Help Modernize Operations It will cost Barrick nearly $100 million between 2016 and 2017 to modernize its operations as envisioned with the help of Cisco. In its mining business, Barrick is looking forward to technology to help it to achieve faster, safer and better mining operations such as real-time tracking of underground mining activities.
Commenting on the partnership with Cisco, Barrick’s COO Richard Williams hinted at a new Barrick in the making. He said that the Barrick that will emerge post the digitization work will be significantly different on the upside from the Barrick of past years.
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Barrick said its Cortez mine in Nevada will be the first beneficiary of digitized operations as the company rolls out the multi-million dollar technology initiative.
Barrick has been rattled in recent years with depressed commodity prices and especially metals prices, expensive acquisitions and runaway operating costs. Chairman John Thornton has been working to transform the company through measures aimed at cutting costs and improving profitability. As such, the digitization project joins the list of actions Mr. Thornton is taking to steady the Barrick ship.