Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reinforced its
commitment to growth, reporting significant progress of its key
growth projects while achieving its production guidance and setting
the stage for continued sustainable value creation, said president
and chief executive Mark Bristow in the company’s annual report
published today.
During the year, Barrick completed feasibility
studies for the Lumwana Super Pit Expansion in Zambia and the Reko
Diq project in Pakistan. Both projects confirmed their Tier One1
potential, with Lumwana contributing 8.3 million tonnes of copper
reserves2 and Reko Diq adding 13 million ounces of gold reserves
and 7.3 million tonnes of copper reserves on an attributable
basis3. The company also successfully replaced all the gold and
copper it mined during the year, more than replenishing the 4.6
million ounces of attributable gold mineral reserve depletion at
better grades.4
“Barrick stands alone in the industry as no
other company matches our ability to replace the gold and copper we
mine while simultaneously adding to our reserves through
exploration and development. Our integrated resource and
exploration strategy has allowed us to build a foundation that
supports a projected 30% growth in gold equivalent ounces out to
the end of the decade,” Bristow said.5
The expansion at Pueblo Viejo in the Dominican
Republic continued to make progress towards the mine’s target of
becoming a plus 800,000 ounce per year, long-life, low-cost gold
producer.6 In Nevada, Goldrush progressed its ramp up as planned,
while the adjacent Fourmile project has advanced to prefeasibility
stage. The 2024 preliminary economic assessment highlighted
Fourmile’s world-class potential with a significantly larger
orebody endowment at nearly double the grade of Goldrush.7
“Barrick maintains one of the strongest balance
sheets in the industry. This financial strength positions us to
invest in our future as well as fund both the Lumwana and Reko Diq
development projects, without the need to issue new shares or take
on unnecessary debt,” said Bristow. “At the same time, our share
buyback program not only returns capital to investors but also
enhances per-share value, underscoring our disciplined approach to
capital allocation.”
Bristow added that sustainability remained at
the core of Barrick’s operations, guiding its decisions and
long-term strategy. “Local partnerships continue to be crucial to
advancing our sustainability efforts and ensuring our host nations
receive their fair share of economic value along with delivering
tangible benefits to local communities.”
Also in the annual report, chairman John
Thornton highlighted Barrick’s ongoing efforts to diversify its
Board. “While we are pleased that two of our three committees are
now chaired by women, we believe we are never finished the work of
adding to our Board’s diversity in every sense and dimension of the
word. Many different kinds of people make for more and better
ideas, livelier debate and stronger outcomes,” Thornton said.
Barrick’s 2024 Annual Report, Annual Information
Form and Form 40-F are now available on SEDAR+ (www.sedarplus.ca)
and EDGAR (www.sec.gov), respectively. An updated National
Instrument 43-101 technical report for the Carlin Complex, current
as of December 31, 2024, is also available on SEDAR+ and EDGAR.
To access the above-mentioned documents, please
visit www.barrick.com. Shareholders may also receive a copy of
Barrick’s audited financial statements without charge upon request
to Barrick’s Investor Relations Department, 161 Bay Street, Suite
3700, Toronto, Ontario M5J 2S1 or to investor@barrick.com.
Enquiries
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnotes
1. A Tier One Gold Asset is an asset with a $1,400/oz reserve
with potential to deliver a minimum 10-year life, annual production
of at least 500,000 ounces of gold and with costs per ounce in the
lower half of the industry cost curve. A Tier One Copper
Asset/Project is an asset with a $3.00/lb reserve with potential
for +5Mt contained copper in support of at least 20 years life,
annual production of at least 200ktpa, with costs per pound in the
lower half of the industry cost curve. Tier One Assets must be
located in a world-class geological district with potential for
organic reserve growth and long-term geologically driven
addition.
2. Estimates are as of December 31, 2024, unless otherwise
noted. Lumwana proven reserves of 140 million grading 0.49%
representing 0.68 million tonnes of copper, probable mineral
reserves of 1,500 million tonnes grading 0.53% representing 7.6
million tonnes of copper, measured resources of 170 million tonnes
grading 0.45% representing 0.77 million tonnes of copper, indicated
resources of 1,800 million tonnes grading 0.50% representing 9.2
million tonnes of copper and inferred resources of 230 million
tonnes grading 0.40% representing 0.91 million tonnes of copper.
Complete mineral reserve and mineral resource data for all mines
and projects, including tonnes, grades, and ounces, can be found on
pages 84-92 of Barrick’s Fourth Quarter and Year-End 2024 Report.
For further information with respect to the key assumptions,
parameters and risks associated with Lumwana and other technical
information, please refer to the Technical Report on the Lumwana
Expansion Project, Republic of Zambia dated December 31, 2024 and
filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on
February 19, 2025.
3. Estimates are as of December 31, 2024, unless otherwise
noted. Reko Diq probable reserves of 1,400 million tonnes grading
0.28g/t representing 13 million ounces of gold, probable reserves
of 1,500 million tonnes grading 0.48% representing 7.3 million
tonnes of copper, indicated resources of 1,800 million tonnes
grading 0.25g/t representing 15 million ounces of gold, indicated
resources of 2,000 million tonnes grading 0.43% representing 8.4
million tonnes of copper, inferred resources of 640 million tonnes
grading 0.2g/t representing 3.9 million ounces of gold, and
inferred resources of 690 million tonnes grading 0.3% representing
2.2 million tonnes of copper. Complete mineral reserve and mineral
resource data for all mines and projects, including tonnes, grades,
and ounces, can be found on pages 84-92 of Barrick’s Fourth Quarter
and Year-End 2024 Report. For further information with respect to
the key assumptions, parameters and risks associated with Reko Diq,
the mineral reserve and resource estimates included herein and
other technical information, please refer to the Technical Report
on the Reko Diq Project, Balochistan, Pakistan dated December 31,
2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at
www.sec.gov on February 19, 2025.
4. Proven and probable reserve gains calculated from cumulative
net change in reserves from year end 2019 to 2024. Reserve
replacement percentage is calculated from the cumulative net change
in reserves from 2020 to 2024 divided by the cumulative depletion
in reserves from year end 2019 to 2024 as shown in the table
below:
Year |
Attributable P&P
Gold(Moz) |
Attributable Gold Acquisition &
Divestments(Moz) |
Attributable Gold
Depletion(Moz) |
Attributable GoldNet
Change(Moz) |
Reported Reserve Price USD/oz for GEO
conversion |
2019a |
71 |
- |
- |
- |
- |
2020b |
68 |
(2.2) |
(5.5) |
4.2 |
$1,200 |
2021c |
69 |
(0.91) |
(5.4) |
8.1 |
$1,200 |
2022d |
76 |
- |
(4.8) |
12 |
$1,300 |
2023e |
77 |
- |
(4.6) |
5 |
$1,300 |
2024f |
89 |
- |
(4.6) |
17 |
$1,400 |
2019 – 2024 Total |
N/A |
(3.1) |
(25) |
46 |
N/A |
Year |
Attributable P&P Copper (Mlb) |
Attributable Copper Acquisition &
Divestments(Moz) |
Attributable Copper
Depletion(Moz) |
Attributable CopperNet
Change(Moz) |
Reported Reserve Price USD/lb for GEO
conversion |
2019a |
13,494 |
- |
- |
- |
- |
2020b |
12,691 |
- |
(834) |
31 |
$2.75 |
2021c |
12,233 |
- |
(636) |
178 |
$2.75 |
2022d |
12,252 |
- |
(623) |
642 |
$3.00 |
2023e |
12,391 |
- |
(589) |
728 |
$3.00 |
2024f |
40,201 |
- |
(731) |
28,542 |
$3.00 |
2019 – 2024 Total |
N/A |
- |
(3,413) |
30,121 |
N/A |
Year |
Attributable P&P GEO |
Attributable Acquisition & Divestments
GEO |
Attributable Depletion GEO |
AttributableNet Change
GEO(using reported reserve prices) |
2019a |
- |
- |
- |
- |
2020b |
97 |
(2.2) |
(7.4) |
4.2 |
2021c |
97 |
(0.91) |
(6.9) |
8.5 |
2022d |
104 |
- |
(6.3) |
13 |
2023e |
105 |
- |
(6.0) |
6.7 |
2024f |
176 |
- |
(6.1) |
79 |
2019 – 2024 Total |
N/A |
(3.1) |
(33) |
111 |
Totals may not appear to sum correctly due to
rounding.
Attributable acquisitions and divestments
includes the following: a decrease of 2.2 Moz in proven and
probable gold reserves from December 31, 2019 to December 31, 2020,
as a result of the divestiture of Barrick's Massawa gold project
effective March 4, 2020; and a decrease of 0.91 Moz in proven and
probable gold reserves from December 31, 2020 to December 31, 2021,
as a result of the change in Barrick's ownership interest in
Porgera from 47.5% to 24.5% and the net impact of the asset
exchange of Lone Tree to i-80 Gold for the remaining 50% of South
Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory
authorities.
- Estimates as of
December 31, 2019, unless otherwise noted, Proven reserves of 280
million tonnes grading 2.42 g/t, representing 22 million ounces of
gold and 420 million tonnes grading 0.4%, representing 3,700
million pounds of copper (which is equal to 1.7 million tonnes of
copper). Probable reserves of 1,000 million tonnes grading 1.48
g/t, representing 49 million ounces of gold and 1,200 million
tonnes grading 0.38%, representing 9,800 million pounds of copper
(which is equal to 4.4 million tonnes of copper). Conversions may
not recalculate due to rounding.
- Estimates as of
December 31, 2020, unless otherwise noted: Proven reserves of 280
million tonnes grading 2.37g/t, representing 21 million ounces of
gold, and 350 million tonnes grading 0.39%, representing 3,000
million pounds of copper (which is equal to 1.4 million tonnes of
copper). Probable reserves of 990 million tonnes grading 1.46g/t,
representing 47 million ounces of gold, and 1,100 million tonnes
grading 0.39%, representing 9,700 million pounds of copper (which
is equal to 4.4 million tonnes of copper). Conversions may not
recalculate due to rounding.
- Estimates as of
December 31, 2021, unless otherwise noted, Proven mineral reserves
of 240 million tonnes grading 2.20g/t, representing 17 million
ounces of gold and 380 million tonnes grading 0.41%, representing
3,400 million pounds of copper (which is equal to 1.6 million
tonnes of copper), and probable reserves of 1,000 million tonnes
grading 1.60g/t, representing 53 million ounces of gold and 1,100
million tonnes grading 0.37%, representing 8,800 million pounds of
copper (which is equal to 4.0 million tonnes of copper).
Conversions may not recalculate due to rounding.
- Estimates as of
December 31, 2022, unless otherwise noted. Proven mineral reserves
of 260 million tonnes grading 2.26g/t, representing 19 million
ounces of gold and 390 million tonnes grading 0.40%, representing
3,500 million pounds of copper (which is equal to 1.6 million
tonnes of copper), and probable reserves of 1,200 million tonnes
grading 1.53g/t, representing 57 million ounces of gold and 1,100
million tonnes grading 0.37%, representing 8,800 million pounds of
copper (which is equal to 4.0 million tonnes of copper).
Conversions may not recalculate due to rounding.
- Estimates are as
of December 31, 2023, unless otherwise noted. Proven 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. Probable 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.
- Estimates are as
of December 31, 2024, unless otherwise noted. Proven mineral
reserves of 270 million tonnes grading 1.75g/t, representing 15
million ounces of gold, and 380 million tonnes grading 0.42%,
representing 1.6 million tonnes of copper. Probable reserves of
2,500 million tonnes grading 0.90g/t, representing 74 million
ounces of gold, and 3,600 million tonnes grading 0.46%,
representing 17 million tonnes of copper.
5. Gold equivalent ounces calculated from our
copper assets are calculated using a gold price of $1,400/oz and
copper price of $3.00/lb. Barrick’s five-year indicative production
profile for gold equivalent ounces is based on the following
assumptions:
Key Outlook Assumptions |
2025 |
2026+ |
Gold Price ($/oz) |
2,400 |
2,400 |
Copper Price ($/lb) |
4.00 |
4.00 |
Oil Price (WTI) ($/barrel) |
80 |
70 |
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
ARS Exchange Rate (USD:ARS) |
1,000 |
1,000 |
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
CLP Exchange Rate (USD:CLP) |
900 |
900 |
EUR Exchange Rate (EUR:USD) |
1.10 |
1.10 |
Barrick’s five-year indicative outlook is based
on our current operating asset portfolio, sustaining projects in
progress and exploration/ mineral resource management initiatives
in execution. This outlook is based on our current reserves and
resources and assumes that we will continue to be able to convert
resources into reserves. Additional asset optimization, further
exploration growth, new project initiatives and divestitures are
not included. For the company’s gold and copper segments, and where
applicable for a specific region, this indicative outlook is
subject to change and assumes the following: new open pit
production permitted and commencing at Hemlo in the second half of
2025, allowing three years for permitting and two years for
prestripping prior to first ore production in 2027; Tongon will
enter care and maintenance by 2027; and production from the
Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the
operator of Zaldívar). Our five-year indicative outlook excludes
production from Fourmile, as well as Pierina and Golden Sunlight,
both of which are currently in care and maintenance; and production
from long-term greenfield optionality from Donlin, Pascua-Lama,
Norte Abierto and Alturas. Barrick’s five-year production profile
in this press release also assumes an indicative gold and copper
production profile for Reko Diq and an indicative copper production
profile for the Lumwana Super Pit expansion, both of which are
conceptual in nature. Loulo-Gounkoto has been excluded from
Barrick’s 2025 guidance as a result of the temporary suspension of
operations. We expect to update our guidance to include
Loulo-Gounkoto when we have greater certainty regarding the timing
for the restart of operations. For purposes of this indicative
five-year forecast only, we have assumed a scenario where
Loulo-Gounkoto resumes operations on April 1, 2025. There can be no
assurances that a definitive agreement to resolve the ongoing
dispute with the Government of Mali will be reached by April 1,
2025 or at all. Refer to page 9 of the MD&A accompanying
Barrick’s annual 2024 financial statements for additional
information.
6. Refer to 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.
7. Fourmile’s financial metrics and production
metrics are based upon Barrick’s internal preliminary economic
assessment which is conceptual in nature and there is no certainty
that the preliminary economic assessment will be realized. Barrick
anticipates Fourmile will be incorporated into the Nevada Gold
Mines joint venture, at fair market value, if certain criteria are
met.
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by
Craig Fiddes, SME-RM, Lead, R&R Governance, Nevada Gold Mines;
Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa
and Middle East; Peter Jones, MAIG, Manager Resource Geology -
Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS,
FAusIMM, Mineral Resource Management and Evaluation Executive; and
Joel Holliday, FAusIMM, Executive Vice-President, Exploration —
each a “Qualified Person” as defined in National Instrument 43-101
- Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource
estimates are estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects. Unless
otherwise noted, such mineral reserve and mineral resource
estimates are as of December 31, 2024.
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “potential”, “grow”,
“commit”, “opportunity”, “investment”, “continue”, “extend”,
“will”, “projected”, “progress”, “target”, “ongoing”, “focus”,
“believe” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: Barrick’s forward-looking production guidance and our
five and ten-year production profiles for gold and copper;
Barrick’s global exploration strategy and planned exploration
activities; our ability to convert resources into reserves and
future reserve replacement; Barrick’s strategy, plans, targets and
goals in respect of environmental and social governance issues; our
talent management initiatives; Barrick’s future plans, growth
potential, financial strength, investments and overall strategy;
and expectations regarding future price assumptions, financial
performance, shareholder returns and other outlook or guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); risks
associated with projects in the early stages of evaluation and for
which additional engineering and other analysis is required; risks
related to the possibility that future exploration results will not
be consistent with the Company’s expectations, that quantities or
grades of reserves will be diminished, and that resources may not
be converted to reserves; risks associated with the fact that
certain of the initiatives described in this press release are
still in the early stages and may not materialize; changes in
mineral production performance, exploitation and exploration
successes; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; the speculative nature of
mineral exploration and development; lack of certainty with respect
to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; changes in national and local
government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices;
including the status of value added tax refunds received in
connection with the Pascua-Lama project; expropriation or
nationalization of property and political or economic developments
in Canada, the United States, Mali or other countries in which
Barrick does or may carry on business in the future; risks relating
to political instability in certain of the jurisdictions in which
Barrick operates; timing of receipt of, or failure to comply with,
necessary permits and approvalsnon-renewal of key licenses by
governmental authorities; failure to comply with environmental and
health and safety laws and regulations; increased costs and
physical and transition risks related to climate change, including
extreme weather events, resource shortages, emerging policies and
increased regulations relating to greenhouse gas emission levels,
energy efficiency and reporting of risks; the Company’s ability to
achieve its sustainability goals; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; the
liability associated with risks and hazards in the mining industry,
and the ability to maintain insurance to cover such losses; damage
to the Company’s reputation due to the actual or perceived
occurrence of any number of events, including negative publicity
with respect to the Company’s handling of environmental matters or
dealings with community groups, whether true or not; risks related
to operations near communities that may regard Barrick's operations
as being detrimental to them; litigation and legal and
administrative proceedings; operating or technical difficulties in
connection with mining or development activities, including
geotechnical challenges, tailings dam and storage facilities
failures, and disruptions in the maintenance or provision of
required infrastructure and information technology systems;
increased costs, delays, suspensions and technical challenges
associated with the construction of capital projects; risks
associated with working with partners in jointly controlled assets;
risks related to disruption of supply routes which may cause delays
in construction and mining activities, including disruptions in the
supply of key mining inputs due to the invasion of Ukraine by
Russia and conflicts in the Middle East; risk of loss due to acts
of war, terrorism, sabotage and civil disturbances; risks
associated with artisanal and illegal mining; risks associated with
Barrick’s infrastructure, information technology systems and the
implementation of Barrick’s technological initiatives, including
risks related to cybersecurity incidents, including those caused by
computer viruses, malware, ransomware and other cyberattacks, or
similar information technology system failures, delays and/or
disruptions;; the impact of global liquidity and credit
availability on the timing of cash flows and the values of assets
and liabilities based on projected future cash flows; the impact of
inflation, including global inflationary pressures driven by supply
chain disruptions, global energy cost increases following the
invasion of Ukraine by Russia and country-specific political and
economic factors in Argentina; adverse changes in our credit
ratings; fluctuations in the currency markets; changes in U.S.
dollar interest rates; changes in U.S. trade, tariff and other
controls on imports and exports, tax, immigration or other policies
that may impact relations with foreign countries, result in
retaliatory policies, lead to increased costs for raw materials,
components and equipment, or impact Barrick’s existing operations
and material growth projects; risks arising from holding derivative
instruments (such as credit risk, market liquidity risk and
mark-to-market risk); risks related to the demands placed on the
Company's management; the ability of management to implement its
business strategy and enhanced political risk in certain
jurisdictions; uncertainty whether some or all of Barrick's
targeted investments and projects will meet the Company’s capital
allocation objectives and internal hurdle rate; whether benefits
expected from recent transactions are realized; business
opportunities that may be presented to, or pursued by, the Company;
our ability to successfully integrate acquisitions or complete
divestitures; risks related to competition in the mining industry;
employee relations including loss of key employees; availability
and increased costs associated with mining inputs and labor; risks
associated with diseases, epidemics and pandemics; risks related to
the failure of internal controls; and risks related to the
impairment of the Company’s goodwill and assets.
In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
We disclaim any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Grafico Azioni Barrick Gold (NYSE:GOLD)
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