Barrick's Dark Secrets Case Summary

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Strategy formulation Barrick’s strategic problems-Barrick’s Dark secrets Barrick’s vision is to be the world’s most profitable gold mining company. The philosophy of Barrick’s is to be a business first and a mining operation second. They try to achieve a low-cost of production with efficient utilization of processes along the value chain. The outlook for 2003 is bold for Barrick’s with an estimated gold production to reach a record 5.7 million ounces. Barrick’s holds a long-term growth strategy that tries to expand existing operations rather than obtain new acquisitions. From the analysis of this corporation, Barrick’s does not want to be the largest gold producer, rather they want to be the most profitable. In this report, you will find…show more content…
So we believe that Barrick should be a role model to other mining companies. Unfortunately right now, Barrick is being a role model in being unethical and irresponsible. Financially, Barrick has been doing very well. Year by year, they are increasing their profit. Barrick Gold Corporation is illegible for making some changes. Now, it is time to pay back and be responsible for they have done. Through our research we found out that there are lots of non-government organizations fighting against Barrick Gold Corporation. And those non-government organizations had already started to make their impact. Furthermore, we believe that Canadian government will make some decisions that would make some impact on Barrick Gold Corporation and as well as other mining companies. From the analysis of this industry the company chosen is Barrick Corporation. Barrick Gold should abide by their mission statement through pursuing their objectives and purpose statement. The company strategy is to achieve their goals is extensive but clear. First, they seek high quality growth through aggressive exploration of existing sights, acquisitions of new sights and joint ventures with other companies. As well, their mission is to pursue exploration and growth prospects at and around the world. In all operations, Barrick need to adhere to the best possible standards in operation excellence by planning well, having high technical expertise, strong and capable management and using financial

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