The world’s leading gold producer Barrick Gold is partnering up with the tech giant Cisco Systems Inc to take mining operations into the new digital era. The two signed a deal for the so-called “digital reinvention,” according to Barrick.
The first steps of Barrick’s digital reinvention will be taken at the Cortez mine in Nevada.
“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 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,” states Barrick Gold’s press release.
The goal of the cooperation is to transform Barrick and introduce digital technology in all of its mines, including real-time data and analytics as well as predictive tools. Barrick Gold hopes that digital reinvention will also improve its environmental and safety performance, such as management of energy, water, and emissions.
“Harnessing the potential of digital technology will unlock value across our business, helping us grow our free cash flow per share. In so doing, we will make ourselves into a leading twenty-first century company—enhancing productivity and efficiency at our mines, and improving decision-making and performance across every area of our business,” says Barrick’s Executive Chairman, John L. Thornton.
Moreover, Cisco’s Executive Chairman John Chambers states that he would like to see the new cooperation “extend the frontiers of the natural resources industry.”
“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. Any company that fails to reinvent itself by harnessing digital technology will soon be left behind,” Chambers says in the press release.