Commenting on the annual outcomes right here at this time, president and chief government Mark Bristow mentioned regardless of selecting up the tempo within the latter half of the yr, Barrick could not fairly make up for the challenges it confronted within the first half, and gold manufacturing fell barely in need of the annual steering as flagged with the Q3 outcomes. Nevada Gold Mines had a stronger fourth quarter on the again of upper grades and operational enhancements, whereas Pueblo Viejo superior the commissioning of the enlargement plant, addressing many of the tools failures.
“In true Barrick style, we saved our focus, handled the challenges, progressed our long-term strategic plans and delivered on a few of our key goals. Most importantly, we now have sustained our industry-leading natural development outlook and are nonetheless projecting a 30% enhance in gold equal 3 manufacturing by the top of this decade,” he mentioned.
The 2023 monetary outcomes once more demonstrated the power of Barrick’s peerless asset portfolio to create worth, Bristow mentioned. Working money flows elevated year-on-year by 7% to $3.7 billion and free money move 4 was up by 50% at $646 million. Web earnings elevated by 200% to $0.72 per share, and adjusted internet earnings 5 elevated by 12% to $0.84 per share, whereas the quarterly dividend was maintained at 10 cents per share. Barrick has one of many strongest steadiness sheets within the {industry} with virtually no internet debt. 6
Barrick additionally maintained its report of considerable reserve development, changing 109% of its gold reserve depletion and 124% of copper depletion. Since 2019, the persevering with success of its brownfields exploration applications has added virtually 29 million ounces of attributable confirmed and possible gold reserves. On a 100% foundation throughout all Barrick-managed properties, this represents an addition of 44 million reserve ounces. 14
And importantly, simply earlier than the top of the yr, Nevada’s Cortez obtained the U.S. authorities’s File of Resolution for the Goldrush undertaking and instantly began work on its floor infrastructure accesses. Goldrush is forecast to provide roughly 130,000 ounces of gold this yr, rising to 400,000 by 2028. 16 The adjoining Barrick-owned Fourmile undertaking can be believed to have Tier One potential with extra work and drilling scheduled to advance this undertaking to a PFS choice by the top of 2024.
Within the Dominican Republic, the commissioning of the Pueblo Viejo enlargement undertaking is on monitor to be ramped up in Q2 2024 after reconstruction of the feed conveyor. The undertaking is designed to rework Pueblo Viejo right into a mine able to sustaining common annual gold manufacturing of greater than 800,000 ounces past 2040. 17 Feasibility work superior on the enormous Reko Diq copper-gold undertaking in Pakistan and the Lumwana Tremendous Pit undertaking in Zambia—each concentrating on manufacturing in 2028. These tasks will rank among the many world’s largest copper mines, considerably advancing Barrick’s strategic goal of accelerating the dimensions and enhancing the standard of its rising copper portfolio.
“If you happen to revisit the technique we revealed on the time of the merger 5 years in the past, it is clear that we have met all of the targets we set ourselves below the three major headings of asset high quality, operational excellence and sustainable profitability. The mining {industry} is now getting into a brand new period dominated by the demand for the so-called important minerals and metals, typically led by promoters quite than by accountable miners. To outlive and develop on this new dynamic will want clear methods and powerful partnerships—each core to Barrick. That’s the reason I consider we’ll proceed to reveal that our long-term imaginative and prescient differentiates us from our friends and units us as much as outperform them,” Bristow mentioned.
This fall and Full 12 months 2023 Outcomes Presentation
Webinar and Convention Name
Mark Bristow will host a stay presentation at this time at 11:00 AM ET, with an interactive webinar linked to a convention name. Contributors will have the ability to ask questions.
The webinar and presentation supplies shall be obtainable on Barrick’s web site at www.barrick.com and the webinar will stay on the web site for later viewing.
Monetary and Working Highlights
Monetary Outcomes | This fall 2023 | Q3 2023 | 2023 | 2022 |
Realized gold value 1,8 ($ per ounce) |
1,986 | 1,928 | 1,948 | 1,795 |
Realized copper value 1,8 ($ per pound) |
3.78 | 3.78 | 3.85 | 3.85 |
Web earnings 9 ($ tens of millions) |
479 | 368 | 1,272 | 432 |
Adjusted internet earnings 5 ($ tens of millions) |
466 | 418 | 1,467 | 1,326 |
Web money supplied by working actions ($ tens of millions) |
997 | 1,127 | 3,732 | 3,481 |
Free money move 4 ($ tens of millions) |
136 | 359 | 646 | 432 |
Web earnings per share ($) |
0.27 | 0.21 | 0.72 | 0.24 |
Adjusted internet earnings per share 5 ($) |
0.27 | 0.24 | 0.84 | 0.75 |
Attributable capital expenditures 10 ($ tens of millions) |
660 | 589 | 2,363 | 2,417 |
Working Outcomes | This fall 2023 | Q3 2023 | 2023 | 2022 |
Gold | ||||
Manufacturing 1 (1000’s of ounces) |
1,054 | 1,039 | 4,054 | 4,141 |
Value of gross sales 1,11 ($ per ounce) |
1,359 | 1,277 | 1,334 | 1,241 |
Whole money prices 1,12 ($ per ounce) |
982 | 912 | 960 | 862 |
All-in sustaining prices 1,12 ($ per ounce) |
1,364 | 1,255 | 1,335 | 1,222 |
Copper | ||||
Manufacturing 1 (tens of millions of kilos) |
113 | 112 | 420 | 440 |
Value of gross sales 1,11 ($ per pound) |
2.92 | 2.68 | 2.90 | 2.43 |
C1 money prices 1,13 ($ per pound) |
2.17 | 2.05 | 2.28 | 1.89 |
All-in sustaining prices 1,13 ($ per pound) |
3.12 | 3.23 | 3.21 | 3.18 |
Monetary Place | As at 12/31/23 | As at 9/30/23 | As at 12/31/23 | As at 12/31/22 |
Debt (present and long-term) ($ tens of millions) |
4,726 | 4,775 | 4,726 | 4,782 |
Money and equivalents ($ tens of millions) |
4,148 | 4,261 | 4,148 | 4,440 |
Debt, internet of money ($ tens of millions) |
578 | 514 | 578 | 342 |
Key Efficiency Indicators
Greatest Belongings
- Group 2023 reserve depletion alternative: 109% gold, 124% copper, 112% gold equal ounces 7
- Since 2019, Barrick has added virtually 29 million ounces of attributable confirmed and possible gold reserves (44 million ounces on a 100% foundation throughout Barrick managed belongings) 14
- Mining and processing operations resume at Porgera, with first gold manufacturing focused in Q1 2024
- Increased This fall gold manufacturing delivers full yr gold manufacturing of 4.05 million ounces 1
- Highest annual manufacturing for Cortez in final 4 years
- Annual manufacturing at Turquoise Ridge 12% increased versus 2022 on the again of improved underground and plant availability and recoveries
- Veladero delivers a robust full-year efficiency, beating manufacturing and price steering
- One other sturdy quarter for copper manufacturing leads to full yr copper manufacturing of 420 million kilos 1
- Africa & Center East area delivers on steering for fifth consecutive yr
Chief in Sustainability
- 12 months-on-year enchancment in LTIFR (21%) and TRIFR (12%) 15
- Exceeded water effectivity goal (recycling and reuse) for the yr
- Annual reclamation and rehabilitation targets exceeded
- Pueblo Viejo helps native communities following devastating 1-in-500-year tropical storm occasion
- Reko Diq delivers on its dedication to accountable improvement of the mega-project, hitting its first-year Neighborhood Growth targets
Delivering Worth
- 7% enhance in working money move versus 2022 to $3.7 billion for the yr
- Free money move 4 increased by 50% to $646 million for 2023
- Improve in internet earnings per share and adjusted internet earnings per share 5 to $0.27 for the quarter
- $0.10 per share dividend declared
Barrick Declares This fall Dividend
Barrick at this time introduced the declaration of a dividend of $0.10 per share for the fourth quarter of 2023. The dividend is according to the Firm’s Efficiency Dividend Coverage introduced at first of 2022.
The This fall 2023 dividend shall be paid on March 15, 2024 to shareholders of report on the shut of enterprise on February 29, 2024.
“The efficiency of our enterprise and the continued energy of our steadiness sheet allowed us to keep up the distribution of a strong dividend to our shareholders in 2023, while nonetheless guaranteeing Barrick has sufficient liquidity to put money into our important development tasks,” mentioned senior government vice-president and chief monetary officer Graham Shuttleworth.
Barrick Declares New Share Buyback Program
Barrick introduced at this time that it plans to undertake a brand new share repurchase program for the buyback of its widespread shares.
Barrick’s Board of Administrators has licensed a brand new program for the repurchase of as much as $1.0 billion of the Firm’s excellent widespread shares over the subsequent 12 months at prevailing market costs in accordance with relevant regulation. In reference to the brand new share repurchase program, Barrick has terminated the share repurchase program introduced by the Firm on February 15, 2023. The Firm didn’t repurchase any widespread shares below its 2023 share repurchase program. Barrick repurchased $424 million in widespread shares below its 2022 share repurchase program.
Beneath this system, repurchases will be made infrequently via revealed markets in the US such because the New York Inventory Change utilizing a wide range of strategies, together with open market purchases, in addition to by every other means permitted below the foundations of the U.S. Securities and Change Fee and different relevant authorized necessities.
Barrick believes that, infrequently, the market value of its widespread shares commerce at costs that will not adequately replicate their underlying worth. The precise variety of shares that could be bought, if any, and the timing of such purchases, shall be decided by Barrick primarily based on numerous elements, together with the Firm’s monetary efficiency, the supply of money flows, and the consideration of different makes use of of money, together with capital funding alternatives, returns to shareholders, and debt discount.
The repurchase program doesn’t obligate the Firm to amass any explicit variety of widespread shares, and the repurchase program could also be suspended or discontinued at any time on the Firm’s discretion.
Assembly Two Wants With One Deed
Barrick’s holistic and built-in method to sustainability administration is underpinned by the data that sustainability elements are interconnected and that the challenges of combating poverty, local weather change and biodiversity loss are deeply linked and we now have no choice however to sort out them collectively.
This method shouldn’t be solely primarily based on science, however hyperlinks to the goals of the United Nations’ Sustainable Growth Targets (SDGs) and seeks to ship outcomes that are achievable, demonstrable, and align with international sustainability priorities.
Grant Beringer, group sustainability government, factors to Barrick’s ongoing work in Tanzania as proof of the effectiveness of this technique the place the now-closed Buzwagi mine is present process environmental rehabilitation whereas searching for a brand new lease on life as a Particular Financial Zone that may proceed to reinforce the livelihoods of the encircling communities for years to come back.
Beringer says that Barrick achieved and exceeded its reclamation goal in 2023 with 985ha of disturbed land being rehabilitated. “This achievement highlights the significance of creating 5-year reclamation plans for every website, specializing in rehabilitating mines whereas they’re nonetheless operational and lowering our closure liabilities,” he says.
At Buzwagi, a feasibility research commissioned in 2021 confirmed that the creation of a Particular Financial Zone had the potential to exchange the mine because the area’s financial driver and will sustainably create 3,000 jobs yearly, generate greater than $150,000 every year from service levies for the native municipality and ship roughly $4.5 million in employment taxes every year.
Moreover, Barrick has invested $1.3 million within the KUWASA Water Provide Mission the place a further 8.5km of pipeline shall be linked to the prevailing KUWASA line and can provide roughly 34 litres of water per second to roughly 335,000 folks dwelling within the Buzwagi space.
Addressing the potable water wants for communities close to North Mara is one other instance of how Barrick’s method to sustainability can meet a couple of want without delay. Barrick invested $65 million in water remedy vegetation to make sure the mine’s tailings storage facility was managed inside its designed capability. Nevertheless, as soon as it achieved that goal, a portion of the water remedy vegetation are getting used to offer potable water for over 35,000 residents within the space.
“Mining, if carried out effectively, is a strong power for good within the international drive for social and financial improvement. North Mara now has a complete of 172 native and regional suppliers, representing a 200% enhance from 58 suppliers in 2019. That is along with our ongoing funding in colleges and schooling in Tanzania in addition to our continued engagement with numerous NGOs on longstanding legacy points,” Beringer says.
On the environmental entrance, Beringer says Barrick is creating a bespoke biodiversity impression measurement device that may standardize biodiversity metrics and monitor progress in opposition to every website’s said biodiversity motion plans (BAPs). The device is predicted to be accomplished by Q2 and shall be piloted at 5 websites earlier than the top of the yr. “Each BAP features a social dimension to make sure communities additionally profit from our biodiversity tasks, such because the anticipated enhance in eco-tourism to the DRC’s Garamba Nationwide Park following the reintroduction of white rhino there,” he says.
Veladero: Again from the Brink and Going Robust
On the time of the merger in 2019 the Veladero gold mine in Argentina was seen as a legal responsibility quite than an asset: its efficiency was at greatest lackluster, it had a checkered environmental report, a shaky grip on its geology and tough relationships with its stakeholders.
Argentina’s persevering with monetary disaster compounded these issues, establishing 2023 as a really difficult yr for the mine. But within the face of all these odds, Veladero comfortably exceeded its manufacturing steering and beat its steering on prices. What modified?
Following the merger, Barrick got down to revitalize Veladero by reinterpreting its geology, comprehensively reviewing its marketing strategy and adopting the Barrick method to partnering with communities and authorities.
Execution of the revival technique required disciplined execution by the brand new management staff, agile, business-orientated decision-making and tackling the in-country points head-on. It additionally referred to as for the rightsizing of the fee base, which meant deferring some tasks.
The ensuing efficiency enchancment in 2023 was supported by the Libertadores powerline’s first full yr of operation. The road provides renewable energy from neighbouring Chile’s nationwide grid, lowering GHG emissions and including price efficiencies.
The beforehand deferred Section 7B of the leach pad will now be accomplished this yr and planning has began for Section 8. These will help the inspiration for an additional yr of supply in 2024 and prolong the mine’s life by two to 10 years at an annual common manufacturing price of roughly 400,000 ounces.
Mark Hill, chief working officer of Barrick’s Latin America and Asia Pacific area, says that current modifications to Argentina’s authorities have additionally improved Veladero’s prospects.
“We’re optimistic that the brand new administration intends to advertise mining funding with a steady regulatory and financial framework. We are going to proceed to work intently with each federal and native governments, using the Barrick partnership mannequin that has served us so effectively in different jurisdictions,” he says.
Goldrush ROD In Hand, Cortez is Poised for Development
Cortez obtained the long-anticipated File of Resolution (ROD) for the Goldrush undertaking on 8 December and instantly began work on the floor infrastructure accesses. The mine can now full the development of the primary air flow elevate, assuaging present air flow constraints and permitting the enlargement of the mining and improvement areas.
The improve to energy provide and floor infrastructure, and improvement and set up of the floor dewatering infrastructure can now additionally start.
Goldrush Underground is forecast to provide roughly 130,000 ounces of gold this yr, reaching industrial manufacturing in 2026 and rising to roughly 400,000 ounces by 2028. 16 The mine is anticipated to create 500 jobs through the building and 570 jobs throughout operations.
Nevada Gold Mines’ (NGM) government managing director Peter Richardson mentioned that NGM’s sturdy social license to function and the numerous partnerships it has cultivated in Nevada had been instrumental within the authorities’s approval of the ROD.
“Our groups labored tirelessly to indicate the numerous advantages of the Goldrush undertaking to all of the stakeholders via quite a few group and authorities engagements, together with a number of mine excursions. We hosted two excursions particularly for Native Individuals and the undertaking was finally unopposed by their tribal governments,” he mentioned. NGM met with the state’s wildlife company and the Bureau of Land Administration (BLM) and recognized enhancements to strengthen protections for sage-grouse, a delicate species within the Western U.S. These protections had been carried out along with NGM’s work restoring habitat for the sage-grouse on greater than 40,000 acres degraded by wildfire and invasive plant species close to the Cortez mining district and had been included within the Last Environmental Influence Assertion for the mine.
“NGM is the most important financial driver in Northern Nevada. The governor and the federal legislative delegation all perceive the worth we deliver to Nevada via taxes paid, sturdy employment and significant socio-economic help for our native communities. When the Goldrush allowing was held up in Washington, the governor and a bi-partisan group of regulators succeeded in progressing the method by stressing the undertaking’s financial and employment advantages to the Division of the Inside and the BLM.”
Richardson mentioned the allowing expertise NGM has gained via Cortez will assist drive its subsequent development tasks at Robertson and Fourmile. Robertson already makes a serious contribution to Cortez’s reserve base and has the potential for continued development via near-mine extensions. The Barrick-owned Fourmile is the highest-grade undeveloped gold deposit in North America. The now-completed Goldrush permits enable entry to the Fourmile orebody, however the undertaking staff continues to evaluate the mining and entry choices.
Investing in Range Pays Off for Barrick
Barrick continues to put money into the event of a multicultural and multigenerational workforce aligned to a altering world. Its various workforce is the product of Barrick’s technique of native employment and stakeholder recognition within the international locations wherein it operates: 96% of its workforce are host nation or group hires, as are 78% of its administration.
That is achieved via a wide range of profession and improvement alternatives via promotions, secondments, worker change applications, on-the-job coaching and management applications.
On the similar time, it acknowledges and encourages the necessary position ladies must be enjoying on this historically male-dominated enterprise. “There is a sturdy industrial in addition to an ethical motivation to make gender range a part of our human useful resource technique. The communities wherein we function embrace giant numbers of succesful and dedicated ladies who simply want a chance to indicate what they’ll contribute,” says Darian Wealthy, Barrick’s human useful resource government.
Within the Dominican Republic, for instance, 50% of latest hires had been ladies within the fourth quarter and the gender steadiness there has elevated to 25% of the overall Dominican workforce. “Native employment at our Pueblo Viejo mine elevated to 54% within the fourth quarter whereas our nationwide employment remained regular at 98%,” says Wealthy.
Moreover, Pueblo Viejo’s Apprentices and Job Prepared Packages which supplies coaching in diesel know-how, electrical energy and instrumentation, industrial upkeep, mechanical upkeep and welding, noticed 194 contributors graduate with 85% of those sourced from the area people and 76% had been ladies. On account of this system, 84% of the graduates had been employed in everlasting roles, of which 78% had been ladies.
In Tanzania Barrick launched a program to coach 10 ladies as truck operators, all of whom efficiently accomplished the course in November 2023 and obtained a Certificates of Competence. They’re now present process on-the-job shadow coaching.
“We wish to have the correct expertise in the correct jobs, however we additionally wish to make it possible for we now have an appropriately various workforce, and that by investing in the area people, specifically ladies, we’re constructing a brand new era workforce to take Barrick into the longer term,” says Wealthy.
A yr of accolades
Barrick’s dedication to gender equality and world-class employment practices was acknowledged globally in 2023 via the next awards:
Dominican Republic
- The distinguished Igualando Republica Dominicana Stamp for Gender Equality Practices (Platinum Stage) – for reaching the Gold Stage for 3 consecutive years. This award is organized by the Nationwide Ministry of Girls and the Growth Program of the United Nations and acknowledges the highest Dominican corporations that lead gender inclusion and promote social and financial autonomy for Dominican ladies. Pueblo Viejo was certainly one of solely 5 corporations to obtain this recognition and the primary mining firm to obtain the Platinum Stage award.
- Soraya Madera, Pueblo Viejo mine superintendent was acknowledged as Golden Girl by Girls in Mining Central America.
Côte d’Ivoire
- Tongon was acknowledged because the Greatest Native Job-creating Firm within the Poro area by Agence Emploi Journes.
Tanzania
- North Mara obtained the Employer of the 12 months Award from the Affiliation of Tanzania Employers for cultivating a beneficial work atmosphere and advocating for progressive, inclusive enterprise practices and establishing first rate work requirements. On the similar ceremony, North Mara additionally scooped the Greatest Company Social Duty Award, Greatest Giant Group Employer of the 12 months Award and Total, Greatest in Personal Sector Award . Bulyanhulu, in the meantime picked up the Greatest at Administration Throughout Disaster Award .
- Barrick Tanzania was named the High Employer in Tanzania by the High Employer Institute and was additionally acknowledged by the Gender Desk of the Tanzania Police Drive for its contribution to Combating Gender-Based mostly Violence and Violence In opposition to Kids.
Saudi Arabia
- Ma’aden Barrick Copper Firm obtained the Saudi Labour Award within the industrial, vitality and mining sector from the Ministry of Human Assets and Social Growth.
How Barrick Turned a Struggling Lumwana Into an Asset With World-Class Potential
Since Barrick refocused its technique in 2019, the as soon as struggling Lumwana mine has been restructured and re-engineered into a big potential contributor to Barrick’s increasing copper portfolio.
For almost a decade, Lumwana confirmed poor manufacturing efficiency and efficiencies, with rising prices inflicting report losses and finally impairments. The mine was left financially unsustainable following years of high-grade mining and lack of reinvestment.
Immediately, plant throughput has elevated 23% to shut to a report 27 million tonnes every year in 2023 whereas mining has elevated by 53% and can proceed to develop because the mine ramps up in preparation for the Tremendous Pit enlargement that has now been accelerated with first manufacturing scheduled for 2028. Moreover, mining prices have come down by 35% following the reinvestment in an Extremely Fleet and the transition to proprietor mining. Normal and administrative bills have been diminished by 24% regardless of the ramp up in sure departments in anticipation of the enlargement undertaking. This has all been achieved by a 99%-Zambian labour power, which carried a big expatriate contingent earlier than 2019.
The event of the Tremendous Pit will rework Lumwana into one of many world’s main copper mines, with projected annual manufacturing of round 240,000 tonnes per yr over a +30-year life. 18 It’s a key element of the Zambian authorities’s drive to revive the nation’s copper {industry} over the subsequent 10 years. The estimated price of the undertaking is nearly $2 billion and building is scheduled to start out in direction of the top of this yr.
Since 2019, Barrick has contributed virtually $3 billion to the Zambian economic system within the type of royalties, taxes, salaries and the procurement of products and companies from native companies.
Native procurement of $472 million in 2023 made up greater than 81% of whole spend for Lumwana. Barrick has additionally launched a Enterprise Accelerator Program designed to construct the enterprise capability of the Zambian contractors in its provide chain, equipping them to develop and diversify their enterprises and stay sustainable past Lumwana’s lifetime of mine.
Consistent with the Firm’s partnership philosophy, Barrick’s REDD+ initiative will uplift communities via conservation of the pure forest surrounding the mine. Assets have already been allotted and engagement with the communities is underway.
Passing of Gustavo Cisneros
It was with nice disappointment that the Board introduced the passing of Gustavo Cisneros on December 29, 2023. Mr Cisneros was an unbiased member of the Board from 2003, chairing its Environmental, Social, Governance and Nominating Committee, and serving as a member of the Compensation Committee.
He was additionally a member of Barrick’s Worldwide Advisory Board, which advises the Board on geopolitical and different strategic points.
Barrick Chairman John Thornton paid tribute to Mr Cisneros as a enterprise chief of worldwide stature who had constructed his family-owned Cisneros right into a worldwide media, leisure, telecommunications and shopper merchandise group.
“Gustavo was an irreplaceable supply of knowledge, judgment and perception for many years. He had an uncanny potential to get proper to the core of the matter, to see round corners and to present sound, sensible, ahead leaning recommendation when one most wanted it. His beneficiant and entrepreneurial spirit and his private {and professional} integrity shall be missed by all of us. Our deepest sympathies, ideas and prayers are along with his spouse, Patricia Phelps de Cisneros, his kids, Carolina, Guillermo and Adriana, and their households with whom the complete Barrick household shares this heartbreaking loss,” he mentioned.
Recommissioning Begins as Porgera Prepares to Resume Operations in Q1 2024
Following the formal completion of the Porgera Mission Graduation Settlement in December, work began on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and upkeep since April 2020.
Barrick president and chief government Mark Bristow, who was intently concerned within the negotiations that finally delivered the restart settlement, mentioned the mine’s new possession construction was consistent with the Firm’s host nation partnership enterprise mannequin.
Operated by Barrick via Barrick Niugini Restricted (BNL), a three way partnership with Zijin Mining, Porgera joins the Firm’s sector-leading gold asset portfolio with the potential for a Tier One manufacturing profile.
APPENDIX
2024 Working and Capital Expenditure Steering
GOLD PRODUCTION AND COSTS | ||||
2024 forecast attributable manufacturing (000s ozs) | 2024 forecast price of gross sales 11 ($/oz) | 2024 forecast whole money prices 12 ($/oz) | 2024 forecast all-in sustaining prices 12 ($/oz) | |
Carlin (61.5%) 19 | 800 – 880 | 1,270 – 1,370 | 1,030 – 1,110 | 1,430 – 1,530 |
Cortez (61.5%) 20 | 380 – 420 | 1,460 – 1,560 | 1,040 – 1,120 | 1,390 – 1,490 |
Turquoise Ridge (61.5%) | 330 – 360 | 1,230 – 1,330 | 850 – 930 | 1,090 – 1,190 |
Phoenix (61.5%) | 120 – 140 | 1,640 – 1,740 | 810 – 890 | 1,100 – 1,200 |
Nevada Gold Mines (61.5%) 21 | 1,650 – 1,800 | 1,340 – 1,440 | 980 – 1,060 | 1,350 – 1,450 |
Hemlo | 140 – 160 | 1,470 – 1,570 | 1,210 – 1,290 | 1,600 – 1,700 |
North America | 1,750 – 1,950 | 1,350 – 1,450 | 1,000 – 1,080 | 1,370 – 1,470 |
Pueblo Viejo (60%) | 420 – 490 | 1,340 – 1,440 | 830 – 910 | 1,100 – 1,200 |
Veladero (50%) | 210 – 240 | 1,340 – 1,440 | 1,010 – 1,090 | 1,490 – 1,590 |
Porgera (47.5%) 22 | 50 – 70 | 1,670 – 1,770 | 1,220 – 1,300 | 1,900 – 2,000 |
Latin America & Asia Pacific | 700 – 800 | 1,370 – 1,470 | 920 – 1,000 | 1,290 – 1,390 |
Loulo-Gounkoto (80%) | 510 – 560 | 1,190 – 1,290 | 780 – 860 | 1,150 – 1,250 |
Kibali (45%) | 320 – 360 | 1,140 – 1,240 | 740 – 820 | 950 – 1,050 |
North Mara (84%) | 230 – 260 | 1,250 – 1,350 | 970 – 1,050 | 1,270 – 1,370 |
Bulyanhulu (84%) | 160 – 190 | 1,370 – 1,470 | 990 – 1,070 | 1,380 – 1,480 |
Tongon (89.7%) | 160 – 190 | 1,520 – 1,620 | 1,200 – 1,280 | 1,440 – 1,540 |
Africa and Center East | 1,400 – 1,550 | 1,250 – 1,350 | 880 – 960 | 1,180 – 1,280 |
Whole attributable to Barrick 23,24,25 | 3,900 – 4,300 | 1,320 – 1,420 | 940 – 1,020 | 1,320 – 1,420 |
COPPER PRODUCTION AND COSTS | ||||
2024 forecast attributable manufacturing (000s tonnes) 26 | 2024 forecast price of gross sales 11 ($/lb) | 2024 forecast C1 money prices 13 ($/lb) | 2024 forecast all-in sustaining prices 13 ($/lb) | |
Lumwana | 120 – 140 | 2.50 – 2.80 | 1.85 – 2.15 | 3.30 – 3.60 |
Zaldívar (50%) | 35 – 40 | 3.70 – 4.00 | 2.80 – 3.10 | 3.40 – 3.70 |
Jabal Sayid (50%) | 25 – 30 | 1.75 – 2.05 | 1.40 – 1.70 | 1.70 – 2.00 |
Whole attributable to Barrick 24 | 180 – 210 | 2.65 – 2.95 | 2.00 – 2.30 | 3.10 – 3.40 |
ATTRIBUTABLE CAPITAL EXPENDITURES 27 | ||||
(tens of millions) | ||||
Attributable minesite sustaining 10,27 | 1,550 – 1,750 | |||
Attributable undertaking 10 , 27 | 950 – 1,150 | |||
Whole attributable capital expenditures 27 | 2,500 – 2,900 | |||
2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS | ||||
2024 steering assumption | Hypothetical change | Influence on EBITDA 28 (tens of millions) | Influence on TCC and AISC 12,13 | |
Gold value sensitivity | $1,900/oz | +/- $100/oz | ‘+/-$550 | ‘+/-$5/oz |
Copper value sensitivity | $3.50/lb | ‘+/-$0.25/lb | ‘+/- $110 | ‘+/-$0.01/lb |
Manufacturing and Value Abstract – Gold
For the three months ended | For the years ended | |||||||
12/31/23 | 9/30/23 | Change | 12/31/23 | 12/31/22 | Change | |||
Nevada Gold Mines LLC (61.5%) a | ||||||||
Gold produced (000s oz attributable foundation) | 513 | 478 | 7 | % | 1,865 | 1,862 | 0 | % |
Gold produced (000s oz 100% foundation) | 833 | 777 | 7 | % | 3,032 | 3,028 | 0 | % |
Value of gross sales ($/oz) | 1,331 | 1,273 | 5 | % | 1,351 | 1,210 | 12 | % |
Whole money prices ($/oz) b | 968 | 921 | 5 | % | 989 | 876 | 13 | % |
All-in sustaining prices ($/oz) b | 1,366 | 1,286 | 6 | % | 1,366 | 1,214 | 13 | % |
Carlin (61.5%) | ||||||||
Gold produced (000s oz attributable foundation) | 224 | 230 | (3 | %) | 868 | 966 | (10 | %) |
Gold produced (000s oz 100% foundation) | 363 | 374 | (3 | %) | 1,411 | 1,571 | (10 | %) |
Value of gross sales ($/oz) | 1,219 | 1,166 | 5 | % | 1,254 | 1,069 | 17 | % |
Whole money prices ($/oz) b | 1,006 | 953 | 6 | % | 1,033 | 877 | 18 | % |
All-in sustaining prices ($/oz) b | 1,506 | 1,409 | 7 | % | 1,486 | 1,212 | 23 | % |
Cortez (61.5%) | ||||||||
Gold produced (000s oz attributable foundation) | 162 | 137 | 18 | % | 549 | 450 | 22 | % |
Gold produced (000s oz 100% foundation) | 263 | 224 | 18 | % | 892 | 731 | 22 | % |
Value of gross sales ($/oz) | 1,353 | 1,246 | 9 | % | 1,318 | 1,164 | 13 | % |
Whole money prices ($/oz) b | 909 | 840 | 8 | % | 906 | 815 | 11 | % |
All-in sustaining prices ($/oz) b | 1,309 | 1,156 | 13 | % | 1,282 | 1,258 | 2 | % |
Turquoise Ridge (61.5%) | ||||||||
Gold produced (000s oz attributable foundation) | 84 | 83 | 1 | % | 316 | 282 | 12 | % |
Gold produced (000s oz 100% foundation) | 137 | 134 | 1 | % | 514 | 459 | 12 | % |
Value of gross sales ($/oz) | 1,419 | 1,300 | 9 | % | 1,399 | 1,434 | (2 | %) |
Whole money prices ($/oz) b | 1,046 | 938 | 12 | % | 1,026 | 1,035 | (1 | %) |
All-in sustaining prices ($/oz) b | 1,257 | 1,106 | 14 | % | 1,234 | 1,296 | (5 | %) |
Phoenix (61.5%) | ||||||||
Gold produced (000s oz attributable foundation) | 41 | 26 | 58 | % | 123 | 109 | 13 | % |
Gold produced (000s oz 100% foundation) | 67 | 42 | 58 | % | 200 | 177 | 13 | % |
Value of gross sales ($/oz) | 1,576 | 2,235 | (29 | %) | 2,011 | 2,039 | (1 | %) |
Whole money prices ($/oz) b | 787 | 1,003 | (22 | %) | 961 | 914 | 5 | % |
All-in sustaining prices ($/oz) b | 981 | 1,264 | (22 | %) | 1,162 | 1,074 | 8 | % |
Lengthy Canyon (61.5%) | ||||||||
Gold produced (000s oz attributable foundation) | 2 | 2 | 0 | % | 9 | 55 | (84 | %) |
Gold produced (000s oz 100% foundation) | 3 | 3 | 0 | % | 15 | 90 | (84 | %) |
Value of gross sales ($/oz) | 2,193 | 1,832 | 20 | % | 1,789 | 1,282 | 40 | % |
Whole money prices ($/oz) b | 990 | 778 | 27 | % | 724 | 435 | 66 | % |
All-in sustaining prices ($/oz) b | 1,074 | 831 | 29 | % | 779 | 454 | 72 | % |
Pueblo Viejo (60%) | ||||||||
Gold produced (000s oz attributable foundation) | 90 | 79 | 14 | % | 335 | 428 | (22 | %) |
Gold produced (000s oz 100% foundation) | 151 | 131 | 14 | % | 559 | 713 | (22 | %) |
Value of gross sales ($/oz) | 1,588 | 1,501 | 6 | % | 1,418 | 1,132 | 25 | % |
Whole money prices ($/oz) b | 1,070 | 935 | 14 | % | 889 | 725 | 23 | % |
All-in sustaining prices ($/oz) b | 1,428 | 1,280 | 12 | % | 1,249 | 1,026 | 22 | % |
Loulo-Gounkoto (80%) | ||||||||
Gold produced (000s oz attributable foundation) | 127 | 142 | (11 | %) | 547 | 547 | 0 | % |
Gold produced (000s oz 100% foundation) | 159 | 176 | (11 | %) | 683 | 684 | 0 | % |
Value of gross sales ($/oz) | 1,296 | 1,087 | 19 | % | 1,198 | 1,153 | 4 | % |
Whole money prices ($/oz) b | 924 | 773 | 20 | % | 835 | 778 | 7 | % |
All-in sustaining prices ($/oz) b | 1,168 | 1,068 | 9 | % | 1,166 | 1,076 | 8 | % |
Kibali (45%) | ||||||||
Gold produced (000s oz attributable foundation) | 93 | 99 | (6 | %) | 343 | 337 | 2 | % |
Gold produced (000s oz 100% foundation) | 206 | 221 | (6 | %) | 763 | 750 | 2 | % |
Value of gross sales ($/oz) | 1,141 | 1,152 | (1 | %) | 1,221 | 1,243 | (2 | %) |
Whole money prices ($/oz) b | 737 | 694 | 6 | % | 789 | 703 | 12 | % |
All-in sustaining prices ($/oz) b | 819 | 801 | 2 | % | 918 | 948 | (3 | %) |
Veladero (50%) | ||||||||
Gold produced (000s oz attributable foundation) | 55 | 55 | 0 | % | 207 | 195 | 6 | % |
Gold produced (000s oz 100% foundation) | 110 | 111 | 0 | % | 414 | 389 | 6 | % |
Value of gross sales ($/oz) | 1,378 | 1,376 | 0 | % | 1,440 | 1,628 | (12 | %) |
Whole money prices ($/oz) b | 1,021 | 988 | 3 | % | 1,011 | 890 | 14 | % |
All-in sustaining prices ($/oz) b | 1,403 | 1,314 | 7 | % | 1,516 | 1,528 | (1 | %) |
Porgera (47.5%) c | ||||||||
Gold produced (000s oz attributable foundation) | — | — | — | — | — | — | ||
Gold produced (000s oz 100% foundation) | — | — | — | — | — | — | ||
Value of gross sales ($/oz) | — | — | — | — | — | — | ||
Whole money prices ($/oz) b | — | — | — | — | — | — | ||
All-in sustaining prices ($/oz) b | — | — | — | — | — | — | ||
Tongon (89.7%) | ||||||||
Gold produced (000s oz attributable foundation) | 42 | 47 | (11 | %) | 183 | 180 | 2 | % |
Gold produced (000s oz 100% foundation) | 47 | 53 | (11 | %) | 204 | 201 | 2 | % |
Value of gross sales ($/oz) | 1,489 | 1,423 | 5 | % | 1,469 | 1,748 | (16 | %) |
Whole money prices ($/oz) b | 1,184 | 1,217 | (3 | %) | 1,240 | 1,396 | (11 | %) |
All-in sustaining prices ($/oz) b | 1,586 | 1,331 | 19 | % | 1,408 | 1,592 | (12 | %) |
Hemlo (100%) | ||||||||
Gold produced (000s oz) | 34 | 31 | 10 | % | 141 | 133 | 6 | % |
Value of gross sales ($/oz) | 1,618 | 1,721 | (6 | %) | 1,589 | 1,628 | (2 | %) |
Whole money prices ($/oz) b | 1,407 | 1,502 | (6 | %) | 1,382 | 1,409 | (2 | %) |
All-in sustaining prices ($/oz) b | 1,671 | 1,799 | (7 | %) | 1,672 | 1,788 | (6 | %) |
North Mara (84%) | ||||||||
Gold produced (000s oz attributable foundation) | 59 | 62 | (5 | %) | 253 | 263 | (4 | %) |
Gold produced (000s oz 100% foundation) | 71 | 73 | (5 | %) | 302 | 313 | (4 | %) |
Value of gross sales ($/oz) | 1,420 | 1,244 | 14 | % | 1,206 | 979 | 23 | % |
Whole money prices ($/oz) b | 1,103 | 999 | 10 | % | 944 | 741 | 27 | % |
All-in sustaining prices ($/oz) b | 1,449 | 1,429 | 1 | % | 1,335 | 1,028 | 30 | % |
Bulyanhulu (84%) | ||||||||
Gold produced (000s oz attributable foundation) | 41 | 46 | (11 | %) | 180 | 196 | (8 | %) |
Gold produced (000s oz 100% foundation) | 48 | 55 | (11 | %) | 214 | 233 | (8 | %) |
Value of gross sales ($/oz) | 1,413 | 1,261 | 12 | % | 1,312 | 1,211 | 8 | % |
Whole money prices ($/oz) b | 1,002 | 859 | 17 | % | 920 | 868 | 6 | % |
All-in sustaining prices ($/oz) b | 1,376 | 1,132 | 22 | % | 1,231 | 1,156 | 6 | % |
Whole Attributable to Barrick d | ||||||||
Gold produced (000s oz) | 1,054 | 1,039 | 1 | % | 4,054 | 4,141 | (2 | %) |
Value of gross sales ($/oz) e | 1,359 | 1,277 | 6 | % | 1,334 | 1,241 | 7 | % |
Whole money prices ($/oz) b | 982 | 912 | 8 | % | 960 | 862 | 11 | % |
All-in sustaining prices ($/oz) b | 1,364 | 1,255 | 9 | % | 1,335 | 1,222 | 9 | % |
- These outcomes characterize our 61.5% curiosity in Carlin, Cortez, Turquoise Ridge, Phoenix and Lengthy Canyon.
- Additional data on these non-GAAP monetary measures, together with detailed reconciliations, is included on pages 70 to 88 of Barrick’s This fall 2023 MD&A.
- As Porgera was positioned on care and upkeep from April 25, 2020 till December 22, 2023, no working information or per ounce information has been supplied beginning within the third quarter of 2020. On December 22, 2023, we accomplished the Graduation Settlement, pursuant to which the PNG authorities and BNL, the 95% proprietor and operator of the Porgera three way partnership, agreed on a partnership for the longer term possession and operation of the mine. Possession of Porgera is now held in a brand new three way partnership owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Restricted (“PJL”). PJL is collectively owned on a 50/50 foundation by Barrick and Zijin Mining Group and due to this fact Barrick now holds a 24.5% possession curiosity within the Porgera three way partnership. Barrick holds a 23.5% curiosity within the financial advantages of the mine below the financial profit sharing association agreed with the PNG authorities whereby Barrick and Zijin Mining Group collectively share 47% of the general financial advantages derived from the mine collected over time, and the PNG stakeholders share the remaining 53%. Confer with web page 9 of Barrick’s This fall 2023 MD&A for additional data.
- Excludes Pierina, which is producing incidental ounces whereas in closure.
- Gold price of gross sales per ounce is calculated as price of gross sales throughout our gold operations (excluding websites in closure or care and upkeep) divided by ounces bought (each on an attributable foundation utilizing Barrick’s possession share).
Manufacturing and Value Abstract – Copper
For the three months ended | For the years ended | |||||||
12/31/23 | 09/30/23 | Change | 12/31/23 | 12/31/22 | Change | |||
Lumwana (100%) | ||||||||
Copper manufacturing (tens of millions lbs) | 73 | 72 | 1 | % | 260 | 267 | (3 | %) |
Value of gross sales ($/lb) | 2.95 | 2.48 | 19 | % | 2.91 | 2.42 | 20 | % |
C1 money prices ($/lb) a | 2.14 | 1.86 | 15 | % | 2.29 | 1.89 | 21 | % |
All-in sustaining prices ($/lb) a | 3.38 | 3.41 | (1 | %) | 3.48 | 3.63 | (4 | %) |
Zald í var (50%) | ||||||||
Copper manufacturing (tens of millions lbs attributable foundation) | 23 | 22 | 5 | % | 89 | 98 | (9 | %) |
Copper manufacturing (tens of millions lbs 100% foundation) | 45 | 46 | 5 | % | 178 | 196 | (9 | %) |
Value of gross sales ($/lb) | 3.85 | 3.86 | 0 | % | 3.83 | 3.12 | 23 | % |
C1 money prices ($/lb) a | 2.93 | 2.99 | (2 | %) | 2.95 | 2.36 | 25 | % |
All-in sustaining prices ($/lb) a | 3.51 | 3.39 | 4 | % | 3.46 | 2.95 | 17 | % |
Jabal Sayid (50%) | ||||||||
Copper manufacturing (tens of millions lbs attributable foundation) | 17 | 18 | (6 | %) | 71 | 75 | (5 | %) |
Copper manufacturing (tens of millions lbs 100% foundation) | 35 | 35 | (6 | %) | 142 | 151 | (5 | %) |
Value of gross sales ($/lb) | 1.59 | 1.72 | (8 | %) | 1.60 | 1.52 | 5 | % |
C1 money prices ($/lb) a | 1.32 | 1.45 | (9 | %) | 1.35 | 1.26 | 7 | % |
All-in sustaining prices ($/lb) a | 1.50 | 1.64 | (9 | %) | 1.53 | 1.36 | 13 | % |
Whole Attributable to Barrick | ||||||||
Copper manufacturing (tens of millions lbs) | 113 | 112 | 1 | % | 420 | 440 | (5 | %) |
Value of gross sales ($/lb) b | 2.92 | 2.68 | 9 | % | 2.90 | 2.43 | 19 | % |
C1 money prices ($/lb) a | 2.17 | 2.05 | 6 | % | 2.28 | 1.89 | 21 | % |
All-in sustaining prices ($/lb) a | 3.12 | 3.23 | (3 | %) | 3.21 | 3.18 | 1 | % |
- Additional data on these non-GAAP monetary measures, together with detailed reconciliations, is included on pages 70 to 88 of Barrick’s This fall 2023 MD&A.
- Copper price of gross sales per pound is calculated as price of gross sales throughout our copper operations divided by kilos bought (each on an attributable foundation utilizing Barrick’s possession share).
Monetary and Working Highlights
For the three months ended | For the years ended | ||||||||||||
12/31/23 | 9/30/23 | Change | 12/31/23 | 12/31/22 | Change | ||||||||
Monetary Outcomes ($ tens of millions) | |||||||||||||
Revenues | 3,059 | 2,862 | 7 | % | 11,397 | 11,013 | 3 | % | |||||
Value of gross sales | 2,139 | 1,915 | 12 | % | 7,932 | 7,497 | 6 | % | |||||
Web earnings a | 479 | 368 | 30 | % | 1,272 | 432 | 194 | % | |||||
Adjusted internet earnings b | 466 | 418 | 11 | % | 1,467 | 1,326 | 11 | % | |||||
Attributable EBITDA b | 1,068 | 1,071 | 0 | % | 3,987 | 4,029 | (1 | )% | |||||
Attributable EBITDA margin b | 42 | % | 45 | % | (7 | )% | 42 | % | 44 | % | (5 | )% | |
Minesite sustaining capital expenditures b,c | 569 | 529 | 8 | % | 2,076 | 2,071 | 0 | % | |||||
Mission capital expenditures b,c | 278 | 227 | 22 | % | 969 | 949 | 2 | % | |||||
Whole consolidated capital expenditures c,d | 861 | 768 | 12 | % | 3,086 | 3,049 | 1 | % | |||||
Web money supplied by working actions | 997 | 1,127 | (12 | )% | 3,732 | 3,481 | 7 | % | |||||
Web money supplied by working actions margin e | 33 | % | 39 | % | (15 | )% | 33 | % | 32 | % | 3 | % | |
Free money move b | 136 | 359 | (62 | )% | 646 | 432 | 50 | % | |||||
Web earnings per share (fundamental and diluted) | 0.27 | 0.21 | 29 | % | 0.72 | 0.24 | 200 | % | |||||
Adjusted internet earnings (fundamental) b per share | 0.27 | 0.24 | 13 | % | 0.84 | 0.75 | 12 | % | |||||
Weighted common diluted widespread shares (tens of millions of shares) | 1,756 | 1,755 | 0 | % | 1,755 | 1,771 | (1 | )% | |||||
Working Outcomes | |||||||||||||
Gold manufacturing (1000’s of ounces) f | 1,054 | 1,039 | 1 | % | 4,054 | 4,141 | (2 | )% | |||||
Gold bought (1000’s of ounces) f | 1,042 | 1,027 | 1 | % | 4,024 | 4,141 | (3 | )% | |||||
Market gold value ($/oz) | 1,971 | 1,928 | 2 | % | 1,941 | 1,800 | 8 | % | |||||
Realized gold value b,f ($/oz) | 1,986 | 1,928 | 3 | % | 1,948 | 1,795 | 9 | % | |||||
Gold price of gross sales (Barrick’s share) f,g ($/oz) | 1,359 | 1,277 | 6 | % | 1,334 | 1,241 | 7 | % | |||||
Gold whole money prices b,f ($/oz) | 982 | 912 | 8 | % | 960 | 862 | 11 | % | |||||
Gold all-in sustaining prices b,f ($/oz) | 1,364 | 1,255 | 9 | % | 1,335 | 1,222 | 9 | % | |||||
Copper manufacturing (tens of millions of kilos) f | 113 | 112 | 1 | % | 420 | 440 | (5 | )% | |||||
Copper bought (tens of millions of kilos) f | 117 | 101 | 16 | % | 408 | 445 | (8 | )% | |||||
Market copper value ($/lb) | 3.70 | 3.79 | (2 | )% | 3.85 | 3.99 | (4 | )% | |||||
Realized copper value b,f ($/lb) | 3.78 | 3.78 | 0 | % | 3.85 | 3.85 | 0 | % | |||||
Copper price of gross sales (Barrick’s share) f,h ($/lb) | 2.92 | 2.68 | 9 | % | 2.90 | 2.43 | 19 | % | |||||
Copper C1 money prices b,f ($/lb) | 2.17 | 2.05 | 6 | % | 2.28 | 1.89 | 21 | % | |||||
Copper all-in sustaining prices b,f ($/lb) | 3.12 | 3.23 | (3 | )% | 3.21 | 3.18 | 1 | % | |||||
As at 12/31/23 |
As at 9/30/23 |
Change | As at 12/31/23 |
As at 12/31/22 |
Change | ||||||||
Monetary Place ($ tens of millions) | |||||||||||||
Debt (present and long-term) | 4,726 | 4,775 | (1 | )% | 4,726 | 4,782 | (1 | )% | |||||
Money and equivalents | 4,148 | 4,261 | (3 | )% | 4,148 | 4,440 | (7 | )% | |||||
Debt, internet of money | 578 | 514 | 12 | % | 578 | 342 | 69 | % |
- Web earnings represents internet earnings attributable to the fairness holders of the Firm.
- Additional data on these non-GAAP monetary measures, together with detailed reconciliations, is included on pages 70 to 88 of Barrick’s This fall 2023 MD&A.
- Quantities offered on a consolidated money foundation. Mission capital expenditures are included in our calculation of all-in prices, however not included in our calculation of all-in sustaining prices.
- Whole consolidated capital expenditures additionally contains capitalized curiosity of $14 million and $41 million, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $12 million; 2022: $29 million).
- Represents internet money supplied by working actions divided by income.
- On an attributable foundation.
- Gold price of gross sales per ounce is calculated as price of gross sales throughout our gold operations (excluding websites in closure or care and upkeep) divided by ounces bought (each on an attributable foundation utilizing Barrick’s possession share).
- Copper price of gross sales per pound is calculated as price of gross sales throughout our copper operations divided by kilos bought (each on an attributable foundation utilizing Barrick’s possession share).
Consolidated Statements of Revenue
Barrick Gold Company | ||||||
For the years ended December 31 (in tens of millions of United States {dollars}, besides per share information) | 2023 | 2022 | ||||
Income (notes 5 and 6) | $ | 11,397 | $ | 11,013 | ||
Prices and bills (revenue) | ||||||
Value of gross sales (notes 5 and seven) | 7,932 | 7,497 | ||||
Normal and administrative bills (be aware 11) | 126 | 159 | ||||
Exploration, analysis and undertaking bills (notes 5 and eight) | 361 | 350 | ||||
Impairment costs (notes 10 and 21) | 312 | 1,671 | ||||
Loss on forex translation | 93 | 16 | ||||
Closed mine rehabilitation (be aware 27b) | 16 | (136 | ) | |||
Revenue from fairness investees (be aware 16) | (232 | ) | (258 | ) | ||
Different (revenue) expense (be aware 9) | (195 | ) | (268 | ) | ||
Revenue earlier than finance gadgets and revenue taxes | 2,984 | 1,982 | ||||
Finance prices, internet (be aware 14) | (170 | ) | (301 | ) | ||
Revenue earlier than revenue taxes | 2,814 | 1,681 | ||||
Revenue tax expense (be aware 12) | (861 | ) | (664 | ) | ||
Web revenue | $ | 1,953 | $ | 1,017 | ||
Attributable to: | ||||||
Fairness holders of Barrick Gold Company | $ | 1,272 | $ | 432 | ||
Non-controlling pursuits (be aware 32) | $ | 681 | $ | 585 | ||
Earnings (loss) per share information attributable to the fairness holders of Barrick Gold Company (be aware 13) | ||||||
Web revenue | ||||||
Primary | $ | 0.72 | $ | 0.24 | ||
Diluted | $ | 0.72 | $ | 0.24 |
The notes to those consolidated monetary statements, that are contained within the Fourth Quarter and 12 months Finish Report, obtainable on our web site are an integral a part of these consolidated monetary statements.
Consolidated Statements of Complete Revenue
Barrick Gold Company | |||||
For the years ended December 31 (in tens of millions of United States {dollars}) | 2023 | 2022 | |||
Web revenue | $ | 1,953 | $ | 1,017 | |
Different complete revenue (loss), internet of taxes | |||||
Objects that could be reclassified subsequently to revenue or loss: | |||||
Realized losses on derivatives designated as money move hedges, internet of tax $nil and $nil | — | 1 | |||
Foreign money translation changes, internet of tax $nil and $nil | (3 | ) | 1 | ||
Objects that won’t be reclassified to revenue or loss: | |||||
Actuarial acquire on post-employment profit obligations, internet of tax $nil and $nil | — | 8 | |||
Web change in worth of fairness investments, internet of tax ($2) and ($7) | 1 | 39 | |||
Whole different complete (loss) revenue | (2 | ) | 49 | ||
Whole complete revenue | $ | 1,951 | $ | 1,066 | |
Attributable to: | |||||
Fairness holders of Barrick Gold Company | $ | 1,270 | $ | 481 | |
Non-controlling pursuits | $ | 681 | $ | 585 |
The notes to those consolidated monetary statements, that are contained within the Fourth Quarter and 12 months Finish Report, obtainable on our web site are an integral a part of these consolidated monetary statements.
Consolidated Statements of Money Movement
Barrick Gold Company | ||||||
For the years ended December 31 (in tens of millions of United States {dollars}) | 2023 | 2022 | ||||
OPERATING ACTIVITIES | ||||||
Web revenue | $ | 1,953 | $ | 1,017 | ||
Changes for the next gadgets: | ||||||
Depreciation | 2,043 | 1,997 | ||||
Finance prices (be aware 14) | 170 | 301 | ||||
Web impairment costs (notes 10 and 21) | 312 | 1,671 | ||||
Revenue tax expense (be aware 12) | 861 | 664 | ||||
Revenue from funding in fairness investees (be aware 16) | (232 | ) | (258 | ) | ||
Loss on forex translation | 93 | 16 | ||||
Achieve on sale of non-current belongings (be aware 9) | (364 | ) | (405 | ) | ||
Change in working capital (be aware 15) | (452 | ) | (322 | ) | ||
Different working actions (be aware 15) | (65 | ) | (217 | ) | ||
Working money flows earlier than curiosity and revenue taxes | 4,319 | 4,464 | ||||
Curiosity paid | (300 | ) | (305 | ) | ||
Curiosity obtained | 237 | 89 | ||||
Revenue taxes paid 1 | (524 | ) | (767 | ) | ||
Web money supplied by working actions | 3,732 | 3,481 | ||||
INVESTING ACTIVITIES | ||||||
Property, plant and tools | ||||||
Capital expenditures (be aware 5) | (3,086 | ) | (3,049 | ) | ||
Gross sales proceeds | 13 | 88 | ||||
Funding (purchases) gross sales | (23 | ) | 381 | |||
Dividends obtained from fairness technique investments (be aware 16) | 273 | 869 | ||||
Shareholder mortgage repayments from fairness technique investments (be aware 16) | 7 | — | ||||
Web money utilized in investing actions | (2,816 | ) | (1,711 | ) | ||
FINANCING ACTIVITIES | ||||||
Lease repayments | (13 | ) | (20 | ) | ||
Debt repayments | (43 | ) | (375 | ) | ||
Dividends (be aware 31) | (700 | ) | (1,143 | ) | ||
Share buyback program (be aware 31) | — | (424 | ) | |||
Funding from non-controlling pursuits (be aware 32) | 40 | — | ||||
Disbursements to non-controlling pursuits (be aware 32) | (554 | ) | (833 | ) | ||
Different financing actions (be aware 15) | 65 | 191 | ||||
Web money utilized in financing actions | (1,205 | ) | (2,604 | ) | ||
Impact of change price modifications on money and equivalents | (3 | ) | (6 | ) | ||
Web enhance (lower) in money and equivalents | (292 | ) | (840 | ) | ||
Money and equivalents at starting of yr (be aware 25a) | 4,440 | 5,280 | ||||
Money and equivalents on the finish of yr | $ | 4,148 | $ | 4,440 |
1 Revenue taxes paid excludes $137 million (2022: $126 million) of revenue taxes payable that had been settled in opposition to offsetting worth added tax (“VAT”) receivables.
The notes to those consolidated monetary statements, that are contained within the Fourth Quarter and 12 months Finish Report, obtainable on our web site are an integral a part of these consolidated monetary statements.
Consolidated Steadiness Sheets
Barrick Gold Company | As at December 31, | As at December 31, | ||||
(in tens of millions of United States {dollars}) | 2023 | 2022 | ||||
ASSETS | ||||||
Present belongings | ||||||
Money and equivalents (be aware 25a) | $ | 4,148 | $ | 4,440 | ||
Accounts receivable (be aware 18) | 693 | 554 | ||||
Inventories (be aware 17) | 1,782 | 1,781 | ||||
Different present belongings (be aware 18) | 815 | 1,690 | ||||
Whole present belongings | 7,438 | 8,465 | ||||
Non-current belongings | ||||||
Non-current portion of stock (be aware 17) | 2,738 | 2,819 | ||||
Fairness in investees (be aware 16) | 4,133 | 3,983 | ||||
Property, plant and tools (be aware 19) | 26,416 | 25,821 | ||||
Intangible belongings (be aware 20a) | 149 | 149 | ||||
Goodwill (be aware 20b) | 3,581 | 3,581 | ||||
Deferred revenue tax belongings (be aware 30) | — | 19 | ||||
Different belongings (be aware 22) | 1,356 | 1,128 | ||||
Whole belongings | $ | 45,811 | $ | 45,965 | ||
LIABILITIES AND EQUITY | ||||||
Present liabilities | ||||||
Accounts payable (be aware 23) | $ | 1,503 | $ | 1,556 | ||
Debt (be aware 25b) | 11 | 13 | ||||
Present revenue tax liabilities | 303 | 163 | ||||
Different present liabilities (be aware 24) | 539 | 1,388 | ||||
Whole present liabilities | 2,356 | 3,120 | ||||
Non-current liabilities | ||||||
Debt (be aware 25b) | 4,715 | 4,769 | ||||
Provisions (be aware 27) | 2,058 | 2,211 | ||||
Deferred revenue tax liabilities (be aware 30) | 3,439 | 3,247 | ||||
Different liabilities (be aware 29) | 1,241 | 1,329 | ||||
Whole liabilities | 13,809 | 14,676 | ||||
Fairness | ||||||
Capital inventory (be aware 31) | 28,117 | 28,114 | ||||
Deficit | (6,713 | ) | (7,282 | ) | ||
Amassed different complete revenue | 24 | 26 | ||||
Different | 1,913 | 1,913 | ||||
Whole fairness attributable to Barrick Gold Company shareholders | 23,341 | 22,771 | ||||
Non-controlling pursuits (be aware 32) | 8,661 | 8,518 | ||||
Whole fairness | 32,002 | 31,289 | ||||
Contingencies and commitments (notes 2, 17, 19 and 36) | ||||||
Whole liabilities and fairness | $ | 45,811 | $ | 45,965 |
The notes to those consolidated monetary statements, that are contained within the Fourth Quarter and 12 months Finish Report, obtainable on our web site are an integral a part of these consolidated monetary statements.
Consolidated Statements of Adjustments in Fairness
Barrick Gold Company | Attributable to fairness holders of the Firm | ||||||||||||||||||||||
(in tens of millions of United States {dollars}) | Widespread Shares (in 1000’s) |
Capital inventory |
Deficit | Amassed different complete revenue (loss) 1 |
Different 2 | Whole fairness attributable to shareholders |
Non- controlling pursuits |
Whole fairness |
|||||||||||||||
At January 1, 2023 | 1,755,350 | $ | 28,114 | ($ | 7,282 | ) | $ | 26 | $ | 1,913 | $ | 22,771 | $ | 8,518 | $ | 31,289 | |||||||
Web revenue | — | — | 1,272 | — | — | 1,272 | 681 | 1,953 | |||||||||||||||
Whole different complete loss | — | — | — | (2 | ) | — | (2 | ) | — | (2 | ) | ||||||||||||
Whole complete revenue (loss) | — | $ | — | $ | 1,272 | $ | (2 | ) | $ | — | $ | 1,270 | $ | 681 | $ | 1,951 | |||||||
Transactions with house owners | |||||||||||||||||||||||
Dividends (be aware 31) | — | — | (700 | ) | — | — | (700 | ) | — | (700 | ) | ||||||||||||
Funding from non-controlling pursuits (be aware 32) | — | — | — | — | — | — | 40 | 40 | |||||||||||||||
Disbursements to non-controlling pursuits (be aware 32) | — | — | — | — | — | — | (578 | ) | (578 | ) | |||||||||||||
Dividend reinvestment plan (be aware 31) | 220 | 3 | (3 | ) | — | — | — | — | — | ||||||||||||||
Whole transactions with house owners | 220 | $ | 3 | $ | (703 | ) | $ | — | $ | — | $ | (700 | ) | $ | (538 | ) | $ | (1,238 | ) | ||||
At December 31, 2023 | 1,755,570 | $ | 28,117 | $ | (6,713 | ) | $ | 24 | $ | 1,913 | $ | 23,341 | $ | 8,661 | $ | 32,002 | |||||||
At January 1, 2022 | 1,779,331 | $ | 28,497 | $ | (6,566 | ) | $ | (23 | ) | $ | 1,949 | $ | 23,857 | $ | 8,450 | $ | 32,307 | ||||||
Web revenue | — | — | 432 | — | — | 432 | 585 | 1,017 | |||||||||||||||
Whole different complete revenue | — | — | — | 49 | — | 49 | — | 49 | |||||||||||||||
Whole complete revenue | — | $ | — | $ | 432 | $ | 49 | $ | — | $ | 481 | $ | 585 | $ | 1,066 | ||||||||
Transactions with house owners | |||||||||||||||||||||||
Dividends (be aware 31) | — | — | (1,143 | ) | — | — | (1,143 | ) | — | (1,143 | ) | ||||||||||||
Reko Diq reconstitution (be aware 4) | — | — | — | — | — | — | 329 | 329 | |||||||||||||||
Disbursements to non-controlling pursuits (be aware 32) | — | — | — | — | — | — | (846 | ) | (846 | ) | |||||||||||||
Dividend reinvestment plan (be aware 31) | 269 | 5 | (5 | ) | — | — | — | — | — | ||||||||||||||
Share buyback program | (24,250 | ) | (388 | ) | — | — | (36 | ) | (424 | ) | — | (424 | ) | ||||||||||
Whole transactions with house owners | (23,981 | ) | ($ | 383 | ) | ($ | 1,148 | ) | $ | — | $ | (36 | ) | $ | (1,567 | ) | $ | (517 | ) | $ | (2,084 | ) | |
At December 31, 2022 | 1,755,350 | $ | 28,114 | ($ | 7,282 | ) | $ | 26 | $ | 1,913 | $ | 22,771 | $ | 8,518 | $ | 31,289 |
1 Contains cumulative translation changes as at December 31, 2023: $95 million loss (December 31, 2022: $93 million loss).
2 Contains extra paid-in capital as at December 31, 2023: $1,875 million (December 31, 2022: $1,875 million).
The notes to those consolidated monetary statements, that are contained within the Fourth Quarter and 12 months Finish Report, obtainable on our web site are an integral a part of these consolidated monetary statements.
Technical Data
The scientific and technical data contained on this press launch has been reviewed and authorized by Craig Fiddes, SME-RM, Lead, Useful resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Useful resource Supervisor, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa and Center East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Useful resource Administration and Analysis Govt; John Steele, CIM, Metallurgy, Engineering and Capital Tasks Govt; and Joel Holliday, FAusIMM, Govt Vice-President, Exploration—every a “Certified Particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks .
All mineral reserve and mineral useful resource estimates are estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks . Except in any other case famous, such mineral reserve and mineral useful resource estimates are as of December 31, 2023.
Endnotes
Endnote 1
On an attributable foundation.
Endnote 2
A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for five million ounces to help a minimal 10-year life, annual manufacturing of no less than 500,000 ounces of gold and with all-in sustaining prices per ounce within the decrease half of the {industry} price curve. A Tier Two Gold Asset is an asset with a reserve potential to ship a minimal 10-year life, annual manufacturing of no less than 250,000 ounces of gold and whole money prices per ounce over the mine life which can be within the decrease half of the {industry} price curve.
Endnote 3
Gold equal ounces calculated from our copper belongings are calculated utilizing a gold value of $1,300/oz and copper value of $3.00/lb. Barrick’s ten-year indicative manufacturing profile for gold equal ounces relies on the next assumptions:
Key Outlook Assumptions | 2023 | 2024 | 2025+ |
Gold Value ($/oz) | 1,948 | 1,900 | 1,300 |
Copper Value ($/lb) | 3.85 | 3.50 | 3.00 |
Oil Value (WTI) ($/barrel) | 85 | 75 | 75 |
AUD Change Price (AUD:USD) | 0.75 | 0.75 | 0.75 |
ARS Change Price (USD:ARS) | 800 | 800 | 800 |
CAD Change Price (USD:CAD) | 1.30 | 1.30 | 1.30 |
CLP Change Price (USD:CLP) | 900 | 900 | 900 |
EUR Change Price (EUR:USD) | 1.10 | 1.20 | 1.20 |
Barrick’s five-year indicative outlook relies on our present working asset portfolio, sustaining tasks in progress and exploration/mineral useful resource administration initiatives in execution. This outlook relies on our present reserves and assets as disclosed on this press launch and assumes that we are going to proceed to have the ability to convert assets into reserves. Extra asset optimization, additional exploration development, new undertaking initiatives and divestitures aren’t included. For the Firm’s gold and copper segments, and the place relevant for a particular area, this indicative outlook is topic to vary and assumes the next: new open pit manufacturing permitted and commencing at Hemlo within the second half of 2025, permitting three years for allowing and two years for pre-stripping previous to first ore manufacturing in 2027; Tongon will enter care and upkeep by 2026; and manufacturing from the Zaldívar CuproChlor® Chloride Leach Mission (Antofagasta is the operator of Zaldívar).
Our five-year indicative outlook excludes: manufacturing from Fourmile; Pierina and Golden Daylight, each of that are presently in care and upkeep; and manufacturing from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas.
Barrick’s ten-year indicative manufacturing profile is topic to vary and relies on the identical assumptions as the present five-year outlook detailed above, besides that the next 5 years of the ten-year outlook assumes attributable manufacturing from Fourmile in addition to exploration and mineral useful resource administration tasks in execution at Nevada Gold Mines and Hemlo.
Barrick’s five-year and ten-year manufacturing profile on this press launch additionally assumes the re-start of Porgera, in addition to an indicative gold and copper manufacturing profile for Reko Diq and an indicative copper manufacturing profile for the Lumwana Tremendous Pit enlargement, each of that are conceptual in nature.
Endnote 4
“Free money move” is a non-GAAP monetary measure that deducts capital expenditures from internet money supplied by working actions. Administration believes this to be a helpful indicator of our potential to function with out reliance on extra borrowing or utilization of present money. Free money move is meant to offer extra data solely and doesn’t have any standardized definition below IFRS, and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. The measure shouldn’t be essentially indicative of working revenue or money move from operations as decided below IFRS. Different corporations might calculate this measure in a different way. Additional particulars on this non-GAAP monetary efficiency measure are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The next desk reconciles this non-GAAP monetary measure to essentially the most straight comparable IFRS measure.
Reconciliation of Web Money Offered by Working Actions to Free Money Movement
For the three months ended | For the years ended | ||||||||||
($ tens of millions) | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Web money supplied by working actions | 997 | 1,127 | 3,732 | 3,481 | 4,378 | ||||||
Capital expenditures | (861 | ) | (768 | ) | (3,086 | ) | (3,049 | ) | (2,435 | ) | |
Free money move | 136 | 359 | 646 | 432 | 1,943 |
Endnote 5
“Adjusted internet earnings” and “adjusted internet earnings per share” are non-GAAP monetary efficiency measures. Adjusted internet earnings excludes the next from internet earnings: impairment costs (reversals) associated to intangibles, goodwill, property, plant and tools, and investments; acquisition/disposition positive factors/losses; overseas forex translation positive factors/losses; important tax changes; different gadgets that aren’t indicative of the underlying working efficiency of our core mining enterprise; and tax impact and non-controlling curiosity of the above gadgets. Administration makes use of this measure internally to guage our underlying working efficiency for the reporting intervals offered and to help with the planning and forecasting of future working outcomes. Administration believes that adjusted internet earnings is a helpful measure of our efficiency as a result of impairment costs, acquisition/disposition positive factors/losses and important tax changes don’t replicate the underlying working efficiency of our core mining enterprise and aren’t essentially indicative of future working outcomes. Adjusted internet earnings and adjusted internet earnings per share are supposed to offer extra data solely and doesn’t have any standardized definition below IFRS and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. The measures aren’t essentially indicative of working revenue or money move from operations as decided below IFRS. Different corporations might calculate these measures in a different way. The next desk reconciles these non-GAAP monetary measures to essentially the most straight comparable IFRS measure. Additional particulars on these non-GAAP monetary efficiency measures are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Web Earnings to Web Earnings per Share, Adjusted Web Earnings and Adjusted Web Earnings per Share
For the three months ended | For the years ended | ||||||||||
($ tens of millions, besides per share quantities in {dollars}) | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Web earnings attributable to fairness holders of the Firm | 479 | 368 | 1,272 | 432 | 2,022 | ||||||
Impairment costs (reversals) associated to non-current belongings a | 289 | 0 | 312 | 1,671 | (63 | ) | |||||
Acquisition/disposition positive factors b | (354 | ) | (4 | ) | (364 | ) | (405 | ) | (213 | ) | |
Loss on forex translation | 37 | 30 | 93 | 16 | 29 | ||||||
Important tax changes c | 120 | 19 | 220 | 95 | 125 | ||||||
Different expense (revenue) changes d | 41 | (5 | ) | 96 | 17 | 73 | |||||
Non-controlling curiosity e | (89 | ) | 4 | (98 | ) | (274 | ) | 64 | |||
Tax impact e | (57 | ) | 6 | (64 | ) | (226 | ) | 28 | |||
Adjusted internet earnings | 466 | 418 | 1,467 | 1,326 | 2,065 | ||||||
Web earnings per share f | 0.27 | 0.21 | 0.72 | 0.24 | 1.14 | ||||||
Adjusted internet earnings per share f | 0.27 | 0.24 | 0.84 | 0.75 | 1.16 |
- Web impairment costs for the three months and yr ended December 31, 2023 primarily relate to a long-lived asset impairment at Lengthy Canyon. For the yr ended December 31, 2022, internet impairment costs primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Lengthy Canyon, partially offset by an impairment reversal at Reko Diq.
- Acquisition/disposition positive factors for the three months and yr ended December 31, 2023 primarily relate to a acquire on the reopening of the Porgera mine because the circumstances for the reopening had been accomplished on December 22, 2023. For the yr ended December 31, 2022, acquisition/disposition positive factors primarily relate to a acquire as Barrick’s curiosity within the Reko Diq undertaking elevated from 37.5% to 50% and the sale of two royalty portfolios.
- Important tax changes in 2023 primarily relate to deferred tax recoveries on account of internet impairment costs; overseas forex translation positive factors and losses on tax balances; the decision of unsure tax positions; the impression of prior yr changes; the impression of nondeductible overseas change losses; and the popularity and derecognition of deferred tax belongings. In 2022, important tax changes primarily relate to deferred tax recoveries on account of internet impairment costs; overseas forex translation positive factors and losses on tax balances; the Porgera mine persevering with to be on care and upkeep; updates to the rehabilitation provision for our non-operating mines; and the popularity and derecognition of deferred tax belongings.
- Different expense (revenue) changes for the three months and yr ended December 31, 2023 primarily relate to modifications within the low cost price assumptions on our closed mine rehabilitation provision and care and upkeep bills at Porgera. The yr ended December 31, 2023 was additional impacted by the $30 million dedication we made in direction of the enlargement of schooling infrastructure in Tanzania, per our group funding obligations below the Twiga partnership. For the yr ended December 31, 2022, different expense (revenue) changes primarily relate to a internet realizable worth impairment of leach pad stock at Veladero, care and upkeep bills at Porgera and provides obsolescence write-off at Bulyanhulu and North Mara.
- Non-controlling curiosity and tax impact for the present yr primarily pertains to impairment costs (reversals) associated to non-current belongings.
- Calculated utilizing weighted common variety of shares excellent below the essential technique of earnings per share.
Endnote 6
As at December 31, 2023, Barrick’s debt, internet of money, was $578 million.
Endnote 7
Gold equal ounces calculated from our copper belongings are calculated utilizing a gold value of $1,300/oz and copper value of $3.00/lb. Reserves estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, except in any other case famous. Confirmed mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Possible reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Full mineral reserve and mineral useful resource information for all mines and tasks referenced on this press launch, together with tonnes, grades, and ounces, will be discovered within the Mineral Reserves and Mineral Assets Tables included on the next pages of this press launch.
Endnote 8
“Realized value” is a non-GAAP monetary efficiency measure which excludes from gross sales: remedy and refining costs; and cumulative catch-up adjustment to income regarding our streaming preparations. We consider this supplies buyers and analysts with a extra correct measure with which to check to market gold and copper costs and to evaluate our gold and copper gross sales efficiency. For these causes, administration believes that this measure supplies a extra correct reflection of our firm’s previous efficiency and is a greater indicator of its anticipated efficiency in future intervals. The realized value measure is meant to offer extra data, and doesn’t have any standardized definition below IFRS and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. The measure shouldn’t be essentially indicative of gross sales as decided below IFRS. Different corporations might calculate this measure in a different way. The next desk reconciles realized costs to essentially the most straight comparable IFRS measure. Additional particulars on these non-GAAP monetary efficiency measures are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Gross sales to Realized Value per ounce/pound
For the three months ended | For the years ended | ||||||||||||||
($ tens of millions, besides per ounce/pound data in {dollars}) | Gold | Copper | Gold | Copper | |||||||||||
12/31/23 | 9/30/23 | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Gross sales | 2,767 | 2,588 | 226 | 209 | 10,350 | 9,920 | 10,738 | 795 | 868 | 962 | |||||
Gross sales relevant to non-controlling pursuits | (872 | ) | (797 | ) | 0 | 0 | (3,179 | ) | (3,051 | ) | (3,323 | ) | 0 | 0 | 0 |
Gross sales relevant to fairness technique investments a,b | 183 | 187 | 168 | 126 | 667 | 597 | 660 | 587 | 646 | 707 | |||||
Gross sales relevant to websites in closure or care and upkeep c | (2 | ) | (4 | ) | 0 | 0 | (15 | ) | (55 | ) | (88 | ) | 0 | 0 | 0 |
Therapy and refining costs | 8 | 7 | 51 | 47 | 30 | 23 | 10 | 191 | 199 | 161 | |||||
Different d | (15 | ) | 0 | 0 | 0 | (15 | ) | 0 | 2 | 0 | 0 | 0 | |||
Revenues – as adjusted | 2,069 | 1,981 | 445 | 382 | 7,838 | 7,434 | 7,999 | 1,573 | 1,713 | 1,830 | |||||
Ounces/kilos bought (000s ounces/tens of millions kilos) c | 1,042 | 1,027 | 117 | 101 | 4,024 | 4,141 | 4,468 | 408 | 445 | 423 | |||||
Realized gold/copper value per ounce/pound e | 1,986 | 1,928 | 3.78 | 3.78 | 1,948 | 1,795 | 1,790 | 3.85 | 3.85 | 4.32 |
- Represents gross sales of $183 million and $667 million, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $187 million; 2022: $597 million; 2021: $661 million) relevant to our 45% fairness technique funding in Kibali. Represents gross sales of $98 million and $359 million, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $82 million; 2022: $390 million; 2021: $423 million) relevant to our 50% fairness technique funding in Zaldívar and $77 million and $253 million, respectively (September 30, 2023: $49 million; 2022: $275 million; 2021: $305 million) relevant to our 50% fairness technique funding in Jabal Sayid for copper.
- Gross sales relevant to fairness technique investments are internet of remedy and refinement costs.
- Excludes Pierina, Lagunas Norte up till its divestiture in June 2021, and Buzwagi beginning within the fourth quarter of 2021. A few of these belongings are producing incidental ounces whereas in closure or care and upkeep.
- Represents cumulative catch-up adjustment to income regarding our streaming preparations. Refer to notice 2f to the Monetary Statements for extra data.
- Realized value per ounce/pound might not calculate primarily based on quantities offered on this desk.
Endnote 9
Web earnings represents internet earnings attributable to the fairness holders of the Firm.
Endnote 10
These quantities are offered on the identical foundation as our steering. Minesite sustaining capital expenditures and undertaking capital expenditures are non-GAAP monetary measures. Capital expenditures are labeled into minesite sustaining capital expenditures or undertaking capital expenditures relying on the character of the expenditure. Minesite sustaining capital expenditures is the capital spending required to help present manufacturing ranges. Mission capital expenditures characterize the capital spending at new tasks and main, discrete tasks at present operations supposed to extend internet current worth via increased manufacturing or longer mine life. Administration believes this to be a helpful indicator of the aim of capital expenditures and this distinction is an enter into the calculation of all-in sustaining prices per ounce and all-in prices per ounce. Classifying capital expenditures is meant to offer extra data solely and doesn’t have any standardized definition below IFRS, and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Different corporations might calculate these measures in a different way. The next desk reconciles these non-GAAP monetary efficiency measures to essentially the most straight comparable IFRS measure.
Reconciliation of the Classification of Capital Expenditures
For the three months ended | For the years ended | |||||
($ tens of millions) | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | |
Minesite sustaining capital expenditures | 569 | 529 | 2,076 | 2,071 | 1,673 | |
Mission capital expenditures | 278 | 227 | 969 | 949 | 747 | |
Capitalized curiosity | 14 | 12 | 41 | 29 | 15 | |
Whole consolidated capital expenditures | 861 | 768 | 3,086 | 3,049 | 2,435 |
Endnote 11
Gold price of gross sales per ounce is calculated as price of gross sales throughout our gold operations (excluding websites in closure or care and upkeep) divided by ounces bought (each on an attributable foundation utilizing Barrick’s possession share). Copper price of gross sales per pound is calculated as price of gross sales throughout our copper operations divided by kilos bought (each on an attributable foundation utilizing Barrick’s possession share).
Endnote 12
“Whole money prices” per ounce, “All-in sustaining prices” per ounce and “All-in prices” per ounce are non-GAAP monetary efficiency measures that are calculated primarily based on the definition revealed by the World Gold Council (a market improvement group for the gold {industry} comprised of and funded by gold mining corporations from around the globe, together with Barrick, the “WGC”). The WGC shouldn’t be a regulatory group. Administration makes use of these measures to observe the efficiency of our gold mining operations and its potential to generate optimistic money move, each on a person website foundation and an total firm foundation. “Whole money prices” per ounce begin with our price of gross sales associated to gold manufacturing and removes depreciation, the noncontrolling curiosity of price of gross sales and contains by-product credit. “All-in sustaining prices” per ounce begin with “Whole money prices” per ounce and contains sustaining capital expenditures, sustaining leases, normal and administrative prices, minesite exploration and analysis prices and reclamation price accretion and amortization. These extra prices replicate the expenditures made to keep up present manufacturing ranges. “All-in prices” per ounce begin with “All-in sustaining prices” and provides extra prices that replicate the various prices of manufacturing gold over the life-cycle of a mine, together with: undertaking capital expenditures (capital spending at new tasks and main, discrete tasks at present operations supposed to extend internet current worth via increased manufacturing or longer mine life) and different non-sustaining prices (primarily non-sustaining leases, exploration and analysis prices, group relations prices and normal and administrative prices that aren’t related to present operations). These definitions acknowledge that there are completely different prices related to the life-cycle of a mine, and that it’s due to this fact acceptable to differentiate between sustaining and non-sustaining prices. Barrick believes that using “Whole money prices” per ounce, “All-in sustaining prices” per ounce and “All-in prices” per ounce will help analysts, buyers and different stakeholders of Barrick in understanding the prices related to producing gold, understanding the economics of gold mining, assessing our working efficiency and in addition our potential to generate free money move from present operations and to generate free money move on an total firm foundation. “Whole money prices” per ounce, “All-in sustaining prices” per ounce and “All-in prices” per ounce are supposed to offer extra data solely and shouldn’t have standardized definitions below IFRS and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. These measures aren’t equal to internet revenue or money move from operations as decided below IFRS. Though the WGC has revealed a standardized definition, different corporations might calculate these measures in a different way. Additional particulars on these non-GAAP monetary efficiency measures are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Gold Value of Gross sales to Whole money prices, All-in sustaining prices and All-in prices, together with on a per ounce foundation
For the three months ended | For the years ended | |||||||||||
($ tens of millions, besides per ounce data in {dollars}) | Footnote | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Value of gross sales relevant to gold manufacturing | 1,928 | 1,736 | 7,178 | 6,813 | 6,504 | |||||||
Depreciation | (471 | ) | (427 | ) | (1,756 | ) | (1,756 | ) | (1,889 | ) | ||
Money price of gross sales relevant to fairness technique investments | 65 | 65 | 260 | 222 | 217 | |||||||
By-product credit | (66 | ) | (65 | ) | (252 | ) | (225 | ) | (285 | ) | ||
Non-recurring gadgets | a | 0 | 0 | 0 | (23 | ) | 0 | |||||
Different | b | 6 | 7 | 18 | (23 | ) | (48 | ) | ||||
Non-controlling pursuits | c | (432 | ) | (380 | ) | (1,578 | ) | (1,442 | ) | (1,261 | ) | |
Whole money prices | 1,030 | 936 | 3,870 | 3,566 | 3,238 | |||||||
Normal & administrative prices | 29 | 30 | 126 | 159 | 151 | |||||||
Minesite exploration and analysis prices | d | 4 | 11 | 40 | 75 | 64 | ||||||
Minesite sustaining capital expenditures | e | 569 | 529 | 2,076 | 2,071 | 1,673 | ||||||
Sustaining leases | 7 | 7 | 30 | 38 | 41 | |||||||
Rehabilitation – accretion and amortization (working websites) | f | 20 | 14 | 63 | 50 | 50 | ||||||
Non-controlling curiosity, copper operations and different | g | (230 | ) | (238 | ) | (824 | ) | (900 | ) | (636 | ) | |
All-in sustaining prices | 1,429 | 1,289 | 5,381 | 5,059 | 4,581 | |||||||
International exploration and analysis and undertaking expense | d | 99 | 75 | 321 | 275 | 223 | ||||||
Neighborhood relations prices not associated to present operations | 1 | 0 | 2 | 0 | 0 | |||||||
Mission capital expenditures | e | 278 | 227 | 969 | 949 | 747 | ||||||
Non-sustaining leases | 0 | 0 | 0 | 0 | 0 | |||||||
Rehabilitation – accretion and amortization (non-operating websites) | f | 7 | 6 | 25 | 19 | 13 | ||||||
Non-controlling curiosity and copper operations and different | g | (112 | ) | (101 | ) | (423 | ) | (327 | ) | (240 | ) | |
All-in prices | 1,702 | 1,496 | 6,275 | 5,975 | 5,324 | |||||||
Ounces bought – attributable foundation (000s ounces) | h | 1,042 | 1,027 | 4,024 | 4,141 | 4,468 | ||||||
Value of gross sales per ounce | i,j | 1,359 | 1,277 | 1,334 | 1,241 | 1,093 | ||||||
Whole money prices per ounce | j | 982 | 912 | 960 | 862 | 725 | ||||||
Whole money prices per ounce (on a co-product foundation) | j,ok | 1,026 | 954 | 1,002 | 897 | 765 | ||||||
All-in sustaining prices per ounce | j | 1,364 | 1,255 | 1,335 | 1,222 | 1,026 | ||||||
All-in sustaining prices per ounce (on a co-product foundation) | j,ok | 1,408 | 1,297 | 1,377 | 1,257 | 1,066 | ||||||
All-in prices per ounce | j | 1,627 | 1,457 | 1,557 | 1,443 | 1,192 | ||||||
All-in prices per ounce (on a co-product foundation) | j,ok | 1,671 | 1,499 | 1,599 | 1,478 | 1,232 |
- Non-recurring gadgets
These prices aren’t indicative of our price of manufacturing and have been excluded from the calculation of whole money prices. Non-recurring gadgets for the three months ended and yr ended December 31, 2022 relate to a internet realizable worth impairment of leach pad stock at Veladero. - Different
Different changes for the three months and yr ended December 31, 2023 embrace the elimination of whole money prices and by-product credit related to belongings that are producing incidental ounces, of $nil and $3 million, respectively (September 30, 2023: $nil; 2022: $24 million; 2021: $51 million). This contains Pierina, Golden Daylight, Lagunas Norte up till its divestiture in June 2021 and Buzwagi beginning within the fourth quarter of 2021. - Non-controlling pursuits
Non-controlling pursuits embrace non-controlling pursuits associated to gold manufacturing of $594 million and $2,192 million, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $536 million; 2022: $2,032 million; 2021: $1,923 million). Non-controlling pursuits embrace NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi up till the third quarter of 2021. Refer to notice 5 to the Monetary Statements for additional data. - Exploration and analysis prices
Exploration, analysis and undertaking bills are offered as minesite if it helps present mine operations and undertaking if it pertains to future tasks. Confer with web page 60 of Barrick’s This fall 2023 MD&A. - Capital expenditures
Capital expenditures are associated to our gold websites solely and are cut up between minesite sustaining and undertaking capital expenditures. Mission capital expenditures are capital spending at new tasks and main, discrete tasks at present operations supposed to extend internet current worth via increased manufacturing or longer mine life. Important tasks in 2023 had been the plant enlargement undertaking at Pueblo Viejo and the photo voltaic tasks at NGM and Loulo-Gounkoto. Confer with web page 59 of Barrick’s This fall 2023 MD&A. - Rehabilitation – accretion and amortization
Contains depreciation on the belongings associated to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, cut up between working and non-operating websites. - Non-controlling curiosity and copper operations
Removes normal & administrative prices associated to non-controlling pursuits and copper primarily based on a share allocation of income. Additionally removes exploration, analysis and undertaking bills, rehabilitation prices and capital expenditures incurred by our copper websites and the non-controlling pursuits of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi (up till the third quarter of 2021) working segments. It additionally contains capital expenditures relevant to our fairness technique funding in Kibali. Figures take away the impression of Pierina, Golden Daylight, Lagunas Norte up till its divestiture in June 2021 and Buzwagi beginning within the fourth quarter of 2021. The impression is summarized as the next:
($ tens of millions) | For the three months ended | For the years ended | ||||||||
Non-controlling curiosity, copper operations and different | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | |||||
Normal & administrative prices | 7 | (5 | ) | (9 | ) | (31 | ) | (21 | ) | |
Minesite exploration and analysis prices | (2 | ) | (4 | ) | (14 | ) | (27 | ) | (19 | ) |
Rehabilitation – accretion and amortization (working websites) | (6 | ) | (5 | ) | (21 | ) | (16 | ) | (14 | ) |
Minesite sustaining capital expenditures | (229 | ) | (224 | ) | (780 | ) | (826 | ) | (582 | ) |
All-in sustaining prices whole | (230 | ) | (238 | ) | (824 | ) | (900 | ) | (636 | ) |
International exploration and analysis and undertaking prices | (40 | ) | (29 | ) | (118 | ) | (32 | ) | (19 | ) |
Mission capital expenditures | (72 | ) | (72 | ) | (305 | ) | (295 | ) | (221 | ) |
All-in prices whole | (112 | ) | (101 | ) | (423 | ) | (327 | ) | (240 | ) |
- Ounces bought – fairness foundation
Figures take away the impression of Pierina, Golden Daylight, Lagunas Norte up till its divestiture in June 2021, and Buzwagi beginning within the fourth quarter of 2021. A few of these belongings are producing incidental ounces whereas in closure or care and upkeep.
- Value of gross sales per ounce
Figures take away the price of gross sales impression of Pierina of $nil and $3 million, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $nil; 2022: $24 million; 2021: $20 million); Golden Daylight of $nil and $nil, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil); up till its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $37 million); and beginning within the fourth quarter of 2021, Buzwagi of $nil and $nil, respectively, for the three months and yr ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil), that are producing incidental ounces. Gold price of gross sales per ounce is calculated as price of gross sales throughout our gold operations (excluding websites in closure or care and upkeep) divided by ounces bought (each on an attributable foundation utilizing Barrick’s possession share).
- Per ounce figures
Value of gross sales per ounce, money prices per ounce, all-in sustaining prices per ounce and all-in prices per ounce might not calculate primarily based on quantities offered on this desk because of rounding.
- Co-product prices per ounce
Money prices per ounce, all-in sustaining prices per ounce and all-in prices per ounce offered on a co-product foundation take away the impression of by-product credit of our gold manufacturing (internet of non-controlling curiosity) calculated as:
($ tens of millions) | For the three months ended | For the years ended | ||||||||
12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
By-product credit | 66 | 65 | 252 | 225 | 285 | |||||
Non-controlling curiosity | (20 | ) | (22 | ) | (81 | ) | (78 | ) | (108 | ) |
By-product credit (internet of non-controlling curiosity) | 46 | 43 | 171 | 147 | 177 |
Endnote 13
“C1 money prices” per pound and “All-in sustaining prices” per pound are non-GAAP monetary efficiency measures associated to our copper mine operations. We consider that “C1 money prices” per pound allows buyers to higher perceive the efficiency of our copper operations compared to different copper producers who current outcomes on the same foundation. “C1 money prices” per pound excludes royalties and non-routine costs as they don’t seem to be direct manufacturing prices. “All-in sustaining prices” per pound is just like the gold all-in sustaining prices metric and administration makes use of this to higher consider the prices of copper manufacturing. We consider this measure allows buyers to higher perceive the working efficiency of our copper mines as this measure displays the entire sustaining expenditures incurred with a view to produce copper. “All-in sustaining prices” per pound contains C1 money prices, sustaining capital expenditures, sustaining leases, normal and administrative prices, minesite exploration and analysis prices, royalties, reclamation price accretion and amortization and writedowns taken on stock to internet realizable worth. Additional particulars on these non-GAAP monetary efficiency measures are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Copper Value of Gross sales to C1 money prices and All-in sustaining prices, together with on a per pound foundation
For the three months ended | For the years ended | ||||||||||
($ tens of millions, besides per pound data in {dollars}) | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Value of gross sales | 209 | 167 | 726 | 666 | 569 | ||||||
Depreciation/amortization | (86 | ) | (70 | ) | (259 | ) | (223 | ) | (197 | ) | |
Therapy and refinement costs | 51 | 47 | 191 | 199 | 161 | ||||||
Money price of gross sales relevant to fairness technique investments | 103 | 82 | 356 | 317 | 313 | ||||||
Much less: royalties | (16 | ) | (15 | ) | (62 | ) | (103 | ) | (103 | ) | |
By-product credit | (5 | ) | (4 | ) | (19 | ) | (14 | ) | (15 | ) | |
C1 money price of gross sales | 256 | 207 | 933 | 842 | 728 | ||||||
Normal & administrative prices | 6 | 6 | 22 | 30 | 17 | ||||||
Rehabilitation – accretion and amortization | 2 | 3 | 9 | 4 | 6 | ||||||
Royalties | 16 | 15 | 62 | 103 | 103 | ||||||
Minesite exploration and analysis prices | 0 | 3 | 7 | 22 | 14 | ||||||
Minesite sustaining capital expenditures | 84 | 91 | 266 | 410 | 234 | ||||||
Sustaining leases | 3 | 2 | 12 | 6 | 9 | ||||||
All-in sustaining prices | 367 | 327 | 1,311 | 1,417 | 1,111 | ||||||
Kilos bought – attributable foundation (tens of millions kilos) | 117 | 101 | 408 | 445 | 423 | ||||||
Value of gross sales per pound a,b | 2.92 | 2.68 | 2.90 | 2.43 | 2.32 | ||||||
C1 money prices per pound a | 2.17 | 2.05 | 2.28 | 1.89 | 1.72 | ||||||
All-in sustaining prices per pound a | 3.12 | 3.23 | 3.21 | 3.18 | 2.62 |
- Value of gross sales per pound, C1 money prices per pound and all-in sustaining prices per pound might not calculate primarily based on quantities offered on this desk because of rounding.
- Copper price of gross sales per pound is calculated as price of gross sales throughout our copper operations divided by kilos bought (each on an attributable foundation utilizing Barrick’s possession share).
Endnote 14
Confirmed and possible reserve positive factors calculated from cumulative internet change in reserves from yr finish 2019 to 2023.
Reserve alternative share is calculated from the cumulative internet change in reserves from 2019 to 2023 divided by the cumulative depletion in reserves from yr finish 2019 to 2023 as proven within the desk under:
12 months | Attributable P&P Gold (Moz) |
Attributable Gold Acquisition & Divestments (Moz) |
Attributable Gold Depletion (Moz) |
Attributable Gold Web Change (Moz) |
||
2019 a | 71 | — | — | — | ||
2020 b | 68 | (2.2) | (5.5) | 4.2 | ||
2021 c | 69 | (0.91) | (5.4) | 8.1 | ||
2022 d | 76 | — | (4.8) | 12 | ||
2023 e | 77 | — | (4.6) | 5 | ||
2019 – 2023 Whole | N/A | (3.1 ) | (20 ) | 29 |
Totals might not seem to sum accurately because of rounding.
Attributable acquisitions and divestments contains the next: a lower of two.2 Moz in confirmed and possible gold reserves from December 31, 2019 to December 31, 2020, on account of the divestiture of Barrick’s Massawa gold undertaking efficient March 4, 2020; and a lower of 0.91 Moz in confirmed and possible gold reserves from December 31, 2020 to December 31, 2021, on account of the change in Barrick’s possession curiosity in Porgera from 47.5% to 24.5% and the online impression of the asset change of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines didn’t already personal.
All estimates are estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks as required by Canadian securities regulatory authorities.
- Estimates as of December 31, 2019, except in any other case famous. Confirmed reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Possible reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.
- Estimates as of December 31, 2020, except in any other case famous. Confirmed reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold and Possible reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold.
- Estimates as of December 31, 2021, except in any other case famous. Confirmed mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and Possible reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold.
- Estimates as of December 31, 2022, except in any other case famous. Confirmed mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and Possible reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold.
- Estimates are as of December 31, 2023, except in any other case famous. Confirmed mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold. Possible reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold.
Endnote 15
TRIFR is a ratio calculated as follows: variety of reportable accidents x 1,000,000 hours divided by the overall variety of hours labored. Reportable accidents embrace fatalities, misplaced time accidents, restricted responsibility accidents, and medically handled accidents. LTIFR is a ratio calculated as follows: variety of misplaced time accidents x 1,000,000 hours divided by the overall variety of hours labored.
Endnote 16
See the Technical Report on the Cortez Advanced, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
Endnote 17
See 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.
Endnote 18
Indicative copper manufacturing profile from Lumwana, which is conceptual in nature. Topic to vary following completion of the pre-feasibility research.
Endnote 19
Included inside our 61.5% curiosity in Carlin is NGM’s 100% curiosity in South Arturo.
Endnote 20
Contains Goldrush.
Endnote 21
Lengthy Canyon was positioned on care and upkeep on the finish of 2023 and isn’t included in 2024 steering.
Endnote 22
Porgera was positioned on momentary care and upkeep on April 25, 2020 till December 22, 2023. On December 22, 2023, the Porgera Mission Graduation Settlement was accomplished and recommissioning of the mine commenced. In consequence, Porgera is included in our 2024 steering at 24.5%. Confer with Barrick’s This fall 2023 MD&A for additional particulars.
Endnote 23
Whole money prices and all-in sustaining prices per ounce embrace prices allotted to non-operating websites.
Endnote 24
Working division steering ranges replicate expectations at every particular person working division, and should not add as much as the company-wide steering vary whole. Steering ranges exclude Pierina, which is producing incidental ounces whereas in closure.
Endnote 25
Contains company administration prices.
Endnote 26
Starting in 2024, we are going to current our copper manufacturing and gross sales portions in tonnes quite than kilos (1 tonne is equal to 2,204.6 kilos). Our copper price metrics will proceed to be reported on a per pound foundation.
Endnote 27
Attributable capital expenditures are offered on the identical foundation as steering, which incorporates our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 50% share of Zaldívar and Jabal Sayid and, starting in 2024, our 24.5% share of Porgera.
Endnote 28
EBITDA is a non-GAAP monetary efficiency measure, which excludes the next from internet earnings: revenue tax expense; finance prices; finance revenue; and depreciation. Administration believes that EBITDA is a worthwhile indicator of our potential to generate liquidity by producing working money move to fund working capital wants, service debt obligations, and fund capital expenditures. Administration makes use of EBITDA for this goal. Adjusted EBITDA removes the impact of impairment costs; acquisition/disposition positive factors/losses; overseas forex translation positive factors/losses; and different expense changes. We additionally take away the impression of the revenue tax expense, finance prices, finance revenue and depreciation incurred in our fairness technique accounted investments. We consider these things present a larger degree of consistency with the adjusting gadgets included in our adjusted internet earnings reconciliation, with the exception that these quantities are adjusted to take away any impression on finance prices/revenue, revenue tax expense and/or depreciation as they don’t have an effect on EBITDA. We consider this extra data will help analysts, buyers and different stakeholders of Barrick in higher understanding our potential to generate liquidity from our full enterprise, together with fairness technique investments, by excluding these quantities from the calculation as they don’t seem to be indicative of the efficiency of our core mining enterprise and never essentially reflective of the underlying working outcomes for the intervals offered. Within the third quarter of 2023 we launched attributable EBITDA, which removes the non-controlling curiosity portion from our adjusted EBITDA measure. Prior intervals have been offered to permit for comparability. We consider this extra data will help analysts, buyers and different stakeholders of Barrick in higher understanding our potential to generate liquidity from our attributable enterprise and which is aligned with how we current our ahead trying steering on gold ounces and copper kilos produced. EBITDA, adjusted EBITDA, and attributable EBITDA are supposed to offer extra data solely and shouldn’t have any standardized definition below IFRS and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Different corporations might calculate EBITDA, adjusted EBITDA, and attributable EBITDA in a different way. Additional particulars on these non-GAAP monetary efficiency measures are supplied within the MD&A accompanying Barrick’s monetary statements filed infrequently on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Web Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
For the three months ended | For the years ended | ||||||||||
($ tens of millions) | 12/31/23 | 9/30/23 | 12/31/23 | 12/31/22 | 12/31/21 | ||||||
Web earnings | 597 | 585 | 1,953 | 1,017 | 3,288 | ||||||
Revenue tax expense | 174 | 218 | 861 | 664 | 1,344 | ||||||
Finance prices, internet a | (7 | ) | 30 | 83 | 235 | 307 | |||||
Depreciation | 564 | 504 | 2,043 | 1,997 | 2,102 | ||||||
EBITDA | 1,328 | 1,337 | 4,940 | 3,913 | 7,041 | ||||||
Impairment costs (reversals) of non-current belongings b | 289 | 0 | 312 | 1,671 | (63 | ) | |||||
Acquisition/disposition positive factors c | (354 | ) | (4 | ) | (364 | ) | (405 | ) | (213 | ) | |
Loss on forex translation | 37 | 30 | 93 | 16 | 29 | ||||||
Different expense (revenue) changes d | 41 | (5 | ) | 96 | 17 | 73 | |||||
Revenue tax expense, internet finance prices a , and depreciation from fairness investees | 118 | 106 | 397 | 401 | 391 | ||||||
Adjusted EBITDA | 1,459 | 1,464 | 5,474 | 5,613 | 7,258 | ||||||
Non-controlling Pursuits | (391 | ) | (393 | ) | (1,487 | ) | (1,584 | ) | (2,011 | ) | |
Attributable EBITDA | 1,068 | 1,071 | 3,987 | 4,029 | 5,247 | ||||||
Revenues – as adjusted e | 2,514 | 2,363 | 9,411 | 9,147 | 9,829 | ||||||
Attributable EBITDA margin f | 42 | % | 45 | % | 42 | % | 44 | % | 53 | % |
- Finance prices exclude accretion.
- Web impairment costs for the three months and yr ended December 31, 2023 primarily relate to a long-lived asset impairment at Lengthy Canyon. For the yr ended December 31, 2022, internet impairment costs primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Lengthy Canyon, partially offset by an impairment reversal at Reko Diq.
- Acquisition/disposition positive factors for the three months and yr ended December 31, 2023 primarily relate to a acquire on the reopening of the Porgera mine because the circumstances for the reopening had been accomplished on December 22, 2023. For the yr ended December 31, 2022, acquisition/disposition positive factors primarily relate to a acquire as Barrick’s curiosity within the Reko Diq undertaking elevated from 37.5% to 50% and the sale of two royalty portfolios.
- Different expense (revenue) changes for the three months and yr ended December 31, 2023 primarily relate to modifications within the low cost price assumptions on our closed mine rehabilitation provision and care and upkeep bills at Porgera. The yr ended December 31, 2023 was additional impacted by the $30 million dedication we made in direction of the enlargement of schooling infrastructure in Tanzania, per our group funding obligations below the Twiga partnership. For the yr ended December 31, 2022, different expense (revenue) changes primarily relate to a internet realizable worth impairment of leach pad stock at Veladero, care and upkeep bills at Porgera and provides obsolescence write-off at Bulyanhulu and North Mara.
- Confer with Reconciliation of Gross sales to Realized Value per pound/ounce on web page 87 of Barrick’s This fall 2023 MD&A.
- Represents Attributable EBITDA divided by revenues – as adjusted.
Mineral Reserves and Mineral Assets
Gold Mineral Reserves 1,2,3,6 | |||||||||||
As at December 31, 2023 | PROVEN | PROBABLE | TOTAL | ||||||||
Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | |||
Based mostly on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||
AFRICA AND MIDDLE EAST | |||||||||||
Bulyanhulu floor | 0.0088 | 5.89 | 0.0017 | — | — | — | 0.0088 | 5.89 | 0.0017 | ||
Bulyanhulu underground | 1.5 | 6.79 | 0.32 | 16 | 5.98 | 3.1 | 18 | 6.05 | 3.4 | ||
Bulyanhulu (84.00%) whole | 1.5 | 6.78 | 0.32 | 16 | 5.98 | 3.1 | 18 | 6.05 | 3.4 | ||
Jabal Sayid floor | 0.064 | 0.38 | 0.00078 | — | — | — | 0.064 | 0.38 | 0.00078 | ||
Jabal Sayid underground | 6.7 | 0.31 | 0.065 | 6.9 | 0.37 | 0.083 | 14 | 0.34 | 0.15 | ||
Jabal Sayid (50.00%) whole | 6.7 | 0.31 | 0.066 | 6.9 | 0.37 | 0.083 | 14 | 0.34 | 0.15 | ||
Kibali floor | 5.5 | 2.02 | 0.36 | 18 | 2.06 | 1.2 | 24 | 2.05 | 1.6 | ||
Kibali underground | 8.3 | 4.38 | 1.2 | 15 | 3.94 | 1.9 | 24 | 4.10 | 3.1 | ||
Kibali (45.00%) whole | 14 | 3.44 | 1.5 | 33 | 2.92 | 3.1 | 47 | 3.07 | 4.7 | ||
Loulo-Gounkoto floor | 11 | 2.31 | 0.82 | 13 | 3.30 | 1.3 | 24 | 2.84 | 2.1 | ||
Loulo-Gounkoto underground | 9.0 | 5.08 | 1.5 | 24 | 4.70 | 3.6 | 33 | 4.81 | 5.1 | ||
Loulo-Gounkoto (80.00%) whole | 20 | 3.56 | 2.3 | 36 | 4.22 | 4.9 | 57 | 3.99 | 7.2 | ||
North Mara floor | 0.10 | 2.46 | 0.0080 | 30 | 1.90 | 1.8 | 30 | 1.90 | 1.8 | ||
North Mara underground | 2.7 | 3.01 | 0.26 | 6.5 | 3.84 | 0.81 | 9.3 | 3.60 | 1.1 | ||
North Mara (84.00%) whole | 2.8 | 2.99 | 0.27 | 36 | 2.25 | 2.6 | 39 | 2.30 | 2.9 | ||
Tongon floor (89.70%) | 3.1 | 2.02 | 0.20 | 2.5 | 1.94 | 0.15 | 5.5 | 1.98 | 0.35 | ||
AFRICA AND MIDDLE EAST TOTAL | 48 | 3.04 | 4.7 | 130 | 3.32 | 14 | 180 | 3.24 | 19 | ||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||
Norte Abierto floor (50.00%) | 110 | 0.65 | 2.4 | 480 | 0.59 | 9.2 | 600 | 0.60 | 12 | ||
Porgera floor 4 | — | — | — | 5.0 | 3.55 | 0.57 | 5.0 | 3.55 | 0.57 | ||
Porgera underground 4 | 0.66 | 6.69 | 0.14 | 2.2 | 7.05 | 0.51 | 2.9 | 6.96 | 0.65 | ||
Porgera (24.50%) whole 4 | 0.66 | 6.69 | 0.14 | 7.2 | 4.64 | 1.1 | 7.9 | 4.81 | 1.2 | ||
Pueblo Viejo floor (60.00%) | 39 | 2.28 | 2.8 | 140 | 2.10 | 9.1 | 170 | 2.14 | 12 | ||
Veladero floor (50.00%) | 20 | 0.60 | 0.38 | 69 | 0.72 | 1.6 | 89 | 0.70 | 2.0 | ||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 170 | 1.03 | 5.8 | 700 | 0.94 | 21 | 870 | 0.96 | 27 | ||
NORTH AMERICA | |||||||||||
Carlin floor | 3.7 | 1.80 | 0.22 | 61 | 2.43 | 4.8 | 65 | 2.39 | 5.0 | ||
Carlin underground | — | — | — | 17 | 8.34 | 4.6 | 17 | 8.34 | 4.6 | ||
Carlin (61.50%) whole | 3.7 | 1.80 | 0.22 | 79 | 3.73 | 9.4 | 82 | 3.64 | 9.7 | ||
Cortez floor | 1.1 | 1.86 | 0.064 | 100 | 0.81 | 2.7 | 110 | 0.82 | 2.8 | ||
Cortez underground | — | — | — | 27 | 7.27 | 6.3 | 27 | 7.27 | 6.3 | ||
Cortez (61.50%) whole | 1.1 | 1.86 | 0.064 | 130 | 2.13 | 9.0 | 130 | 2.13 | 9.0 | ||
Hemlo floor | — | — | — | 27 | 0.97 | 0.84 | 27 | 0.97 | 0.84 | ||
Hemlo underground | 0.76 | 4.49 | 0.11 | 6.0 | 4.07 | 0.79 | 6.8 | 4.12 | 0.90 | ||
Hemlo (100%) whole | 0.76 | 4.49 | 0.11 | 33 | 1.53 | 1.6 | 34 | 1.60 | 1.7 | ||
Phoenix floor (61.50%) | 3.8 | 0.81 | 0.100 | 97 | 0.57 | 1.8 | 100 | 0.58 | 1.9 | ||
Turquoise Ridge floor | 16 | 2.36 | 1.2 | 6.9 | 2.37 | 0.52 | 22 | 2.36 | 1.7 | ||
Turquoise Ridge underground | 8.1 | 11.58 | 3.0 | 12 | 10.04 | 3.9 | 20 | 10.66 | 6.9 | ||
Turquoise Ridge (61.50%) whole | 24 | 5.53 | 4.2 | 19 | 7.24 | 4.4 | 43 | 6.29 | 8.6 | ||
NORTH AMERICA TOTAL | 33 | 4.42 | 4.7 | 360 | 2.27 | 26 | 390 | 2.45 | 31 | ||
TOTAL | 250 | 1.85 | 15 | 1,200 | 1.61 | 61 | 1,400 | 1.65 | 77 | ||
See “Mineral Reserves and Assets Endnotes”. |
Copper Mineral Reserves 1,2,3,6 | |||||||||||
As at December 31, 2023 | PROVEN | PROBABLE | TOTAL | ||||||||
Tonnes | Cu Grade | Contained Cu | Tonnes | Cu Grade | Contained Cu | Tonnes | Cu Grade | Contained Cu | |||
Based mostly on attributable kilos | (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) | ||
AFRICA AND MIDDLE EAST | |||||||||||
Bulyanhulu floor | 0.0088 | 0.29 | 0.000026 | — | — | — | 0.0088 | 0.29 | 0.000026 | ||
Bulyanhulu underground | 1.5 | 0.36 | 0.0052 | 16 | 0.36 | 0.058 | 18 | 0.36 | 0.063 | ||
Bulyanhulu (84.00%) whole | 1.5 | 0.36 | 0.0052 | 16 | 0.36 | 0.058 | 18 | 0.36 | 0.063 | ||
Jabal Sayid floor | 0.064 | 2.63 | 0.0017 | — | — | — | 0.064 | 2.63 | 0.0017 | ||
Jabal Sayid underground | 6.7 | 2.34 | 0.16 | 6.9 | 2.12 | 0.15 | 14 | 2.22 | 0.30 | ||
Jabal Sayid (50.00%) whole | 6.7 | 2.34 | 0.16 | 6.9 | 2.12 | 0.15 | 14 | 2.23 | 0.30 | ||
Lumwana floor (100%) | 88 | 0.54 | 0.48 | 420 | 0.59 | 2.5 | 510 | 0.58 | 3.0 | ||
AFRICA AND MIDDLE EAST TOTAL | 97 | 0.66 | 0.64 | 450 | 0.61 | 2.7 | 540 | 0.62 | 3.3 | ||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||
Norte Abierto floor (50.00%) | 110 | 0.19 | 0.22 | 480 | 0.23 | 1.1 | 600 | 0.22 | 1.3 | ||
Zaldívar floor (50.00%) | 100 | 0.45 | 0.45 | 77 | 0.38 | 0.29 | 180 | 0.42 | 0.74 | ||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 210 | 0.31 | 0.66 | 560 | 0.25 | 1.4 | 780 | 0.26 | 2.0 | ||
NORTH AMERICA | |||||||||||
Phoenix floor (61.50%) | 5.9 | 0.16 | 0.0092 | 130 | 0.17 | 0.22 | 140 | 0.17 | 0.23 | ||
NORTH AMERICA TOTAL | 5.9 | 0.16 | 0.0092 | 130 | 0.17 | 0.22 | 140 | 0.17 | 0.23 | ||
TOTAL | 320 | 0.41 | 1.3 | 1,100 | 0.38 | 4.3 | 1,500 | 0.39 | 5.6 | ||
See “Mineral Reserves and Assets Endnotes”. |
Silver Mineral Reserves 1,2,3,6 | |||||||||||
As at December 31, 2023 | PROVEN | PROBABLE | TOTAL | ||||||||
Tonnes | Ag Grade | Contained Ag | Tonnes | Ag Grade | Contained Ag | Tonnes | Ag Grade | Contained Ag | |||
Based mostly on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | ||
AFRICA AND MIDDLE EAST | |||||||||||
Bulyanhulu floor | 0.0088 | 6.11 | 0.0017 | — | — | — | 0.0088 | 6.11 | 0.0017 | ||
Bulyanhulu underground | 1.5 | 6.85 | 0.32 | 16 | 6.08 | 3.2 | 18 | 6.14 | 3.5 | ||
Bulyanhulu (84.00%) whole | 1.5 | 6.84 | 0.32 | 16 | 6.08 | 3.2 | 18 | 6.14 | 3.5 | ||
AFRICA AND MIDDLE EAST TOTAL | 1.5 | 6.84 | 0.32 | 16 | 6.08 | 3.2 | 18 | 6.14 | 3.5 | ||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||
Norte Abierto floor (50.00%) | 110 | 1.91 | 7.0 | 480 | 1.43 | 22 | 600 | 1.52 | 29 | ||
Pueblo Viejo floor (60.00%) | 39 | 13.15 | 16 | 140 | 13.26 | 58 | 170 | 13.24 | 74 | ||
Veladero floor (50.00%) | 20 | 13.43 | 8.5 | 69 | 13.83 | 31 | 89 | 13.74 | 39 | ||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 170 | 5.73 | 32 | 690 | 5.01 | 110 | 860 | 5.16 | 140 | ||
NORTH AMERICA | |||||||||||
Phoenix floor (61.50%) | 3.8 | 7.97 | 0.98 | 97 | 6.93 | 22 | 100 | 6.97 | 23 | ||
NORTH AMERICA TOTAL | 3.8 | 7.97 | 0.98 | 97 | 6.93 | 22 | 100 | 6.97 | 23 | ||
TOTAL | 180 | 5.79 | 33 | 800 | 5.27 | 140 | 980 | 5.36 | 170 | ||
See “Mineral Reserves and Assets Endnotes”. |
Gold Mineral Assets 1,3,6,7,8,9 | |||||||||||||
As at December 31, 2023 | MEASURED (M) 10 | INDICATED (I) 10 | (M) + (I) 10 | INFERRED 11 | |||||||||
Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | Contained ozs | Tonnes | Grade | Contained ozs | ||||
Based mostly on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) | |||
AFRICA AND MIDDLE EAST | |||||||||||||
Bulyanhulu floor | 0.0088 | 5.89 | 0.0017 | — | — | — | 0.0017 | — | — | — | |||
Bulyanhulu underground | 3.5 | 7.80 | 0.88 | 25 | 6.50 | 5.3 | 6.2 | 17 | 7.6 | 4.1 | |||
Bulyanhulu (84.00%) whole | 3.5 | 7.80 | 0.88 | 25 | 6.50 | 5.3 | 6.2 | 17 | 7.6 | 4.1 | |||
Jabal Sayid floor | 0.064 | 0.38 | 0.00078 | — | — | — | 0.00078 | — | — | — | |||
Jabal Sayid underground | 8.8 | 0.35 | 0.098 | 6.8 | 0.46 | 0.10 | 0.20 | 1.3 | 0.6 | 0.026 | |||
Jabal Sayid (50.00%) whole | 8.8 | 0.35 | 0.099 | 6.8 | 0.46 | 0.10 | 0.20 | 1.3 | 0.6 | 0.026 | |||
Kibali floor | 9.0 | 2.07 | 0.60 | 26 | 2.03 | 1.7 | 2.3 | 4.2 | 2.0 | 0.26 | |||
Kibali underground | 10 | 5.00 | 1.6 | 21 | 4.19 | 2.9 | 4.5 | 4.7 | 3.5 | 0.53 | |||
Kibali (45.00%) whole | 19 | 3.63 | 2.2 | 47 | 3.00 | 4.6 | 6.8 | 8.8 | 2.8 | 0.79 | |||
Loulo-Gounkoto floor | 12 | 2.37 | 0.90 | 18 | 3.37 | 2.0 | 2.9 | 3.0 | 2.7 | 0.26 | |||
Loulo-Gounkoto underground | 19 | 4.33 | 2.7 | 35 | 4.38 | 4.9 | 7.6 | 13 | 2.3 | 0.95 | |||
Loulo-Gounkoto (80.00%) whole | 31 | 3.59 | 3.6 | 53 | 4.03 | 6.9 | 10 | 16 | 2.4 | 1.2 | |||
North Mara floor | 7.7 | 3.36 | 0.83 | 34 | 1.63 | 1.8 | 2.6 | 3.0 | 1.6 | 0.16 | |||
North Mara underground | 6.4 | 2.20 | 0.45 | 28 | 2.23 | 2.0 | 2.5 | 6.9 | 1.7 | 0.38 | |||
North Mara (84.00%) whole | 14 | 2.83 | 1.3 | 62 | 1.91 | 3.8 | 5.1 | 9.9 | 1.7 | 0.54 | |||
Tongon floor (89.70%) | 4.9 | 2.22 | 0.35 | 7.5 | 2.21 | 0.53 | 0.88 | 2.3 | 2.4 | 0.18 | |||
AFRICA AND MIDDLE EAST TOTAL | 82 | 3.21 | 8.4 | 200 | 3.26 | 21 | 30 | 55 | 3.9 | 6.8 | |||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||||
Alturas floor (100%) | — | — | — | 58 | 1.16 | 2.2 | 2.2 | 130 | 0.8 | 3.6 | |||
Norte Abierto floor (50.00%) | 190 | 0.63 | 3.9 | 1,100 | 0.53 | 19 | 22 | 370 | 0.4 | 4.4 | |||
Pascua Lama floor (100%) | 43 | 1.86 | 2.6 | 390 | 1.49 | 19 | 21 | 15 | 1.7 | 0.86 | |||
Porgera floor 4 | 0.39 | 3.98 | 0.049 | 14 | 2.78 | 1.3 | 1.3 | 6.1 | 2.2 | 0.43 | |||
Porgera underground 4 | 0.99 | 6.16 | 0.20 | 5.0 | 6.04 | 0.97 | 1.2 | 1.8 | 6.6 | 0.39 | |||
Porgera (24.50%) whole 4 | 1.4 | 5.55 | 0.25 | 19 | 3.62 | 2.3 | 2.5 | 8.0 | 3.2 | 0.82 | |||
Pueblo Viejo floor (60.00%) | 50 | 2.10 | 3.4 | 190 | 1.92 | 12 | 15 | 4.8 | 1.6 | 0.24 | |||
Reko Diq floor (50.00%) 5 | — | — | — | 1,800 | 0.25 | 14 | 14 | 600 | 0.2 | 3.8 | |||
Veladero floor (50.00%) | 22 | 0.60 | 0.42 | 110 | 0.68 | 2.3 | 2.7 | 18 | 0.5 | 0.32 | |||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 310 | 1.06 | 10 | 3,600 | 0.60 | 70 | 81 | 1,100 | 0.4 | 14 | |||
NORTH AMERICA | |||||||||||||
Carlin floor | 8.3 | 1.37 | 0.37 | 130 | 2.14 | 8.7 | 9.0 | 42 | 1.3 | 1.7 | |||
Carlin underground | — | — | — | 31 | 7.45 | 7.3 | 7.3 | 19 | 7.3 | 4.4 | |||
Carlin (61.50%) whole | 8.3 | 1.37 | 0.37 | 160 | 3.18 | 16 | 16 | 61 | 3.2 | 6.2 | |||
Cortez floor | 1.1 | 1.86 | 0.064 | 150 | 0.83 | 4.0 | 4.0 | 81 | 0.5 | 1.3 | |||
Cortez underground | — | — | — | 39 | 6.39 | 7.9 | 7.9 | 16 | 5.4 | 2.8 | |||
Cortez (61.50%) whole | 1.1 | 1.86 | 0.064 | 190 | 1.97 | 12 | 12 | 97 | 1.3 | 4.0 | |||
Donlin floor (50.00%) | — | — | — | 270 | 2.24 | 20 | 20 | 46 | 2.0 | 3.0 | |||
Fourmile underground (100%) | — | — | — | 1.5 | 10.04 | 0.48 | 0.48 | 8.2 | 10.1 | 2.7 | |||
Hemlo floor | — | — | — | 50 | 1.00 | 1.6 | 1.6 | 5.0 | 0.7 | 0.12 | |||
Hemlo underground | 0.98 | 4.40 | 0.14 | 11 | 4.32 | 1.5 | 1.6 | 2.6 | 5.9 | 0.50 | |||
Hemlo (100%) whole | 0.98 | 4.40 | 0.14 | 61 | 1.58 | 3.1 | 3.2 | 7.7 | 2.5 | 0.62 | |||
Lengthy Canyon floor | — | — | — | 5.2 | 2.62 | 0.44 | 0.44 | 1.1 | 0.9 | 0.029 | |||
Lengthy Canyon underground | — | — | — | 1.1 | 10.68 | 0.38 | 0.38 | 0.53 | 9.1 | 0.16 | |||
Lengthy Canyon (61.50%) whole | — | — | — | 6.4 | 4.03 | 0.82 | 0.82 | 1.6 | 3.6 | 0.18 | |||
Phoenix floor (61.50%) | 3.8 | 0.81 | 0.100 | 250 | 0.48 | 3.8 | 3.9 | 29 | 0.3 | 0.31 | |||
Turquoise Ridge floor | 17 | 2.22 | 1.2 | 23 | 2.52 | 1.9 | 3.1 | 8.1 | 2.3 | 0.60 | |||
Turquoise Ridge underground | 10 | 10.72 | 3.6 | 19 | 8.96 | 5.5 | 9.1 | 1.5 | 7.7 | 0.37 | |||
Turquoise Ridge (61.50%) whole | 28 | 5.40 | 4.8 | 42 | 5.43 | 7.4 | 12 | 9.6 | 3.2 | 0.97 | |||
NORTH AMERICA TOTAL | 42 | 4.06 | 5.5 | 970 | 2.01 | 63 | 68 | 260 | 2.1 | 18 | |||
TOTAL | 430 | 1.76 | 24 | 4,800 | 1.00 | 150 | 180 | 1,500 | 0.8 | 39 | |||
See “Mineral Reserves and Assets Endnotes”. |
Copper Mineral Assets 1,3,6,7,8,9 | |||||||||||||
As at December 31, 2023 | MEASURED (M) 10 | INDICATED (I) 10 | (M) + (I) 10 | INFERRED 11 | |||||||||
Tonnes | Grade | Contained Cu | Tonnes | Grade | Contained Cu | Contained Cu | Tonnes | Grade | Contained Cu | ||||
Based mostly on attributable kilos | (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) | (Mt) | (Mt) | (%) | (Mt) | |||
AFRICA AND MIDDLE EAST | |||||||||||||
Bulyanhulu floor | 0.0088 | 0.29 | 0.000026 | — | — | — | 0.000026 | — | — | — | |||
Bulyanhulu underground | 3.5 | 0.37 | 0.013 | 25 | 0.37 | 0.095 | 0.11 | 17 | 0.5 | 0.078 | |||
Bulyanhulu (84.00%) whole | 3.5 | 0.37 | 0.013 | 25 | 0.37 | 0.095 | 0.11 | 17 | 0.5 | 0.078 | |||
Jabal Sayid floor | 0.064 | 2.63 | 0.0017 | — | — | — | 0.0017 | — | — | — | |||
Jabal Sayid underground | 8.8 | 2.58 | 0.23 | 6.8 | 2.25 | 0.15 | 0.38 | 1.3 | 0.7 | 0.0092 | |||
Jabal Sayid (50.00%) whole | 8.8 | 2.58 | 0.23 | 6.8 | 2.25 | 0.15 | 0.38 | 1.3 | 0.7 | 0.0092 | |||
Lumwana floor (100%) | 160 | 0.47 | 0.75 | 1,200 | 0.53 | 6.3 | 7.1 | 910 | 0.4 | 4.0 | |||
AFRICA AND MIDDLE EAST TOTAL | 170 | 0.57 | 0.99 | 1,200 | 0.54 | 6.6 | 7.6 | 930 | 0.4 | 4.1 | |||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||||
Norte Abierto floor (50.00%) | 170 | 0.21 | 0.36 | 1,000 | 0.21 | 2.2 | 2.5 | 360 | 0.2 | 0.66 | |||
Reko Diq floor (50.00%) 5 | — | — | — | 1,900 | 0.43 | 8.3 | 8.3 | 640 | 0.3 | 2.2 | |||
Zaldívar floor (50.00%) | 220 | 0.40 | 0.90 | 330 | 0.36 | 1.2 | 2.1 | 21 | 0.3 | 0.070 | |||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 400 | 0.32 | 1.3 | 3,300 | 0.35 | 12 | 13 | 1,000 | 0.3 | 2.9 | |||
NORTH AMERICA | |||||||||||||
Phoenix floor (61.50%) | 5.9 | 0.16 | 0.0092 | 350 | 0.16 | 0.55 | 0.56 | 31 | 0.2 | 0.050 | |||
NORTH AMERICA TOTAL | 5.9 | 0.16 | 0.0092 | 350 | 0.16 | 0.55 | 0.56 | 31 | 0.2 | 0.050 | |||
TOTAL | 580 | 0.39 | 2.2 | 4,900 | 0.39 | 19 | 21 | 2,000 | 0.4 | 7.1 | |||
See “Mineral Reserves and Assets Endnotes”. |
Silver Mineral Assets 1,3,6,7,8,9 | |||||||||||||
As at December 31, 2023 | MEASURED (M) 10 | INDICATED (I) 10 | (M) + (I) 10 | INFERRED 11 | |||||||||
Tonnes | Ag Grade | Contained Ag | Tonnes | Ag Grade | Contained Ag | Contained Ag | Tonnes | Ag Grade | Contained Ag | ||||
Based mostly on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) | |||
AFRICA AND MIDDLE EAST | |||||||||||||
Bulyanhulu floor | 0.0088 | 6.11 | 0.0017 | — | — | — | 0.0017 | — | — | — | |||
Bulyanhulu underground | 3.5 | 6.91 | 0.78 | 25 | 6.36 | 5.2 | 6.0 | 17 | 7.4 | 4.0 | |||
Bulyanhulu (84.00%) whole | 3.5 | 6.90 | 0.78 | 25 | 6.36 | 5.2 | 6.0 | 17 | 7.4 | 4.0 | |||
AFRICA AND MIDDLE EAST TOTAL | 3.5 | 6.90 | 0.78 | 25 | 6.36 | 5.2 | 6.0 | 17 | 7.4 | 4.0 | |||
LATIN AMERICA AND ASIA PACIFIC | |||||||||||||
Norte Abierto floor (50.00%) | 190 | 1.62 | 10 | 1,100 | 1.23 | 43 | 53 | 370 | 1.0 | 11 | |||
Pascua-Lama floor (100%) | 43 | 57.21 | 79 | 390 | 52.22 | 660 | 740 | 15 | 17.8 | 8.8 | |||
Pueblo Viejo floor (60.00%) | 50 | 12.01 | 19 | 190 | 11.74 | 72 | 92 | 4.8 | 8.1 | 1.2 | |||
Veladero floor (50.00%) | 22 | 13.90 | 9.7 | 110 | 13.95 | 47 | 57 | 18 | 15 | 8.7 | |||
LATIN AMERICA AND ASIA PACIFIC TOTAL | 310 | 11.95 | 120 | 1,800 | 14.41 | 820 | 940 | 410 | 2.3 | 30 | |||
NORTH AMERICA | |||||||||||||
Phoenix floor (61.50%) | 3.8 | 7.97 | 0.98 | 250 | 6.12 | 48 | 49 | 29 | 5.4 | 5.1 | |||
NORTH AMERICA TOTAL | 3.8 | 7.97 | 0.98 | 250 | 6.12 | 48 | 49 | 29 | 5.4 | 5.1 | |||
TOTAL | 310 | 11.84 | 120 | 2,000 | 13.32 | 870 | 990 | 450 | 2.7 | 39 | |||
See “Mineral Reserves and Assets Endnotes”. |
Abstract Gold Mineral Reserves 1,2,3 | ||||||||||
For the years ended December 31 | 2023 | 2022 | ||||||||
Possession | Tonnes | Grade | Ounces | Possession | Tonnes | Grade | Ounces | |||
Based mostly on attributable ounces | % | (Mt) | (g/t) | (Moz) | % | (Mt) | (g/t) | (Moz) | ||
AFRICA AND MIDDLE EAST | ||||||||||
Bulyanhulu floor | 84.00 | % | 0.0088 | 5.89 | 0.0017 | 84.00 | % | — | — | — |
Bulyanhulu underground | 84.00 | % | 18 | 6.05 | 3.4 | 84.00 | % | 13 | 6.34 | 2.7 |
Bulyanhulu Whole | 84.00 | % | 18 | 6.05 | 3.4 | 84.00 | % | 13 | 6.34 | 2.7 |
Jabal Sayid floor | 50.00 | % | 0.064 | 0.38 | 0.00078 | 50.00 | % | 0.069 | 0.34 | 0.00076 |
Jabal Sayid underground | 50.00 | % | 14 | 0.34 | 0.15 | 50.00 | % | 13 | 0.31 | 0.13 |
Jabal Sayid Whole | 50.00 | % | 14 | 0.34 | 0.15 | 50.00 | % | 13 | 0.31 | 0.13 |
Kibali floor | 45.00 | % | 24 | 2.05 | 1.6 | 45.00 | % | 20 | 2.16 | 1.4 |
Kibali underground | 45.00 | % | 24 | 4.10 | 3.1 | 45.00 | % | 23 | 4.21 | 3.2 |
Kibali Whole | 45.00 | % | 47 | 3.07 | 4.7 | 45.00 | % | 44 | 3.26 | 4.6 |
Loulo-Gounkoto floor | 80.00 | % | 24 | 2.84 | 2.1 | 80.00 | % | 25 | 2.65 | 2.2 |
Loulo-Gounkoto underground | 80.00 | % | 33 | 4.81 | 5.1 | 80.00 | % | 28 | 4.98 | 4.5 |
Loulo-Gounkoto Whole | 80.00 | % | 57 | 3.99 | 7.2 | 80.00 | % | 54 | 3.87 | 6.7 |
North Mara floor | 84.00 | % | 30 | 1.90 | 1.8 | 84.00 | % | 29 | 2.06 | 2.0 |
North Mara underground | 84.00 | % | 9.3 | 3.60 | 1.1 | 84.00 | % | 9.5 | 3.43 | 1.0 |
North Mara Whole | 84.00 | % | 39 | 2.30 | 2.9 | 84.00 | % | 39 | 2.40 | 3.0 |
Tongon floor | 89.70 | % | 5.5 | 1.98 | 0.35 | 89.70 | % | 7.8 | 2.25 | 0.56 |
AFRICA AND MIDDLE EAST TOTAL | 180 | 3.24 | 19 | 170 | 3.22 | 18 | ||||
LATIN AMERICA AND ASIA PACIFIC | ||||||||||
Norte Abierto floor | 50.00 | % | 600 | 0.60 | 12 | 50.00 | % | 600 | 0.60 | 12 |
Porgera floor 4 | 24.50 | % | 5.0 | 3.55 | 0.57 | 24.50 | % | 5.0 | 3.55 | 0.57 |
Porgera underground 4 | 24.50 | % | 2.9 | 6.96 | 0.65 | 24.50 | % | 2.9 | 6.96 | 0.65 |
Porgera Whole 4 | 24.50 | % | 7.9 | 4.81 | 1.2 | 24.50 | % | 7.9 | 4.81 | 1.2 |
Pueblo Viejo floor | 60.00 | % | 170 | 2.14 | 12 | 60.00 | % | 170 | 2.19 | 12 |
Veladero floor | 50.00 | % | 89 | 0.70 | 2.0 | 50.00 | % | 85 | 0.71 | 1.9 |
LATIN AMERICA AND ASIA PACIFIC TOTAL | 870 | 0.96 | 27 | 870 | 0.97 | 27 | ||||
NORTH AMERICA | ||||||||||
Carlin floor | 61.50 | % | 65 | 2.39 | 5.0 | 61.50 | % | 73 | 2.27 | 5.4 |
Carlin underground | 61.50 | % | 17 | 8.34 | 4.6 | 61.50 | % | 17 | 8.79 | 4.8 |
Carlin Whole | 61.50 | % | 82 | 3.64 | 9.7 | 61.50 | % | 90 | 3.50 | 10 |
Cortez floor | 61.50 | % | 110 | 0.82 | 2.8 | 61.50 | % | 110 | 0.90 | 3.1 |
Cortez underground | 61.50 | % | 27 | 7.27 | 6.3 | 61.50 | % | 26 | 7.78 | 6.5 |
Cortez Whole | 61.50 | % | 130 | 2.13 | 9.0 | 61.50 | % | 130 | 2.26 | 9.6 |
Hemlo floor | 100 | % | 27 | 0.97 | 0.84 | 100 | % | 18 | 1.49 | 0.86 |
Hemlo underground | 100 | % | 6.8 | 4.12 | 0.90 | 100 | % | 5.1 | 4.88 | 0.81 |
Hemlo Whole | 100 | % | 34 | 1.60 | 1.7 | 100 | % | 23 | 2.25 | 1.7 |
Phoenix floor | 61.50 | % | 100 | 0.58 | 1.9 | 61.50 | % | 100 | 0.59 | 2.0 |
Turquoise Ridge floor | 61.50 | % | 22 | 2.36 | 1.7 | 61.50 | % | 11 | 2.27 | 0.77 |
Turquoise Ridge underground | 61.50 | % | 20 | 10.66 | 6.9 | 61.50 | % | 23 | 9.82 | 7.2 |
Turquoise Ridge Whole | 61.50 | % | 43 | 6.29 | 8.6 | 61.50 | % | 33 | 7.43 | 8.0 |
NORTH AMERICA TOTAL | 390 | 2.45 | 31 | 380 | 2.54 | 31 | ||||
TOTAL | 1,400 | 1.65 | 77 | 1,400 | 1.67 | 76 | ||||
See “Mineral Reserves and Assets Endnotes”. |
Mineral Reserves and Assets Endnotes
- Mineral reserves (“reserves”) and mineral assets (“assets”) have been estimated as at December 31, 2023 (except in any other case famous) in accordance with Nationwide Instrument 43-101 - Requirements of Disclosure for Mineral Tasks (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting functions, the SEC has adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities for issuers whose securities are registered with the SEC below the Securities and Change Act of 1934, as amended (the “Change Act”). These amendments grew to become efficient February 25, 2019 (the “SEC Modernization Guidelines”) with compliance required for the primary fiscal yr starting on or after January 1, 2021. The SEC Modernization Guidelines change the historic property disclosure necessities for mining registrants that had been included in SEC Trade Information 7, which was rescinded from and after the required compliance date of the SEC Modernization Guidelines. On account of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “measured”, “indicated” and “inferred” mineral assets. As well as, the SEC has amended its definitions of “confirmed mineral reserves” and “possible mineral reserves” to be considerably just like the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. buyers ought to perceive that “inferred” mineral assets have a large amount of uncertainty as to their existence and nice uncertainty as to their financial and authorized feasibility. As well as, U.S. buyers are cautioned to not assume that any half or all of Barrick’s mineral assets represent or shall be transformed into reserves. Mineral useful resource and mineral reserve estimations have been ready by staff of Barrick, its three way partnership companions or its three way partnership working corporations, as relevant, below the supervision of Richard Peattie, Africa and Center East Mineral Useful resource Supervisor, Chad Yuhasz, Latin America & Asia Pacific Mineral Useful resource Supervisor and Craig Fiddes, Lead – Useful resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Useful resource Administration and Analysis Govt. For 2023, reserves have been estimated primarily based on an assumed gold value of US$1,300 per ounce, an assumed silver value of US$18.00 per ounce, and an assumed copper value of US$3.00 per pound and long-term common change charges of 1.30 CAD/US$, besides at Tongon, the place mineral reserves for 2023 had been calculated utilizing $1,500/oz; Hemlo, the place mineral reserves for 2023 had been calculated utilizing $1,400/oz and at Zaldívar, the place mineral reserves for 2023 had been calculated utilizing Antofagasta steering and an up to date assumed copper value of US$3.50 per pound. For 2022, reserves had been estimated primarily based on an assumed gold value of US$1,300 per ounce, an assumed silver value of US$18.00 per ounce, and an assumed copper value of US$3.00 per pound and long-term common change charges of 1.30 CAD/US$, besides at Zaldívar, the place mineral reserves for 2022 had been calculating utilizing Antofagasta steering and an assumed copper value of US$3.30 per pound. Reserve estimates incorporate present and/or anticipated mine plans and price ranges at every property. Various cut-off grades have been used relying on the mine and sort of ore contained within the reserves. Barrick’s regular information verification procedures have been employed in reference to the calculations. Verification procedures embrace industry-standard high quality management practices. Assets as at December 31, 2023 have been estimated utilizing various cut-off grades, relying on each the kind of mine or undertaking, its maturity and ore varieties at every property.
- In confirming our annual reserves for every of our mineral properties, tasks, and operations, we conduct a reserve take a look at on December 31 of every yr to confirm that the longer term undiscounted money move from reserves is optimistic. The money move ignores all sunk prices and solely considers future working and closure bills in addition to any future capital prices.
- All mineral useful resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second important digit.
- Porgera mineral reserves and mineral assets are reported on a 24.5% curiosity foundation, reflecting Barrick’s possession curiosity in accordance with the Porgera Mission Graduation Settlement (the “Graduation Settlement”) accomplished on December 10, 2023. The Graduation Settlement supplied, amongst different issues, for possession of Porgera to be held in a brand new three way partnership referred to as New Porgera Restricted, which is owned 51% by Papua New Guinea stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Restricted (“PJL”). PJL is collectively owned on a 50/50 foundation by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% possession curiosity within the Porgera mine. Barrick Niugini Restricted has retained operatorship of the mine. For extra data, see web page Error! No bookmark identify given. of Barrick’s Fourth Quarter and 12 months Finish Report 2023.
- Reko Diq mineral assets are reported on a 50% curiosity foundation, reflecting Barrick’s possession curiosity following the completion of the transaction permitting for the reconstitution of the undertaking on December 15, 2022. This accomplished the method that started earlier in 2022 following the conclusion of a framework settlement among the many Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which supplied a path for the event of the undertaking below a reconstituted construction. The reconstituted undertaking is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the undertaking. For extra data, see pages 41-42 of Barrick’s Third Quarter Report 2023.
- 2023 polymetallic mineral assets and mineral reserves are estimated utilizing the mixed worth of gold, copper & silver and accordingly are reported as gold, copper and silver mineral assets and mineral reserves.
- For 2023, mineral assets have been estimated primarily based on an assumed gold value of US$1,700 per ounce, an assumed silver value of US$21.00 per ounce, and an assumed copper value of US$4.00 per pound and long-term common change charges of 1.30 CAD/US$, besides Zaldívar, the place mineral assets for 2023 had been calculated utilizing Antofagasta steering and an assumed copper value of US$4.20 per pound. For 2022, mineral assets had been estimated primarily based on an assumed gold value of US$1,700 per ounce, an assumed silver value of US$21.00 per ounce, and an assumed copper value of US$3.75 per pound and long-term common change charges of 1.30 CAD/US$, besides at Zaldívar, the place mineral assets for 2022 had been calculated utilizing Antofagasta steering and an assumed copper value of US$3.75.
- Mineral assets which aren’t mineral reserves shouldn’t have demonstrated financial viability.
- Mineral assets are reported inclusive of mineral reserves.
- All measured and indicated mineral useful resource estimates of grade and all confirmed and possible mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to 2 decimal locations.
- All inferred mineral useful resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to 1 decimal place.
Shares Listed
GOLD — The New York Inventory Change
ABX — The Toronto Inventory Change
Switch Brokers and Registrars
TSX Belief Firm
301 – 100 Adelaide Avenue West
Toronto, Ontario M5H 4H1
Canada
or
Equiniti Belief Firm, LLC
6201 – 15 th Avenue
Brooklyn, New York 11219
USA
Phone: +1 416 682 3860
Fax: +1 514 985 8843
Toll Free (North America)
Phone: 1 800 387 0825
Fax: 1 888 249 6189
E-mail: shareholderinquires@tmx.com
Web site: www.tsxtrust.com
Company Workplace
Barrick Gold Company
161 Bay Avenue, Suite 3700
Toronto, Ontario M5J 2S1
Canada
Phone: +1 416 861 9911
E-mail: investor@barrick.com
Web site: www.barrick.com
Enquiries
President and Chief Govt Officer
Mark Bristow
+1 647 205 7694
+44 7880 711 386
Senior Govt Vice-President and
Chief Monetary Officer
Graham Shuttleworth
+1 647 262 2095
+44 7797 711 338
Investor and Media Relations
Kathy du Plessis
+44 207 557 7738
E-mail: barrick@dpapr.com
Cautionary Assertion on Ahead-Wanting Data
Sure data contained or included by reference on this press launch, together with any data as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic truth, are forward-looking statements. The phrases “consider”, “anticipate”, “technique”, “goal”, “plan”, “focus”, “scheduled”, “dedication” “alternatives”, “basis”, “steering”, “undertaking”, “increase”, “make investments”, “proceed”, “progress”, “develop”, “on monitor”, “estimate”, “development”, “potential”, “future”, “prolong”, “will”, “might”, “would”, “ought to”, “might” and comparable expressions establish forward-looking statements. Particularly, this press launch comprises forward-looking statements together with, with out limitation, with respect to: Barrick’s forward-looking manufacturing steering and our 5 and ten-year manufacturing profiles for gold and copper; projected capital, working and exploration expenditures; our potential to transform assets into reserves and change reserves internet of depletion from manufacturing; mine life and manufacturing charges, together with annual manufacturing expectations from Pueblo Viejo, Goldrush and Lumwana and anticipated manufacturing development from Barrick’s natural undertaking pipeline and reserve alternative; Barrick’s international exploration technique and deliberate exploration actions; our potential to establish new Tier One belongings and the potential for present belongings to realize Tier One standing; Barrick’s copper technique; our plans and anticipated completion and advantages of our development tasks; potential mineralization and metallic or mineral recoveries; focused first manufacturing for the Reko Diq undertaking; the resumption of operations on the Porgera mine and anticipated restart of mining and processing within the first quarter of 2024; our pipeline of excessive confidence tasks at or close to present operations, together with Fourmile and Robertson; the potential to increase Veladero’s lifetime of mine via the Section 7B and Section 8 leach pad tasks; Barrick’s partnership with the Authorities of Tanzania below the framework settlement; Lumwana’s potential to additional prolong the lifetime of mine via the event of a Tremendous Pit, focused timing for building and first manufacturing and the estimated capital prices; Barrick’s technique, plans, targets and targets in respect of environmental and social governance points, together with local people relations, financial contributions and schooling, employment and procurement initiatives, local weather change and biodiversity initiatives; the potential to rework Buzwagi right into a Particular Financial Zone; Barrick’s expertise administration technique; Barrick’s efficiency dividend coverage and share buyback program; and expectations relating to future value assumptions, monetary efficiency and different outlook or steering.
Ahead-looking statements are essentially primarily based upon numerous estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under 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 important enterprise, financial and aggressive uncertainties and contingencies. Recognized and unknown elements might 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 knowledge. Such elements embrace, however aren’t restricted to: fluctuations within the spot and ahead value of gold, copper or sure different commodities (reminiscent of 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 is not going to be according to the Firm’s expectations, that portions or grades of reserves shall be diminished, and that assets is probably not 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; modifications in mineral manufacturing efficiency, exploitation and exploration successes; dangers that exploration information could also be incomplete and appreciable extra work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; the speculative nature of mineral exploration and improvement; lack of certainty with respect to overseas authorized programs, corruption and different elements which can be inconsistent with the rule of regulation; modifications in nationwide and native authorities laws, taxation, controls or laws and/or modifications within the administration of legal guidelines, insurance policies and practices; the potential impression of proposed modifications to Chilean regulation on the standing of worth added tax refunds obtained in Chile in reference to the event of the Pascua-Lama undertaking; expropriation or nationalization of property and political or financial developments in Canada, the US or different international locations wherein Barrick does or might keep on enterprise sooner or later; dangers regarding political instability in sure of the jurisdictions wherein Barrick operates; timing of receipt of, or failure to adjust to, essential permits and approvals; non-renewal of key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and laws; elevated prices and bodily and transition dangers associated to local weather change, together with excessive climate occasions, useful resource shortages, rising insurance policies and elevated laws regarding greenhouse gasoline emission ranges, vitality effectivity and reporting of dangers; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; the legal responsibility related to dangers and hazards within the mining {industry}, and the power to keep up insurance coverage to cowl such losses; injury to the Firm’s fame because of the precise or perceived incidence of any variety of occasions, together with damaging publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; dangers associated to operations close to communities which will regard Barrick’s operations as being detrimental to them; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or improvement actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and knowledge know-how programs; elevated prices, delays, suspensions and technical challenges related to the development of capital tasks; dangers related to working with companions in collectively managed belongings; dangers associated to disruption of provide routes which can trigger delays in building and mining actions, together with disruptions within the provide of key mining inputs because of the invasion of Ukraine by Russia and conflicts within the Center East; danger of loss because of acts of conflict, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to Barrick’s infrastructure, data know-how programs and the implementation of Barrick’s technological initiatives, together with dangers associated to cyber-attacks, cybersecurity breaches, or comparable community or system disruptions; the impression of world liquidity and credit score availability on the timing of money flows and the values of belongings and liabilities primarily based on projected future money flows; the impression of inflation, together with international inflationary pressures pushed by ongoing international provide chain disruptions, international vitality price will increase following the invasion of Ukraine by Russia and country-specific political and financial elements in Argentina; hostile modifications in our credit score scores; fluctuations within the forex markets; modifications in U.S. greenback rates of interest; dangers arising from holding by-product devices (reminiscent of credit score danger, market liquidity danger and mark-to-market danger); dangers associated to the calls for positioned on the Firm’s administration, the power of administration to implement its enterprise technique and enhanced political danger in sure jurisdictions; uncertainty whether or not some or all of Barrick’s focused investments and tasks will meet the Firm’s capital allocation goals and inside hurdle price; whether or not advantages anticipated from current transactions are realized; enterprise alternatives that could be offered to, or pursued by, the Firm; our potential to efficiently combine acquisitions or full divestitures; dangers associated to competitors within the mining {industry}; worker relations together with lack of key staff; availability and elevated prices related to mining inputs and labor; dangers related to ailments, epidemics and pandemics, together with the results and potential results of the worldwide Covid-19 pandemic; dangers associated to the failure of inside controls; and dangers associated to the impairment of the Firm’s goodwill and belongings.
As well as, there are dangers and hazards related to the enterprise of mineral exploration, improvement and mining, together with environmental hazards, industrial accidents, uncommon or surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or lack of ability to acquire insurance coverage, to cowl these dangers).
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 aren’t ensures of future efficiency. All the forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the newest Kind 40-F/Annual Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of among the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s potential 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 on account of new data, future occasions or in any other case, besides as required by relevant regulation.