All in U. S. dollars
TORONTO, March 15, 2024 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) — Barrick’s unrivaled gold and copper portfolios now span all primary gold and copper districts around the world, offering the company a foundation from which to increase production and value, led through a proven strategy and supported by a broad diversity of capabilities, says President and CEO Mark Bristow in the 2023 Annual Report released today.
“Discovery and progression are the true price drivers and our strength in exploration is evident in our widespread pursuit of new discoveries with Tier 1 prospects as well as reserve replenishment opportunities,” he says.
He points out that Barrick has an exclusive track record that goes beyond simply replacing depleted reserves. Last year, it increased its gold reserves to 77 million ounces2 and replaced 112% of its annual gold equivalent production. 2. 3 Since 2019, it has organically added 29 million ounces4 of attributable reserves, which on a 100 percent basis, represent 44 million ounces4 of reserve additions across all Barrick-managed mines.
“Our demonstrated ability to upgrade the ounces of gold and pounds of copper we mine, as well as the biological expansion opportunities built into our business, give us confidence that we can deliver on our promises and continue to finish our gold and copper production over the years. 10 years without dilutive acquisitions. As a result, we also continue to expect gold equivalent production to increase by more than 30% through the end of this decade. 5
Year-over-year, operating money increased to 7%, loose money between 6% and 50%, and adjusted net income between 7% and 12%. The functionality of our business and the continued strength of our balance sheet have enabled us to maintain a physically powerful dividend for our shareholders in 2023.
“Barrick’s commitment to true sustainability has long been the foundation of the business and integrates all facets of environmental and network responsibility. This strategy is about sharing the benefits of our operations with all our stakeholders and is core to our social license to operate,” Bristow said.
Also in the annual report, Chairman John Thornton states that the founding credo of the 2019 merger with Randgold is that the most productive assets controlled through the other most productive people would generate the most productive returns.
“Barrick’s view of tier-one assets and the effects they generate is a transparent indication that Barrick’s control is at the forefront of industry leadership. Through continued investment in human capital, Barrick recruits and develops its next generation of high-performing individuals,” he said. Says.
Barrick’s 2023 Annual Report, Annual Information Form and Form 40-F are now available on SEDAR (www. sedarplus. ca) and EDGAR (www. sec. gov), respectively. An updated NI 43-101 technical report for the Turquoise Ridge Complex, existing as of December 31, 2023, is also available on SEDAR and EDGAR.
To view the documents mentioned above, please visit www. barrick. com. Shareholders may also obtain a copy of Barrick’s audited monetary statements free of charge upon request from Barrick’s Investor Relations Department, 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1. or invest@barrick. com.
Consultations
President & CEOMark Bristow 1-647-205-7694-44-788-071-1386
Graham Shuttleworth, Executive Vice President and Chief Financial Officer 1-647-262-2095 44-779-771-1338
Investor & Media RelationsKathy du Plessis 20 7557 7738Email: barrick@dpapr. com
Website: www. barrick. com
Endnotes
Totals may not appear to go up due to rounding.
Attributable acquisitions and disposals include the following: a reduction of 2. 2 Moz in shown and probable gold reserves from December 31, 2019 to December 31, 2020, due to the divestiture of Barrick’s Massawa gold project, effective March 4, 2020; and a reduction of 0. 91 Moz in shown and probable gold reserves from December 31, 2020 to December 31, 2021, due to the upgrade of Barrick’s interest in Porgera from 47. 5% to 24. 5% and the net effect of the change of assets from Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with National Instrument 43-101 Disclosure Standards for Mineral Projects, as required by Canadian securities administrators.
5. Gold equivalent ounces calculated from our copper assets represent a gold value of $1300/oz and a copper value of $3. 00/lb. Barrick’s indicative 10-year production profile for gold equivalent ounces is based on the following assumptions:
Barrick’s indicative five-year outlook is based on our existing portfolio of operating assets, excluding maintenance allocations and mineral resource exploration and control allocations. This perspective builds on our existing reserves and resources and assumes that we will continue to convert our resources. to reservations. Additional asset optimization, continued exploration growth, new assignments and divestitures are not included. For the Company’s pass-through and copper segments, and where applicable for an express region, this indicative outlook is subject to superseding and assumes the following: new legal outlook open-pit production will commence at Hemlo in the second part of 2025, leaving 3 years to allow and two years for pre-stripping prior to first ore production in 2027; Tonpassn will move to care and maintenance until 2026; and the production of Zaldívar’s CuproChlor® chloride leach project (Antofagasta is Zaldívar’s operator).
Our indicative five-year outlook excludes: Fourmile production; Pierina and Golden Sunlight, either existing in care and maintenance; and production of new long-term features of Donlin, Pascua-Lama, Norte Abierto and Alturas. Barrick’s indicative ten-year production profile is subject to replacement and is based on the same assumptions as the existing five-year outlook detailed above, that the next five years of the ten-year outlook assume production attributable to Fourmile, as well as ongoing mineral resource exploration and control projects at Nevada Gold Mines and Hemlo.
Barrick’s five- and ten-year production profile in this publication also represents the restart of Porgera, as well as an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both conceptual. in nature.
6. “Free money” is a non-GAAP monetary measure that deducts capital expenditures from net money generated through operating activities. Management believes this is a useful indicator of our ability to function without relying on more borrowing or the use of existing liquidity. Free money is intended to provide more data only and does not have a standardized meaning under IFRS, and does not deserve to be considered in isolation or as a replacement for functionality measures prepared in accordance with IFRS. This measure is not necessarily indicative of the operational source. of revenue or operating money as we decide under IFRS. Other corporations would possibly calculate this metric differently. Further details are incorporated, adding a detailed reconciliation of this measure of non-GAAP monetary functionality to its directly comparable maximum GAAP measure, by reference and provided on page 71 of the Management Discussion and Analysis accompanying Barrick’s fourth quarter and full year 2023 monetary statements presented on SEDAR at www. sedarplus. ca and EDGAR in www. sec. gov.
7. “Adjusted net revenue stream” and “adjusted net revenue stream consistent with percentage” are non-GAAP monetary functionality measures. Adjusted net profit excludes the following pieces of net profit: impairment fees (reversals) similar to intangible assets, goodwill, pro-consistent warranties, plant and apparatus and investments; acquisition/disposal gains/losses; foreign exchange gains/losses; significant tax changes; other parts that are not representative of the underlying or coherent functionality of our core mining business; and the tax effect and non-controlling interest of the above. Management uses this measure internally to compare our underlying performance of consistent results for the consistent periods presented and to help us plan and forecast consistent results over the long term. Management believes that adjusted net income is a useful measure of our functionality because impairment fees, acquisition/disposition gains/losses and significant tax changes do not reflect the underlying or consistent functionality of our core mining businesses. and are not necessarily an indication of long-term or consistent results. Adjusted net revenue stream and percentage-consistent adjusted net revenue stream are intended to provide supplementary data only and do not have a standardized definition under IFRS and are not worth considering in isolation or as a replacement for functionality measures. listed in accordance with IFRS. The measures are not necessarily indicative of a consistent source of income or consistent money flows as we decide under IFRS. Other corporations would likely calculate those measures differently. More details are incorporated, adding a detailed reconciliation of this non-GAAP monetary functionality measure to its directly comparable maximum GAAP measure, by reference and provided on page 70 of the MD&A accompanying the fourth quarter and fiscal year monetary statements Barrick 2023 filed on SEDAR+ at www. sedarplus. Arrayca and on EDGAR at www. sec. gov
The clinical and technical data contained in this press release have been reviewed and approved through Craig Fiddes, SME-RM, Head of Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Head of Mineral Resources: Africa & Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Assessment and Management Executive (as such, Mr. Bottoms is also Acting Head of Scientific and Technical Information for Latin America and Asia-Pacific); John Steele, CIM, Director of Metallurgy, Engineering and Capital Projects; and Joel Holliday, FAusIMM, Executive Vice President of Exploration, a “qualified person” as explained through National Instrument 43-101 Disclosure Standards for Mineral Projects.
All estimates of mineral reserves and mineral resources are estimated in accordance with the Disclosure Standards for Mineral Projects of National Instrument 43-101. Unless otherwise noted, those estimates of mineral reserves and mineral resources are as of December 31, 2023.
Cautionary Note Regarding Forward-Looking Information Certain data contained in or incorporated by reference in this press release, adding any data relating to our strategy, projects, plans or long-term monetary or operational performance, constitute “forward-looking statements. ” All statements, other than statements of past fact, are forward-looking statements. The words “potential”, “grow”, “maintain”, “opportunity”, “investment”, “discovery”, “continue”, “expand”, “will”, “forecast”, “target”, “develop”, “focus,” “believe” and similar expressions identify forward-looking statements. In particular, this press release adds forward-looking statements relating to: Barrick’s prospective production forecasts and our five- and ten-year gold and copper production profiles; Barrick’s global exploration strategy and planned exploration activities; our ability to convert resources into reserves and update long-term reserves; Barrick’s strategy, plans, goals and objectives with respect to environmental and social governance matters; our skill control initiatives; Barrick’s long-term plans, expansion potential, monetary strength, investments and overall strategy; and expectations related to long-term pricing assumptions, monetary performance, returns to shareholders and other customers or indications.
Forward-looking statements are necessarily based on a number of estimates and assumptions, adding significant estimates and assumptions related to the points set forth below, although they are considered conservative by the Company as of the date of this press release as of In gentil of control’s experience and perception, current situations and expected progressions are inherently subject to significant commercial, economic and competitive uncertainties and contingencies. Known and unknown issues may also cause actual effects to differ materially from those assigned in the forward-looking statements and undue reliance should not be placed on such statements and data. These issues include, but are not limited to: fluctuations in the spot and long-term value of gold, copper or certain other commodities (such as silver, diesel, diesel and electric power); relevant threats with assignments in the early stages of evaluation and for which additional technical and other analyzes are required; threats related to the possibility that the effects of long-term exploration may not be consistent with the Company’s expectations, that reserve amounts or grades may be reduced and that resources may not be converted into reserves; similar threats that some of the allocations described in this press release are still in their early stages and may not materialize; adjustments in mineral production performance, mining and exploration success; the risks that exploration data could be incomplete and that significant additional work would be required to conduct additional studies, including, but not limited to, drilling, engineering and socioeconomic studies and economic investments; the speculative nature of mining exploration and progression; lack of guarantee in relation to foreign legal systems, corruption and other points incompatible with the rule of law; adjustments to national and local government legislation, taxes, controls or regulations and/or adjustments to leadership legislation, policies and practices; the possible effect of proposed changes in Chilean legislation on the standing of aggregate cost tax refunds obtained in Chile in connection with the advancement of the Pascua-Lama project and the implementation by the Government of Mali of the extension agreed for Loulo mining convention; expropriation or nationalization of assets and political or economic developments in Canada, the United States or other countries in which Barrick does or could potentially do business in the long term; similar threats of political instability in some of the jurisdictions in which Barrick operates; the timing of receipt or failure to comply with required entry permits and approvals; failure to renew key licenses through government authorities; non-compliance with environmental, suitability and protection legislation and regulations; increase physical and transition costs and threats similar to climate change, adding excessive climate events, resource scarcity, emerging policies and stricter regulations similar to greenhouse fuel emissions levels, energy output and threat reporting ; the company’s ability to achieve its sustainability objectives; disputes over title to assets, specifically title to undeveloped property, or over access to water, power and other necessary infrastructure; skill relevant to threats and dangers in the mining industry and the ability to have insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, adding negative exposure related to the Company’s handling of environmental issues or its relationships with netpainting groups, whether true or not; relevant threats with operating near communities that would likely view Barrick’s operations as negative for them; litigation and judicial and administrative procedures; operational or technical difficulties related to mining or advancement activities, as well as demanding geotechnical situations, failures in tailings dams and storage facilities and interruptions in the maintenance or supply of required infrastructure and data generation systems; increased costs, delays, suspensions and technical demands situations relevant to the capital allocation structure; relevant threats when operating with partners in jointly controlled assets; threats such as disruption of origin routes, which may also cause delays in mining structure and activities, adding disruptions in the origin of key mining inputs due to the invasion of Ukraine through Russia and conflicts in the Middle East; threatened loss due to acts of war, terrorism, sabotage and civil unrest; relevant threats with artisanal and illegal mining; threats related to Barrick’s infrastructure, data generation systems and the implementation of Barrick’s generation assignments, adding threats such as cyber attacks, cybersecurity breaches or similar system or network disruptions; the effect of global liquidity and credit availability on the timing of money flows and the cost of assets and liabilities based on allocated long-term money flows; the effect of inflation, adding global inflationary pressures driven by supply chain disruptions, higher global energy costs following the Russian invasion of Ukraine and country-specific economic and policy issues in Argentina; adverse adjustments to our credit ratings; fluctuations in foreign exchange markets; adjustments in US dollar interest rates; threats arising from the holding of derivative tools (such as the credit threat, the market liquidity threat and the mark-to-market threat); threats related to lawsuits imposed on the control of the Company; the government’s ability to implement its business strategy and increased political risk in certain jurisdictions; uncertainty as to whether some or all of Barrick’s specific investments and allocations will achieve the Company’s capital allocation objectives and internal rate of return; whether the expected benefits from recent transactions materialize; business opportunities that would possibly be presented or pursued through the Company; our ability to effectively integrate acquisitions or complete divestitures; festival-like threats in the mining industry; relationships with painters, adding the loss of key painters; the availability and increased costs related to mining inputs and labor; relevant threats with diseases, epidemics and pandemics, adding the effects and potential effects of the global Covid-19 pandemic; threats similar to failure of internal controls; and similar threats to the depreciation of the Company’s goodwill and assets.
In addition, there are threats and hazards related to exploration, development and mining activities, in addition to environmental hazards, commercial accidents or unforeseen formations, pressures, collapses, floods and gold bars, copper or gold cathodes or copper concentrates. and the threat of underinsurance, or the inability to take out insurance, to cover such threats).
Many of those uncertainties and unforeseen occasions could conceivably affect our actual effects and may also cause actual effects to differ materially from those expressed or implied by forward-looking statements made through us or on our behalf. Readers are cautioned that forward-looking statements are not promises of long-term performance. All forward-looking statements made in this press release qualify through those cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form filed with the SEC and the provincial securities regulatory government of Canada. for a more detailed discussion of certain points underlying the forward-looking statements and the dangers that could possibly affect Barrick’s ability to meet the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any objective or legal responsibility to update or revise any forward-looking statements, whether as a result of new information, long-term events or otherwise, as required by applicable law.
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