By JAMES MUYANWA –
ZAMBIAN-born international economist Dambisa Moyo is among 11 other Barrick Gold Corporation shareholders who have been elected as directors for the global miner which owns Lumwana Mine in Solwezi.
The controversial economist who writes on macroeconomy and global affairs was elected as a director on Wednesday after receiving 592,898,749 votes or 97 per cent of the possible total votes available.
This is according to a statement issued by Barrick Gold Vice President, Investor Relations Amy Schwalm obtained by Times of Zambia in Lusaka yesterday
Dr Moyo has to her name controversial book titles like Dead Aid: Why Aid is Not Working and How there is a Better Way For Africa written in 2009, How the West Was Lost: Fifty Years of Economic Folly – And the
Stark Choices that Lie Ahead of 2011 and Winner Takes All: China’s Race for Resources and What It Means for the World published in June 2012.
“Barrick Gold Corporation announced that the nominees listed in the information circular for the 2014 Annual and Special Meeting of Shareholders were elected as directors of Barrick.
Detailed results of the vote for the election of directors held at the Annual and Special
Meeting earlier today in Toronto are set out below,” partly reads the statement
Apart from Dr Moyo other nominees who managed to go through as directors are William Birchall, Gustavo Cisneros, Ned Goodman, Brett Harvey, Nancy Lockhart, Anthony Munk, David Naylor, Steven Shapiro,
Jamie Sokalsky, John Thornton and Ernie Thrasher
And Barrick has announced its global copper production of 104 million pounds for the first quarter of 2014 with Lumwana Mine contributing about half of that.
In its financial result statement for the first quarter of 2014, Barrick states that Lumwana contributed 51 million pounds of copper reflecting the effects of an extended and unusually heavy rainy season.
“Subsequent to quarter end, a partial collapse of the terminal end of the main conveyor occurred
“The company is assessing the cause of the failure, the extent of damage and the time to repair the conveyor in
order to resume production
Current estimates are that copper production is likely to resume by the end of the third quarter.
“In the interim, mining will continue and stockpiled ore will be processed once the plant re-starts. Barrick has comprehensive property and business interruption insurance for Lumwana and believes the
incident will not have a material economic impact,” partly reads the statement.
Copper production guidance for 2014 has been revised to 410-440 million pounds to reflect the processing disruption at Lumwana.