Products
Barrick’s main product is gold. Silver is recovered as a by-product at some operations. In addition, our Zaldívar mine in Chile and the recently acquired Lumwana operation in Zambia are copper mines.
The company sells its production through two primary distribution channels: in the gold spot market or to independent refiners of gold and copper concentrates. We do not have customers in the usual sense and neither package nor label products for retail sale, nor advertise or market our products.
When mining gold bearing ore, we produce a gold concentrate, gold and silver concentrate or doré bars. Once refined, gold and silver are stable (they do not react chemically) in the environment and are non-hazardous metals. Copper is produced as a concentrate or is processed into copper cathodes. Copper, although necessary for biological functioning, may be hazardous to plants and animals if ingested in large amounts. Recycling of our products occurs widely.
Gold: Gold has been used as jewellery for over 6,000 years and its value as an adornment and token of affection remains strong. In some societies, gold jewellery is used as a family store of wealth in addition to adornment. Gold functions as an inflation hedge, an effective portfolio diversifier, and a currency reserve.
While jewellery and investment continue to be the primary uses of gold, thanks to its unique metallurgical properties, gold is used for medical innovations, the computer industry, the transportation and aerospace industries, and for communications. Among the many uses of gold are:
- Lasers used for delicate medical procedures
- Critical electronic circuitry for vehicle air-bags and telecommunication equipment
- Pharmaceutical applications
- Dentistry
Because of its high value, gold has been recycled through the ages. It is estimated that over 85 percent of all gold historically mined is still in circulation. Additional information about gold is available at www.gold.org.
Copper: Copper is a critical component in electronic equipment, in building construction and in transportation equipment. Along with gold and silver, copper is also used in jewellery design.
Naturally occurring levels of copper are not harmful to the environment or to animals. In fact, metabolisms of animals and humans require a certain level of copper to maintain good health. The amount of copper found in the human body is tiny, but it plays a critical role in a variety of biochemical processes. However, chronic exposure to excessive amounts of copper can cause liver and brain damage in animals, hence it is important to monitor copper concentrations. We routinely monitor the copper concentrations in the environment at our copper mines.
Scientists, metallurgists and product developers are continually discovering new and beneficial uses for copper and copper compounds.
Current recycling rates for copper average over 85 percent. In fact, copper’s recycling rate is higher than that of any other engineering metal. Additional information about copper is available at http://minerals.usgs.gov.
Silver: Silver is produced as a by-product at many Barrick operations. Silver has a number of unique properties including its strength, malleability and ductility, its electrical and thermal conductivity and the ability to endure extreme temperature ranges. These properties make it a valuable element in our modern lives. Demand for silver comes from industrial uses, photography, jewellery and silverware. Together, these categories represent more than 95 percent of global annual silver consumption.
Industrial and photographic silver are the most important sources of silver recycling, where silver is recovered from industrial and photographic waste water. The recycling efficiency for silver scrap is approximately 97 percent. Additional information about silver is available at http://minerals.usgs.gov.
Barrick sells into the worldwide wholesale market and to smelters and, as a result, we are not dependent upon public purchasing with regard to the sale of our gold, copper, and silver. We do not market our products. Barrick is a member of the World Gold Council (WGC) which works to promote the use of gold in jewellery and industrial applications, as well as to improve access to gold for investors. The WGC also maintains an active investor education program.
As Barrick does not advertise, sell or provide its products to the public, the doré bars, gold and copper concentrate and copper cathodes we produce do not carry public labelling. There were no incidents of non-compliance with regulations concerning product information and labelling, or concerning health and safety impacts, customer satisfaction or marketing communications in 2011.