...Yimou Feng Professor: Elaine Walker Class: International Business and Global Social Responsibility (8:00-9:40) 03 December 2012 Gold mining Section 1: Executive summary As a rare and valuable metal, gold used to be the currency all around the world. Although its position has been replaced, it also has a big market and huge demand. Because of the upgrade of technology and science, gold mining and gold industry developed quickly. In the following of this article, I will focus on gold mining and gold investment. For the gold mining, I will explore two main problems in gold mining—pollution and safety. For the gold investment, I will discuss if gold is useless for people to invest. Section 2: Issue definition Firstly, every gold mining company, whether giant multinationals or small national companies, all need to face a very significant problem—pollution. During the mining process, it is impossible for mining organizations to avoid gaining some extra and useless product; such as some heavy metals, which are harmful to the local environment. If mining companies cannot deal with these gangues in right way, disaster may happen; especially in developing countries. There is an example. Arsenic (As) is one of the main gangue in gold mining. Arsenic is an extremely toxic substance, and it is hard to be eliminated. In China, gold mining organizations always use boxing dam and deeply burying to dispose Arsenic. But, actually, it cannot totally solve the hidden danger...
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...ARTICLE IN PRESS Resources Policy 34 (2009) 24–31 Contents lists available at ScienceDirect Resources Policy journal homepage: www.elsevier.com/locate/resourpol Recognizing and nurturing artisanal mining as a viable livelihood Petra Tschakert à Department of Geography and Alliance for Earth Sciences, Engineering, and Development in Africa (AESEDA), Pennsylvania State University, 315 Walker Building, University Park, PA 16802-5011, USA a r t i c l e in f o Article history: Received 7 February 2008 Received in revised form 3 May 2008 Accepted 4 May 2008 JEL classification: L72 Q32 Keywords: Artisanal and small-scale mining Recognition Flourishing Alternative livelihoods Ghana a b s t r a c t Much of the discourse and literature on artisanal and small-scale mining (ASM) in sub-Saharan Africa has inherently prescriptive recommendations on how the sector should develop. Devaluation, misrecognition, and criminalization of artisanal, largely illegal miners hamper their participation not only in environmental and political decision-making but also in negotiating potential alternative livelihoods. This article addresses the following three questions: (a) what are the pull and push factors in Ghana’s artisanal and small-scale mining (ASM) sector?; (b) what concrete livelihood options exist for unregistered miners when regularization is impeded and undermined?; and (c) in the absence of promising alternative livelihoods, how can the ASM sector be re-imagined to allow...
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... Butch was uncertain as to the type of company he should register. He planned to be the Managing Director of the company and to have his close friend Patsy as Chairman. Butch wanted to keep the affairs of the company confidential and retain control of its management but without the large amount of capital required, the company would not be able to undertake its objectives. In April, Butch contracted with some mining engineers to assist with the mining operations in October. Butch signed the contract with the mining engineers as “agent of Diamond Pty Ltd”. In June, Butch registered Diamond Pty Ltd with no constitution. Ralph is a shareholder in Diamond Pty Ltd. Ralph becomes aware that the directors of the company are considering the creation of a constitution with the following rules: i) that no director may be removed from office by the members; ii) that members may only appoint directors of the company as proxies to general meetings; iii) that the company’s activities are restricted to diamond mining. In early October, Butch advises the mining engineers that Diamond Pty Ltd is not going to go ahead with the contract as it no longer requires their services. REQUIRED: With reference to the Corporations Act 2001 (Cth) and case law, you are required to answer the questions set...
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... Butch was uncertain as to the type of company he should register. He planned to be the Managing Director of the company and to have his close friend Patsy as Chairman. Butch wanted to keep the affairs of the company confidential and retain control of its management but without the large amount of capital required, the company would not be able to undertake its objectives. In April, Butch contracted with some mining engineers to assist with the mining operations in October. Butch signed the contract with the mining engineers as “agent of Diamond Pty Ltd”. In June, Butch registered Diamond Pty Ltd with no constitution. Ralph is a shareholder in Diamond Pty Ltd. Ralph becomes aware that the directors of the company are considering the creation of a constitution with the following rules: i) that no director may be removed from office by the members; ii) that members may only appoint directors of the company as proxies to general meetings; iii) that the company’s activities are restricted to diamond mining. In early October, Butch advises the mining engineers that Diamond Pty Ltd is not going to go ahead with the contract as it no longer requires their services. REQUIRED: With reference to the Corporations Act 2001 (Cth) and case law, you are required to answer the questions set...
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...Annual Report 2009 Wits Gold Prospecting Rights in the Witwatersrand Basin, South Africa Witwatersrand Basin Johannesburg Carletonville Potchefstroom Goldfield Evander Klerksdorp Klerksdorp Goldfield Potchefstroom N 0 100 Km Welkom Southern Free State Goldfield Wits Gold Prospecting Rights Mining Leases Witwatersrand Basin Basement Rocks Disclaimer Certain statements in this directors’ report may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by use of terms such as “may”, “will”, “should”, “expect”, “believe”, “plan”, “scheduled”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “continue”, “anticipate” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the timing of the pre-feasibility studies regarding the Company’s Bloemhoek project and De Bron project, the ability of the Company to manage its business risks, the sufficiency of capital to cover exploration and operating expenses, and other related statements are forwardlooking information. Forward-looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results,...
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...www.pwc.co.uk The direct economic impact of gold October 2013 www.pwc.co.uk The work carried out by PricewaterhouseCoopers LLP ("PwC") in relation to this report has been carried out only for the World Gold Council and solely for the purpose and on the terms agreed between PwC and the World Gold Council. The report does not constitute professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this report and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences to anyone acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. © 2013 PricewaterhouseCoopers LLP. All rights reserved. In this document, "PwC" refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. The direct economic impact of gold Contents Foreword ........................................................................................................................................................................1 Executive summary ...........................................................................................................................................
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...Introduction Gold is a very valuable metal that has many uses around the world from being the foundation of the world’s economy to jewellery, electronics such as mobile phones, calculators, computers and televisions as well as dentistry and other medical techniques (The Many Uses of Gold 2005-2013). Gold has been used in the economy for over 6000 years (Neale. T 2005). The early transactions were done using pieces of gold. Then there was the ‘gold standard’, where a country maintained a stockpile of gold to back every dollar in circulation. This meant any person could present paper currency to the government and demand in exchange an equal values of gold, this is no longer used in any nation due to its cumbersome. Now gold is used as a financial backing for currency (The Many Uses of Gold 2005-2013). Copper is essential in everyday life. It is used universally in the home for water pipes, locks, electrical wiring and electronics. Copper has excellent thermal and electrical conductive properties, as well as being strong and ductile it is hygienic, has a resistance to corrosion and is extremely easy to alloy (Copper – a vital element 2013). It is due to these properties that copper is such a popular metal that is widely used in the infrastructure, electrical, mechanical and construction sectors of society. Gold and copper are both extracted from the earth’s core through mining techniques. Papua New Guinea (PNG) is ranked as the 11th gold producer in the world (Gold Mining in Papua...
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...has continued to focus primarily on the gold, silver, copper, lead & zinc. Goldcorp’s shares are jointly listed on the Toronto Stock Exchange (TSX) and New- York Stock Exchange (NYSE). Operations: As at December 2013, Goldcorp’s principal producing mining properties are located in Red Lake, Porcupine and Musselwhite gold mines in Canada; the Peñasquito gold/silver/lead/zinc mine and the Los Filos and El Sauzal gold mines in Mexico; the Marlin gold/silver mine in Guatemala; the Alumbrera gold/copper mine (37.5% interest) in Argentina; the Wharf gold mine in the US; and the Pueblo Viejo gold/silver/copper mine in the Dominican Republic (40% interest). The Company's 66.7% interest in the Marigold mine in the US was reclassified as a discontinued operation at December 31, 2013. INDUSTRY OUTLOOK Goldcorp operates in the Metals and Mining industry which involves the extraction and sale of minerals such as gold, silver, iron, copper, zinc and other precious metals. The industry is largely dominated by large multinational miners due to huge entry barrier created by the capital intensiveness of the business. The companies that operate in this industry are highly leveraged operationally and enjoy a significant advantage due to economies of scale. Furthermore, the prices of metals play a significant role in the bottom line profit for large mining companies. Overall, the price of commodities has continued to fall significantly and gold particularly has not recovered from its peak...
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...useful in itself (Weick, 1976) by improving adaptability. Business organizations are open systems; an open system is one which must interact with its environment to survive. It both consumes resources and exports resources to the environment. It must continually change and adapt to the environment. Business organizations, to survive, must interact effectively with their external environments. The open system concept provides the flexibility necessary for organizations to effectively interact. Open system concept is very useful for occurrences of changes within the organization due to the following reasons; Emphasis effective Problem solving, To effectively solve problems Barrick gold mine and Tanzanite one must make sure they interact with external environment. Good example at North Mara Barrick gold mine tries to allow other contractor to engaged on provision of services example provision of food services are being given Sodex company. This means if there is any problem which concerns the food the one that will be responsible to solve it will be Sodex Company and not the Mine Company. This also will be applied on Tanzanite one where the area are being surroundings with Masai tribe, therefore Tanzanite One ltd try their level best to hire the residence of the particular area so they will be no conflict between the organization and the community surroundings’. So the company will do their work without any interference with the community and they will do their work without...
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...Introduction Managing the risk of changing prices of gold is central to the business strategy of American Barrick Resources Corp., one of North America's largest and most successful gold-mining firms. The case contrasts this firm's hedging policies with those of its rivals that do not hedge and details the wide range of hedging products (gold loans, forwards, options, and spot deferred contracts) used to manage price risk. In 1992 the management of American Barrick is pleasantly surprised by unexpected new gold finds, but this new production places demands on the firm's hedging program and tests the firm's commitment to hedging when prices of gold and of many hedging vehicles are unattractive. The gold mining industry has been heavily impacted by the fluctuating gold prices and continuously rising operating costs. Hedging gold prices has become important to ensure financial stability in a sector where mines are unprofitable due to high volatility. Through this case we question the value created by hedging and analyse various instruments to decide upon the best available instrument to Barrick. In this document we explore: 1. Popular theories of hedging and focus on hedging in the gold industry. 2. Analyse features and risk of the gold hedging program at Barrick. 3. Analyse characteristics of Barrick’s gold hedging program. In this document we conclude that value of hedging gold prices creates value for shareholders especially when other firms remain exposed. ...
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...There were several reasons why Americans decided to settle towards the West. Americans had a desire to get rich, seek religious freedom, and also to improve their health. From the 1830s to the 1860s, 500,000 individuals traveled to California and Oregon on the Overland trails. The trip from the Missouri River to the West Coast was nearly two thousand miles. The first movement of the settlement was with the Gold Rush of 1849. Prospectors (someone that searches for specific mineral deposits) made the first gold strikes along the Sierra Nevada Mountains in California. This created a huge “mining boom” and started a pattern for other possible strikes in other regions. (P. 387) Many hoped to “strike rich” in gold and silver but others had no intentions...
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...Service Division of an Existing Business This paper will explain the strategic plan for Newmont Mining Corporation’s newest venture, while defining the vision, mission, and goals of this Corporation and how it will interlink. It will state the company’s values and will offer strategic direction while considering the culture, social responsibility, and ethics. It will show how the mission statement along with the vision and values will help the company to achieve success in its new venture of promoting gold in a new format, and how it will guide the strategic direction of the company. It will address the needs of the public and global economies and how the company will offer a competitive advantage over all other companies in this industry. Company History Newmont Mining Corporation is an exploration, refining, and marketing company of gold and copper. They operate in the US, Australia, Peru, Indonesia, Ghana, New Zealand, and Mexico. As of December 31, 2013 , Newmont employed 15,085 people with its headquarters in Denver, Colorado. For the year ended in December 2013, they recorded revenues of $8,322 million. They are considered to be one of the largest producers of gold in the world (“Newmont”, 2014). Vision They consider their mission, vision , and values are what has helped to successfully grow their business. Their Vision is to be the most valued and respected mining company through industry leading performance. Their sustainability as a business depends solely...
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...Challenges for Bre-X Minerals in Indonesia Bre-X Minerals Ltd. faced numerous challenges in 1996, largest among them being the potential loss of the majority stake in property that could yield upwards of 100 million ounces of gold. The Indonesian government was threatening to redistribute ownership of Busang, the mining region in which Bre-X had property rights, due to its fear that Bre-X was a short-term player not serious about extracting the gold or a long term commitment in Indonesia. These fears were justified given Bre-X’s small size (it had a net loss of $Cdn. 366,677 in 1995 compared to a net income of $Cdn. 218 million from Barrick Gold Corp., a potential government-corporate partner) and limited connections within the country (established only in 1993 by exploring in the East Kalimantan rainforest). Another critical challenge faced by Bre-X was the public outcry over a foreign firm taking advantage of Indonesia’s wealth of natural resources. This mineral exploitation resulted in cries for public action to seize the land and deny Bre-X any compensation. Prominent public figures Dr. Amin Rais and Mr. Hartojo Wignjowinoto were most vocal in these demands. This is a classic example of the risk an unprepared company takes on when operating in a country that is transitioning both politically and economically. Over the first half of 1996, analysts predicted increasing success at Busang and as a result, Bre-X’s stock value rose. Indonesia...
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...required departmental level meetings that are called on some regular basis, either weekly, every two-weeks, or monthly. The expectation is that such meetings are necessary and therefore required. And yet, some people consider such teams to be a waste of time, money, and resources. The Mining Group Gold process is a team process and meeting management process whose sole purpose is to leverage the combined wisdom, experience, and ideas of everyone on the team in order to cash in on this wisdom to improve the overall meeting process and to improve the decisions of the organizational unit. Kayser (1995) developed and perfected a method for teams or groups of individuals to maximize and capitalize on their collective effort in a decision meeting venue. Kayser’s steps to Mining Group Gold are to (a) establish a purpose for the meeting; (b) set the outcomes that the group wishes to achieve from the meeting; (c) assign the roles of facilitator, scribe, and timekeeper; (d) set an agenda for the meeting; and (e) perform periodic time checks during the session to keep the group on track and on task. The connection between the Bikhchandani et al. model of observational learning and Kayser’s Mining Group Gold process is that significant behavioral observation and reflection...
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...Mining group gold Date 10/11/13 Mining group gold The mining group gold process contains the following basic processes. The first basic process is determination of the purpose of the proceedings, session or meeting. This entails the process of outlining the objectives and laying down the aims of the meeting prior to allocation of duties and responsibilities to be observed during the meeting. This step lays the foundation for the next step which is concerned with the desired outcomes of the proceeding, meeting or session. This second step is majorly concerned with the foreseeable results and expectations of all the stake holders of the meeting. The desired outcomes, much like the purpose, are written down and act as a guide or general framework for the meeting. The third step is concerned with allocation or assigning of roles of the facilitator, the overseer, the time keeper and the scribe. These are the primary players and regulators of the meeting who are charged with the duties of setting the agenda rolling. The facilitator is the key regulator of the meeting with the scribe taking down minutes and the time keeper allocating durations for all steps. The fourth step is setting the agenda, a comprehensive statement of the major objectives of the meeting which connect the purposes of the session to the foreseeable results. The last step is concerned with establishment and allocation of time for each item on the agenda. The mining group gold is a process that is effective...
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