“It’s clear to me that we have now achieved all of the preliminary aims we set for ourselves. The renewed emphasis on exploration has positioned Barrick within the distinctive place of greater than replenishing the reserves depleted by mining yr after yr. Main natural progress tasks, similar to Reko Diq, the present extension of Pueblo Viejo’s Tier One mine life by greater than 20 years 2 , and the transformation of Lumwana into one of many world’s main copper mines, will safe Barrick’s manufacturing profile effectively into the long run. Increasing the copper portfolio was considered one of Barrick’s key strategic goals, and when the brand new Lumwana and Reko Diq are commissioned in 2028, Barrick will develop into a major-league producer. Within the meantime, we proceed to pursue alternatives for rising our copper portfolio.”
Thornton says Barrick’s stability sheet, as soon as burdened by heavy debt, is now one of many business’s most sturdy and its sturdy operational money flows make sure that it has the capability to fund current and new natural progress tasks, in addition to to reap the benefits of any recent alternatives that meet the corporate’s stringent funding standards.
“Barrick’s footprint is being expanded and presently includes mines, tasks and exploration applications in 18 international locations throughout 4 continents, protecting the primary potential areas for gold and copper,” he says.
Additionally within the Info Round, lead director Brett Harvey says Barrick’s Board prioritizes renewal and variety in its personal ranks so as to improve its already excessive stage of worldwide enterprise expertise and to make its membership extra absolutely consultant of the societies wherein the corporate operates. “Because the Merger, seven new members have been appointed and ladies now account for 40% of our administrators standing for election, whereas 40% determine as racially or ethnically numerous,” Harvey says.
Barrick is happy to host a digital assembly format for this yr’s Annual Assembly that shareholders might attend just about by the use of a stay webcast no matter their geographic location.
The assembly will probably be held on Tuesday, April 30, 2024 at 10:00 a.m. (Toronto time) at https://web.lumiagm.com/406457272 . Registered shareholders, non-registered (or useful) shareholders and their duly appointed proxyholders will have the ability to take part, ask questions, and vote in “actual time” via the net portal.
Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Electronic mail: barrick@dpapr.com
Web site: www.barrick.com
Endnote 1
A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for five million ounces to assist a minimal 10-year life, annual manufacturing of not less than 500,000 ounces of gold and with all-in sustaining prices per ounce within the decrease half of the business value curve. Tier One belongings have to be positioned in a world class geological district with potential for natural reserve progress and long-term geologically pushed worth addition.
Endnote 2
Check with the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
Cautionary Assertion on Ahead-Trying Info
Sure data contained or integrated 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, apart from statements of historic reality, are forward-looking statements. The phrases “construct”, “technique”, “dedication”, “develop”, “replenish”, “safe”, “rework”, “proceed”, “develop”, “develop”, “”develop”, “extension”, “make investments”, “will” and comparable expressions determine forward-looking statements. Specifically, this press launch incorporates forward-looking statements together with, with out limitation, with respect to: Barrick’s partnership philosophy and technique to spend money on sustainability worthwhile progress; the replenishing of reserves via exploration and natural progress tasks, such because the reconstituted Reko Diq challenge, the enlargement of the Lumwana mine, and the mine life extension challenge at Pueblo Viejo; Barrick’s copper technique and the timeline for first manufacturing from Reko Diq and the expanded Lumwana mine, Barrick’s monetary power and capability to fund current and new natural progress tasks; and the anticipated advantages of Barrick’s sustainability technique and concentrate on rising workforce and Board variety.
Ahead-looking statements are essentially primarily based upon plenty of 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 gentle 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 data. Such elements embrace, however should not restricted to: fluctuations within the spot and ahead worth of gold, copper or sure different commodities (similar to silver, diesel gas, pure fuel and electrical energy); dangers related to tasks within the early phases of analysis and for which further engineering and different evaluation is required; dangers associated to the chance that future exploration outcomes won’t be according to the Firm’s expectations, that portions or grades of reserves will probably 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; adjustments in nationwide and native authorities laws, taxation, controls or laws and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Canada, america or different international locations wherein Barrick does or might keep it up enterprise sooner or later; dangers referring to political instability in sure of the jurisdictions wherein Barrick operates; non-renewal of key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and laws; contests over title to properties, significantly title to undeveloped properties, or over entry to water, energy and different required infrastructure; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; injury to the Firm’s status because of the precise or perceived prevalence of any variety of occasions, together with detrimental publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or growth actions, together with geotechnical challenges, tailings dam and storage services failures, and disruptions within the upkeep or provision of required infrastructure and data 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; threat of loss attributable to acts of warfare, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to Barrick’s infrastructure, data know-how programs and the implementation of Barrick’s technological initiatives; the influence of inflation, together with international inflationary pressures pushed by provide chain disruptions and international vitality value will increase following the invasion of Ukraine by Russia and conflicts within the Center East; the flexibility of administration to implement its enterprise technique and enhanced political threat in sure jurisdictions; uncertainty whether or not some or all of Barrick’s focused investments and tasks will meet the Firm’s capital allocation aims and inner hurdle charge; worker relations together with lack of key workers; availability and elevated prices related to mining inputs and labor; and dangers related to ailments, epidemics and pandemics, similar to the worldwide Covid-19 pandemic.
Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements should not 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 latest Kind 40-F/Annual Info Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a few of the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s skill 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 legislation.
