Synopses Of Barrick Gold Essay

884 words - 4 pages

Synoses of Barrick PAGE 1
Running head: SYNOSES OF BARRICK GOLD CORPORATIONSynoses of Barrick Gold CorporationMMPBL/590 - Strategies for Competitive AdvantageUniversity of PhoenixSynoses of Barrick Gold CorporationRemote Environment: Economic FactorsEconomics factors are integral to every element of a company because the primary goal of all businesses is to generate profits for shareholders. These are a portion of the remote environment along with the social, political, technological, and ecological factors. "Economic factors concern the nature and direction of the economy in which a firm operates" (Pearce & Robinson, 2004, p. 79).Current universal economic environment is firing up great optimism about gold. Many investors are predicting that gold prices may double - or even triple - because of uncertainty in financial markets. In this particular environment, Barrick management prefers to take a more conservative approach and expects increases similar to those experienced over the past decade. It believes that the fundamental trends are predictable even though unforeseen political and economic factors will undoubtedly cause short-term swings in the market. This opinion is based on the two most likely economic scenarios - a steady, universal recovery, or a sluggish and deteriorating global economy. Concerns about inflation in the first scenario will likely emerge increasing gold purchases; concerns about currencies in the second scenario will trigger the acquisition of the metal (Barrick Gold, 2010).Gold has outperformed all major currencies - and virtually every other asset class as well - during the entire decade, and this is a very good reason to see further growth. The metal has traditionally been a refuge during economic despair, and investors turn to it preserve wealth (Barrick Gold, 2010).Remote Environment: Ecological FactorsAccording to Pearce & Robinson (2004), "the most prominent factor in the remote environment is often the reciprocal relationship between business and the ecology" (p. 85). Many companies have learned in the hard way how important is to be responsible when it comes to investing in environmental-friendly practices."Environmental legislation impacts corporate strategies worldwide. Many companies fear the consequences of highly restrictive and costly environmental regulations" (Pearce & Robinson, 2004, p. 87). For Barrick Gold, the goal is to minimize the environmental footprint and safeguard the environment. The company believes that responsible environmental management is central to its success as a leading gold mining company and we seek to continually improve our performance (Barrick Gold Corporation, 2010)."Many of the world's largest corporations are realizing that business activities must no longer ignore environmental concerns" (Pearce & Robinson, 2004, p. 87). By implementing environmental management systems at each of its mining operations, Barrick Gold achieves its goals of environmental...

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