Placer Dome
Encyclopedia
Placer Dome Inc. was a large mining
company specializing in gold
and other precious metal
s, with corporate
headquarters in Vancouver, British Columbia, Canada.
In August 2005, the company had interests in 16 gold mining operations in 7 countries; it had a market capitalization of $6.7 billion USD
(on June 30, 2005). For the year 2004, it had sales of $1,888 million, net earnings of $284 million, and cash from operations of $376 million USD.
The company was purchased by Barrick Gold
in 2006, and was assimilated into Barrick.
(founded in Ontario
in 1910), and Campbell Red Lake Mines Ltd. of Toronto (founded in Ontario in 1944).
Placer Dome acquired several mining companies over its lifetime: Kiena Gold Mines Ltd. in 1988 (0.92 shares of Placer Dome Inc. for each share of Kiena Gold Mines Ltd.), Sigma Gold Mines Ltd. in 1988 (0.97 shares of Placer Dome Inc. for each share of Sigma Gold Mines Ltd.), Placer Pacific Ltd. in 1997 (0.066 shares of Placer Dome Inc. for each share of Placer Pacific Ltd. held), Getchell Gold Corporation in 1999 (2.45 shares of Placer Dome Inc. for each common share of Getchell Gold Corporation held), AurionGold Ltd. in 2003 (17.5 shares of Placer Dome Inc. for every 100 AurionGold shares, plus $0.28 USD per AurionGold share), and East African Gold Mines Ltd. in 2003 ($252.4 million in cash).
, and Bald Mountain in the United States
; Zaldívar and La Coipa in Chile
; North Mara
in Tanzania
; South Deep in South Africa
; Porgera
in Papua New Guinea
; and Osborne, Henty
, Kalgoorlie
, and Granny Smith
in Australia
.
In New South Wales
Australia, Placer Dome obtained ownership of the defunct Timbarra Gold Mine
, where it achieved some local acclaim for setting new, higher State standards for mining rehabilitation.
, which took place at the Marcopper Mine (run by Marcopper, a Placer Dome subsidiary) on the island of Marinduque
, Philippines
.
acquired 100% of Placer Dome shares on January 20, 2006, and integrated the company into its own. Once Barrick gained over 90% of the company shares it could force people to sell their shares to gain the 100% which it required. March 8, 2006 was the final day for trading of Placer Dome’s common shares on the Toronto Stock Exchange and the New York Stock Exchange.
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
company specializing in gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and other precious metal
Precious metal
A precious metal is a rare, naturally occurring metallic chemical element of high economic value.Chemically, the precious metals are less reactive than most elements, have high lustre, are softer or more ductile, and have higher melting points than other metals...
s, with corporate
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
headquarters in Vancouver, British Columbia, Canada.
In August 2005, the company had interests in 16 gold mining operations in 7 countries; it had a market capitalization of $6.7 billion USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
(on June 30, 2005). For the year 2004, it had sales of $1,888 million, net earnings of $284 million, and cash from operations of $376 million USD.
The company was purchased by Barrick Gold
Barrick Gold
Barrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
in 2006, and was assimilated into Barrick.
History
Placer Dome was formed in Vancouver in 1987, by amalgamating Placer Development Ltd. of Vancouver (founded in British Columbia in 1926), Dome Mines Ltd. of TorontoToronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
(founded in Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
in 1910), and Campbell Red Lake Mines Ltd. of Toronto (founded in Ontario in 1944).
Placer Dome acquired several mining companies over its lifetime: Kiena Gold Mines Ltd. in 1988 (0.92 shares of Placer Dome Inc. for each share of Kiena Gold Mines Ltd.), Sigma Gold Mines Ltd. in 1988 (0.97 shares of Placer Dome Inc. for each share of Sigma Gold Mines Ltd.), Placer Pacific Ltd. in 1997 (0.066 shares of Placer Dome Inc. for each share of Placer Pacific Ltd. held), Getchell Gold Corporation in 1999 (2.45 shares of Placer Dome Inc. for each common share of Getchell Gold Corporation held), AurionGold Ltd. in 2003 (17.5 shares of Placer Dome Inc. for every 100 AurionGold shares, plus $0.28 USD per AurionGold share), and East African Gold Mines Ltd. in 2003 ($252.4 million in cash).
Operations
In August 2005 Placer Dome had interests in 16 mining operations in seven countries: Campbell, Musselwhite, and Porcupine in Canada; Golden Sunlight, Turquoise Ridge, CortezCortez Gold Mine
Cortez Gold Mine is a large gold mining and processing facility in Lander and Eureka County, Nevada, United States, located approximately southwest of Elko. It is owned and operated by Barrick Gold and is made up of the Pipeline and South Pipeline deposits and the Cortez Hills deposit...
, and Bald Mountain in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
; Zaldívar and La Coipa in Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
; North Mara
North Mara Gold Mine
North Mara Gold Mine is an open pit gold mine in the Tarime District of the Mara Region of Tanzania. It is operated by African Barrick Gold.It is one of four gold mines African Barrick Gold, a subsidiary of Barrick Gold, operates in Tanzania, the other three being Tulawaka, Bulyanhulu and the...
in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
; South Deep in South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
; Porgera
Porgera Gold Mine
The Porgera Gold Mine is a large gold and silver mining operation in Enga province, Papua New Guinea , located at the head of the Porgera Valley. The mine is situated in the rain forest covered highlands at an altitude of 2,200 to 2,700 m, in a region of high rainfall, landslides, and frequent...
in Papua New Guinea
Papua New Guinea
Papua New Guinea , officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands...
; and Osborne, Henty
Henty Gold Mine
The Henty Gold Mine is located at the head of the Henty River on the edge of the West Coast Range in Western Tasmania. It is approximately 30 km north of Queenstown. It is east of Zeehan and south of Tullah. It can be reached by the Hydro-built road that passes between the Henty River and...
, Kalgoorlie
Super Pit gold mine
The Fimiston Open Pit, colloquially known as the Super Pit, is Australia's largest open cut gold mine. The Super Pit is located off the Goldfields Highway on the south-east edge of Kalgoorlie-Boulder, Western Australia. The pit is oblong in shape and is approximately 3.5 kilometres long, 1.5...
, and Granny Smith
Granny Smith Gold Mine
The Granny Smith Gold Mine is a gold mine located 20 km south of Laverton, Western Australia near Mount Weld.It is operated by Barrick Gold and, since the beginning of 2008, part of its Yilgarn South operation, which consists of Granny Smith, the Lawlers Gold Mine and the Darlot-Centenary Gold...
in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
In New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
Australia, Placer Dome obtained ownership of the defunct Timbarra Gold Mine
Timbarra Gold Mine
The Timbarra Gold Mine was a highly controversial gold mine located on the Timbarra Plateau, at the head waters of the Clarence River, near Tenterfield, New South Wales, Australia. The gold ore body consisted of a greisen type granite...
, where it achieved some local acclaim for setting new, higher State standards for mining rehabilitation.
Controversy
Placer Dome (and now Barrick) are defendants in an ongoing court battle over the highly controversial Marcopper mining disasterMarcopper Mining Disaster
The Marcopper mining disaster was one of the Philippines' largest mining disasters to date. The disaster occurred on the Philippine island of Marinduque a province of the Philippines located in the MIMAROPA region in Luzon....
, which took place at the Marcopper Mine (run by Marcopper, a Placer Dome subsidiary) on the island of Marinduque
Marinduque
In 1945, combined American and Philippine Commonwealth troops attacked from the Japanese Troops liberated to the Battle of Marinduque in the Second World War.-Archaeology:...
, Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
.
Takeover
Barrick GoldBarrick Gold
Barrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
acquired 100% of Placer Dome shares on January 20, 2006, and integrated the company into its own. Once Barrick gained over 90% of the company shares it could force people to sell their shares to gain the 100% which it required. March 8, 2006 was the final day for trading of Placer Dome’s common shares on the Toronto Stock Exchange and the New York Stock Exchange.
External links
- Placer Dome official site (snapshot from the Internet ArchiveInternet ArchiveThe Internet Archive is a non-profit digital library with the stated mission of "universal access to all knowledge". It offers permanent storage and access to collections of digitized materials, including websites, music, moving images, and nearly 3 million public domain books. The Internet Archive...
; August 15, 2005) - Barrick official website