1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Barrick Gold Corporation
  6. News
  7. Summary
    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-06-24 pm EDT
24.23 CAD   +0.71%
06/24Gold Edges Higher on a Weakening Dollar as Bond Yields Edge Higher
MT
06/24August Gold Contract Closes up US$0.50; Settles at US$1,830.30 per Ounce
MT
06/24Gold Falls Again Despite a Weakening Dollar as Bond Yields Edge Higher
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Philippine court orders compensation for victims of 1993 mining disaster

05/25/2022 | 03:00am EDT

MANILA (Reuters) - A Philippine court has ordered a mining company to pay damages to 30 people for negligence in a 1993 dam burst that was one of the country's worst mining disasters, a verdict cheered on Wednesday by environmentalists and the industry.

The case was filed in 2001 by residents in the island province of Marinduque, who sought compensation after a typhoon caused Marcopper Mining Corp's Maguila-guila dam to burst, submerging nearby communities and destroying property, crops and livelihoods.

The court in Marinduque ruled the plaintiffs must be paid 300,000 pesos ($5,734) each, plus a share of 1 million pesos for exemplary damages, according to the May 16 decision, which was made available to media this week.

The incident made mining a highly contentious issue in a country with vast underdeveloped mineral reserves. The Philippines is currently the biggest nickel ore supplier to top metals buyer China.

Marcopper, which folded after the incident, had denied liability and negligence in its maintenance and operations of the dam, according to the court decision. It was not immediately clear who would pay the compensation.

Marcopper's parent company, Placer Dome, was acquired by Canada-based Barrick Gold Corp in 2006, which absorbed its workforce and projects. Barrick did not immediately respond to a Reuters request for comment on the ruling.

Activists and industry groups said the incident underlines the importance of compliance by mining firms.

"The decision sends an encouraging signal to communities gravely affected by mining," said the Alyansa Tigil Mina (Stop Mining Alliance) group.

Mines and Geosciences Bureau Director Wilfredo Moncano said the decision "serves as a reminder to all mining companies to strictly comply with environment laws and regulations."

The industry lobby group, the Chamber of Mines of the Philippines, said the incident has been "a constant reminder to miners all over the world that the safety of all stakeholders in host mining communities is paramount".

(Reporting by Enrico Dela Cruz; Editing by Martin Petty)

By Enrico Dela Cruz


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORPORATION 0.71% 24.23 Delayed Quote.0.04%
GOLD 0.00% 1826.1 Delayed Quote.-0.26%
S&P GSCI GOLD INDEX 0.03% 1065.62 Real-time Quote.0.07%
SILVER 0.00% 21.11 Delayed Quote.-9.80%
All news about BARRICK GOLD CORPORATION
06/24Gold Edges Higher on a Weakening Dollar as Bond Yields Edge Higher
MT
06/24August Gold Contract Closes up US$0.50; Settles at US$1,830.30 per Ounce
MT
06/24Gold Falls Again Despite a Weakening Dollar as Bond Yields Edge Higher
MT
06/23Barrick Gold on Pace for Largest Percent Decrease in Over a Year -- Data Talk
DJ
06/23Gold Closes Lower on a Rising Dollar and Higher Risk Appetite
MT
06/23August Gold Contract Closes Down US$8.60; Settles at US$1,829.80 per Ounce
MT
06/23Gold Trading Lower on a Rising Dollar and Higher Risk Appetite
MT
06/22Gold Edges Down on as Stocks Recover from Early Weakness, the Dollar and Bond Yields We..
MT
06/22August Gold Contract Closes Down US$0.40; Settles at US$1,838.40 per Ounce
MT
06/22Investors Watching to See If High Prices Will See Gold Producers Repeat Old Mistakes, C..
MT
More news
Analyst Recommendations on BARRICK GOLD CORPORATION
More recommendations
Financials (USD)
Sales 2022 12 145 M - -
Net income 2022 1 572 M - -
Net cash 2022 780 M - -
P/E ratio 2022 16,3x
Yield 2022 4,12%
Capitalization 33 378 M 33 378 M -
EV / Sales 2022 2,68x
EV / Sales 2023 2,51x
Nbr of Employees 17 500
Free-Float 99,4%
Chart BARRICK GOLD CORPORATION
Duration : Period :
Barrick Gold Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BARRICK GOLD CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Last Close Price 18,76 $
Average target price 28,11 $
Spread / Average Target 49,8%
EPS Revisions
Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
Sector and Competitors