamie Sokalsky, John Thornton and Ernie Thrasher.

Moyo is the Chief Executive Officer and founder of the Mildstorm Group, a boutique firm that analyzes global macroeconomy, world financial markets and works with its clients to devise investment strategies.

She examines the risks and opportunities across the global economic landscape, including developed, emerging (BRICs) and frontier economies in Asia, South America, Africa and the Middle East.

She has traveled to nearly 60 countries in the past decade, developing a unique knowledge base on the political, economic, and financial workings of the global economy.

Moyo serves on the boards of Barclays Bank, the global brewer SABMiller, and Barrick Gold. She was an economist at Goldman Sachs for nearly a decade and a consultant to the World Bank in Washington DC. 

Moyo was recently awarded the Hayek Lifetime Achievement Award named for the Nobel Prize winner and recipient of the Presidential Medal of Freedom, Friedrich Hayek, and was named by TIME Magazine as one of the “100 Most Influential People in the World,” and to the World Economic Forum’s Young Global Leaders Forum. Moyo is a contributing editor to CNBC, the business and finance news network.  Her writing regularly appears in economic and finance-related publications such as the Financial Times and the Wall Street Journal.

She completed a PhD in economics at Oxford University and holds a Masters degree from Harvard University. She completed an undergraduate degree in chemistry and an MBA in finance at American University in Washington, D.C. 

Meanwhile Barrick Gold’s global copper production for the first quarter of 2014 was 104 million pounds, with Lumwana Mine contributing 51 million pounds,reflecting the effects of an extended and unusually heavy rainy season, the company said in its financial statement for the first quarter of 2014.

Subsequent to quarter end, a partial collapse of the terminal end of the main conveyor occurred. The company is assessing the cause of the failure, the extent of damage and the time to repair the conveyor in order to resume production. Current estimates are that copper production is likely to resume by the end of the third quarter.

“In the interim, mining will continue and stockpiled ore will be processed once the plant re-starts. Barrick has comprehensive property and business interruption insurance for Lumwana and believes the incident will not have a material economic impact,” part of the statement reads.

Copper production guidance for 2014 has been revised to 410-440 million pounds to reflect the processing disruption at Lumwana.

Background:

Barrick Gold Corporation is the largest gold mining company in the world, with its headquarters in TorontoOntarioCanada; and four regional business units (RBU’s) located in Australia, Africa, North America and South America.

Barrick is currently undertaking mining and exploration projects in Papua New Guinea, the United States, Canada, Dominican Republic, Australia, Peru, Chile, Russia, South Africa, Colombia, Argentina and Tanzania.

For 2008, it produced 7.7 million ounces of gold at a cash cost of US $443/ounce. As of December 31, 2008, its proven and probable gold mineral reserves stand at 138.5 million ounces (3912 tonnes), the company used a reserve price assumption of $1,100/oz for 2013.[2]

On January 20, 2006, Barrick acquired a majority share of Placer Dome. The production of the combined organization moved Barrick to its current position as the largest gold producer, ahead of Newmont Mining Corporation.

The company formed after a merger between Equinox and Equinox Resources in January, 2004, and incorporated as a Canadian companythe same month.

It began operations in Zambia in 1996. Prior to being acquired by Equinox in 1999 at least 10 different companies failed in their attempts to develop the Lumwana project, which covers 2 major copper mines and 1355 km squared in area.

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