Cortez mine in Nevada to become flagship digital operation
Barrick Gold Corp. and Cisco will partner for the digital reinvention of Barrick’s business, bringing together cutting-edge technology and expertise to unleash the full potential of mining.
“Harnessing the potential of digital technology will unlock value across our business, helping us grow our free cash flow per share,” said John L. Thornton, Barrick’s executive chairman. “In so doing, we will make ourselves into a leading 21st century company — enhancing productivity and efficiency at our mines, and improving decision-making and performance across every area of our business. We mean to create value and push the boundaries of our industry in entirely new ways.”
“We are going through the greatest technology and business transition ever, the Digital Era, which will dwarf the Information Era and the value of the internet to date,” said Cisco Executive Chairman John Chambers. “Any company that fails to reinvent itself by harnessing digital technology will soon be left behind. Barrick has long been known for its focus on innovation, and with Cisco’s advanced technologies and strategic network of partners, we can extend the frontiers of the natural resources industry.”
Barrick and Cisco will work together to develop a flagship digital operation at the Cortez mine in Nevada — embedding digital technology in every dimension of the mine. For instance, advanced sensing technology and real-time operational data will be used to inform decision-making. Equipment will be automated for increased productivity, while predictive algorithms will enhance the precision and speed of maintenance and metallurgy.
Building on the Cortez mine digitization experience, Cisco will support Barrick as it transforms its entire business over time — bringing digital technology to all of its mines as well as to its head office. For example, interactive data rooms outfitted with real-time data, analytics and predictive tools will allow company leaders to work together across the organization. An enterprise-wide analytics hub will enable performance management and financial and operational benchmarking.
New digital tools will improve scenario planning and portfolio management. These new technologies will permit Barrick’s leaders to make decisions with greater speed, precision and productivity; to assess and mitigate risk more effectively; and to provide greater transparency to partners.
Digital technology will also improve Barrick’s environmental and safety performance. Predictive data and analytics will improve management of energy, water and emissions. Real-time data capture will allow the company to be even more transparent with, and accountable to, its local partners — for instance, by providing water monitoring information in real time. And the use of digital technology will enhance Barrick’s permitting activities, further increasing transparency to stakeholders.