“It’s clear to me that we have now achieved all of the preliminary targets we set for ourselves. The renewed emphasis on exploration has positioned Barrick within the distinctive place of greater than replenishing the reserves depleted by mining yr after yr. Main natural development tasks, corresponding to Reko Diq, the present extension of Pueblo Viejo’s Tier One mine life by greater than 20 years 2 , and the transformation of Lumwana into one of many world’s main copper mines, will safe Barrick’s manufacturing profile effectively into the long run. Increasing the copper portfolio was certainly one of Barrick’s key strategic goals, and when the brand new Lumwana and Reko Diq are commissioned in 2028, Barrick will turn into a major-league producer. Within the meantime, we proceed to pursue alternatives for rising our copper portfolio.”
Thornton says Barrick’s steadiness sheet, as soon as burdened by heavy debt, is now one of many trade’s most strong and its sturdy operational money flows make sure that it has the capability to fund current and new natural development tasks, in addition to to benefit from any contemporary alternatives that meet the corporate’s stringent funding standards.
“Barrick’s footprint is being expanded and at present contains mines, tasks and exploration applications in 18 international locations throughout 4 continents, overlaying the principle potential areas for gold and copper,” he says.
Additionally within the Info Round, lead director Brett Harvey says Barrick’s Board prioritizes renewal and variety in its personal ranks with the intention to improve its already excessive stage of world enterprise expertise and to make its membership extra absolutely consultant of the societies through which the corporate operates. “For the reason that Merger, seven new members have been appointed and girls now account for 40% of our administrators standing for election, whereas 40% determine as racially or ethnically various,” Harvey says.
Barrick is happy to host a digital assembly format for this yr’s Annual Assembly that shareholders might attend nearly by the use of a dwell webcast no matter their geographic location.
The assembly shall be held on Tuesday, April 30, 2024 at 10:00 a.m. (Toronto time) at https://net.lumiagm.com/406457272 . Registered shareholders, non-registered (or helpful) shareholders and their duly appointed proxyholders will have the ability to take part, ask questions, and vote in “actual time” by means of the web portal.
Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
E mail: barrick@dpapr.com
Web site: www.barrick.com
Endnote 1
A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for five million ounces to assist a minimal 10-year life, annual manufacturing of at the very least 500,000 ounces of gold and with all-in sustaining prices per ounce within the decrease half of the trade price curve. Tier One property have to be positioned in a world class geological district with potential for natural reserve development and long-term geologically pushed worth addition.
Endnote 2
Check with the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
Cautionary Assertion on Ahead-Wanting Info
Sure info contained or integrated by reference on this press launch, together with any info as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic reality, are forward-looking statements. The phrases “construct”, “technique”, “dedication”, “develop”, “replenish”, “safe”, “rework”, “proceed”, “develop”, “develop”, “”develop”, “extension”, “make investments”, “will” and comparable expressions determine forward-looking statements. Specifically, this press launch accommodates forward-looking statements together with, with out limitation, with respect to: Barrick’s partnership philosophy and technique to put money into sustainability worthwhile development; the replenishing of reserves by means of exploration and natural development tasks, such because the reconstituted Reko Diq challenge, the growth of the Lumwana mine, and the mine life extension challenge at Pueblo Viejo; Barrick’s copper technique and the timeline for first manufacturing from Reko Diq and the expanded Lumwana mine, Barrick’s monetary energy and capability to fund current and new natural development tasks; and the anticipated advantages of Barrick’s sustainability technique and give attention to growing workforce and Board variety.
Ahead-looking statements are essentially primarily based upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the components set forth beneath that, whereas thought-about cheap by the Firm as on the date of this press launch in mild of administration’s expertise and notion of present circumstances and anticipated developments, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. Recognized and unknown components may trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and data. Such components embody, however will not be restricted to: fluctuations within the spot and ahead value of gold, copper or sure different commodities (corresponding to silver, diesel gas, pure gasoline and electrical energy); dangers related to tasks within the early phases of analysis and for which extra engineering and different evaluation is required; dangers associated to the chance that future exploration outcomes won’t be according to the Firm’s expectations, that portions or grades of reserves shall be diminished, and that assets will not be transformed to reserves; dangers related to the truth that sure of the initiatives described on this press launch are nonetheless within the early phases and should not materialize; adjustments in nationwide and native authorities laws, taxation, controls or rules and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Canada, the US or different international locations through which Barrick does or might stick with it enterprise sooner or later; dangers referring to political instability in sure of the jurisdictions through which Barrick operates; non-renewal of key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and rules; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; injury to the Firm’s popularity because of the precise or perceived prevalence of any variety of occasions, together with detrimental publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or growth actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and data know-how techniques; elevated prices, delays, suspensions and technical challenges related to the development of capital tasks; dangers related to working with companions in collectively managed property; dangers associated to disruption of provide routes which can trigger delays in development and mining actions, together with disruptions within the provide of key mining inputs because of the invasion of Ukraine by Russia; threat of loss attributable to acts of warfare, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to Barrick’s infrastructure, info know-how techniques and the implementation of Barrick’s technological initiatives; the impression of inflation, together with world inflationary pressures pushed by provide chain disruptions and world power price will increase following the invasion of Ukraine by Russia and conflicts within the Center East; the power of administration to implement its enterprise technique and enhanced political threat in sure jurisdictions; uncertainty whether or not some or all of Barrick’s focused investments and tasks will meet the Firm’s capital allocation targets and inner hurdle charge; worker relations together with lack of key staff; availability and elevated prices related to mining inputs and labor; and dangers related to illnesses, epidemics and pandemics, corresponding to the worldwide Covid-19 pandemic.
Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements will not be ensures of future efficiency. The entire forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the newest Type 40-F/Annual Info Type on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a number of the components underlying forward-looking statements and the dangers that will have an effect on Barrick’s capability to attain the expectations set forth within the forward-looking statements contained on this press launch.
We disclaim any intention or obligation to replace or revise any forward-looking statements whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation.
