Editing Placer Dome

{{Short description|Canadian mining company (1987–2006)}}
{{Infobox company
| name = Placer Dome Inc.
| logo = Placer Dome logo.svg
| slogan = 
| fate = Acquired by [[Barrick Gold]]
| Predecessor = 
| predecessor = Placer Development<br>[[Dome Mines]]
| foundation = {{start date|1987|8|13|df=y}}
| defunct = {{end date|2006|5|3|df=y}}
| location = [[Vancouver, British Columbia]]
| industry = [[Mining]]
| products = [[Gold]]<br>[[Copper]]
| key_people = Peter W. Tomsett (President, [[Chief executive officer|CEO]])<ref name="board">[https://web.archive.org/web/20051218131420/http://www.placerdome.com/about/people/board.htm Board of Directors] hosted by the Internet Archive (August 15, 2005 snapshot)</ref><br>Robert M. Franklin ([[Chairman]])<ref name="board"/>
| num_employees = 13,000 (2005)<ref name="invest">[https://web.archive.org/web/20051102034457/http://www.placerdome.com/__shared/assets/August_2005_Investor_Fact_Sheet2856.pdf August 2005 Investor Fact Sheet] hosted by the Internet Archive (August 15, 2005 snapshot)</ref>
| parent = 
| subsid = 
}}

'''Placer Dome Inc.''' was a large [[mining]] company specializing in [[gold]] and other [[precious metal]]s, with [[Corporation|corporate]] headquarters in Vancouver, British Columbia, Canada.

In August 2005, the company had interests in 16 gold mining operations in 7 countries; it had a market capitalization of $6.7 billion [[United States dollar|USD]] (on June 30, 2005).<ref name="invest"/> For the year 2004, it had sales of $1,888 million, net earnings of $284 million, and cash from operations of US$376 million.<ref name="invest"/>

The company was purchased by [[Barrick Gold]] in 2006, and was assimilated into Barrick.<ref name=":0">{{Cite web |title=MINING #7 - Barrick and the Cruelty of Gold |url=https://www.canadaland.com/podcast/mining-7-barrick-and-the-cruelty-of-gold/ |access-date=2022-02-26 |website=CANADALAND |language=en-US}}</ref>

==History==
Placer Dome was formed in Vancouver in 1987, by amalgamating Placer Development Ltd. of Vancouver (founded in British Columbia in 1926), [[Dome Mines|Dome Mines Limited]] of [[Toronto]] (founded in [[Ontario]] in 1910, to build the original [[Dome Mine]]), and Campbell Red Lake Mines Ltd. of Toronto (founded in Ontario in 1944).<ref name="faq">[https://web.archive.org/web/20051124191743/http://www.placerdome.com/investors/faq.htm Frequently Asked Questions] hosted by the Internet Archive (August 15, 2005 snapshot)</ref>

Placer Dome was heavily invested in mines in South Africa prior to the end of apartheid. Sensing that their ability to continue owning mines in post-apartheid South Africa would diminish, they started investing in Australia and Papua New Guinea, and briefly became Australia's biggest landlord.<ref name=":0" />

Placer Dome operated the [[Detour Gold|Detour Lake gold mine]] before selling the property in 1988 while it was being decommissioned.<ref>{{cite news |url=https://www.theglobeandmail.com/report-on-business/the-motherlode-at-detour-lake/article548988/ |accessdate= February 27, 2020 |title=The motherlode at Detour Lake |newspaper=[[The Globe and Mail]] |date=February 25, 2012}}</ref> Placer Dome acquired several mining companies over its lifetime: Kiena Gold Mines Ltd. in 1988 (0.92 shares of Placer Dome Inc. for each share of Kiena Gold Mines Ltd.), Sigma Gold Mines Ltd. in 1988 (0.97 shares of Placer Dome Inc. for each share of Sigma Gold Mines Ltd.), Placer Pacific Ltd. in 1997 (0.066 shares of Placer Dome Inc. for each share of Placer Pacific Ltd. held), Getchell Gold Corporation in 1999 (2.45 shares of Placer Dome Inc. for each common share of Getchell Gold Corporation held), AurionGold Ltd. in 2003 (17.5 shares of Placer Dome Inc. for every 100 AurionGold shares, plus US$0.28 per AurionGold share), and East African Gold Mines Ltd. in 2003 ($252.4 million in cash).<ref name="faq"/>

In 2002 the first 3.6 tonne, 17&nbsp;kW, hydrogen-powered [[hydrail]] mining [[locomotive]] for Placer Dome was demonstrated in [[Val-d'Or]], [[Quebec]].<ref>Sandia Corporation (2004). [http://aie.org.au/AIE/Documents/CD_Contents_Conference_Proceedings/WHEC2008/Extended%20Abstracts/323.pdf Fuel-Cell-Powered Mine Locomotive] {{webarchive|url=https://web.archive.org/web/20141224103728/http://aie.org.au/AIE/Documents/CD_Contents_Conference_Proceedings/WHEC2008/Extended%20Abstracts/323.pdf |date=2014-12-24 }}. Sandia National Laboratories.</ref>

== Reputation ==
Placer Dome was generally perceived as more progressive than its competitors in terms of community engagement and environmental concerns, although its rushed context analysis and community engagement in the set up of [[Porgera]] Gold Mine resulted in misunderstandings and community tension that led to "war" between the local population and Placer Dome, and also later [[Barrick Gold]], once they bought Placer Dome.<ref name=":0" />
{{Main|Porgera Gold Mine}}

==Operations==
In August 2005 Placer Dome had interests in 16 mining operations in seven countries: Campbell, Musselwhite, and Porcupine in Canada; Golden Sunlight, Turquoise Ridge, [[Cortez Gold Mine|Cortez]], and Bald Mountain in the [[United States]]; [[Zaldívar mine|Zaldívar]] and [[La Coipa]] in [[Chile]]; [[North Mara Gold Mine|North Mara]] in [[Tanzania]]; [[South Deep mine|South Deep]] in [[South Africa]]; [[Porgera Gold Mine|Porgera]] in [[Papua New Guinea]]; and Osborne, [[Henty Gold Mine|Henty]], [[Super Pit gold mine|Kalgoorlie]], and [[Granny Smith Gold Mine|Granny Smith]] in [[Australia]].<ref name="invest"/>

In [[New South Wales]] Australia, Placer Dome obtained ownership of the defunct [[Timbarra Gold Mine]], where it achieved some local acclaim for setting new, higher State standards for mining rehabilitation.

In [[Papua New Guinea]], at the [[Porgera Gold Mine]], Placer Dome severely contaminated the Porgera river, surrounding rivers and the [[gulf of Papua]].<ref name=":0" /> In 2005, [[Akali Tange Association]] published  their report ''The Shooting Fields of Porgera Joint Venture'' which documents allegations of murder of local residents by mine security contractors.<ref name=":02">{{Cite web |title=MINING #7 - Barrick and the Cruelty of Gold |url=https://www.canadaland.com/podcast/mining-7-barrick-and-the-cruelty-of-gold/ |access-date=2022-02-26 |website=CANADALAND |language=en-US}}</ref><ref>{{Cite web |last=Akali Tange Association Ing |date=2005 |title=The Shooting Fields of Porgera Joint Venture |url=https://miningwatch.ca/sites/default/files/ATA_Case_Documentation.pdf |website=[[MiningWatch Canada]]}}</ref>
[[File:Porgera-1-.png|right|thumb]]

==Controversy==
Placer Dome (and now [[Barrick Gold]]) are defendants in an ongoing court battle over the highly controversial [[Marcopper mining disaster]], which took place at the Marcopper Mine (run by Marcopper, a Placer Dome subsidiary) on the island of [[Marinduque]], [[Philippines]].

==Takeover==
[[Barrick Gold]] acquired 100% of Placer Dome shares on January 20, 2006, and integrated the company into its own. Once Barrick gained over 90% of the company shares it could force people to sell their shares to gain the 100% which it required. March 8, 2006 was the final day for trading of Placer Dome's common shares on the Toronto Stock Exchange and the New York Stock Exchange.

==References==
{{reflist}}

==External links==
* [https://web.archive.org/web/20050815002150/http://www.placerdome.com/ Placer Dome official site] (snapshot from the [[Internet Archive]]; August 15, 2005)
* [http://www.barrick.com/ Barrick official website]

[[Category:Defunct mining companies of Canada]]
[[Category:Barrick Gold]]
[[Category:2006 mergers and acquisitions]]
[[Category:Gold mining companies of Canada]]