Cisco to digitally reinvent Barrick’s business

VANCOUVER (miningweekly.com) – US networking equipment provider Cisco has partnered with gold major Barrick Gold to digitally reinvent the miner’s business, the companies announced Monday.

The focus will be on research and development over the course of the collaboration, starting the development of a flagship digital operation at the Cortez mine, in Nevada.

This will entail embedding digital technology in every dimension of the mine to deliver better, faster and safer mining.

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.

“The goal at Cortez is to redefine best-in-class mining,” Barrick stated.

The mining industry has traditionally been exceptionally slow in the uptake of new technologies that could potentially help to lower costs and improve efficiency.

Building on the Cortez mine digitisation 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 organisation. An enterprisewide analytics hub will enable performance management, as well as 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.

Further, Barrick believed that digital technology would also improve its environmental and safety performance, while predictive data and analytics would improve the management of energy, water and emissions. Meanwhile, real-time data capture will also 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. Further, the use of digital technology will enhance Barrick's permitting activities, further increasing transparency to stakeholders.

Ultimately, digital reinvention is expected to help Barrick deliver on its vision of growing free cash flow per share over the long term.

As valuable as these new technologies will be in and of themselves, Barrick sees in them even deeper potential: to accelerate the cultural renewal already under way across the company.