Trading in the shares of the new company created by the merger of
Barrick Gold and Randgold Resources started at the opening of
business on the New York and Toronto Stock Exchanges this morning.
The ringing of the opening bell at the NYSE was performed by the
company’s executive chairman, John Thornton, accompanied by the
president and chief executive officer, Mark Bristow.
The new company is still known as Barrick but
its trading symbol on the NYSE will change to GOLD, the ticker
formerly held by Randgold on NASDAQ. On the TSX, the ticker remains
ABX.
The merger has created a sector-leading gold
company which owns five of the industry’s Top 10 Tier One gold
assets1 (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC
(45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican
Republic (60%)), and two with the potential to become Tier One gold
assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in
the USA). Barrick has the lowest total cash cost2 position among
its senior gold peers3, and a diversified asset portfolio
positioned for growth in many of the world’s most prolific gold
districts.
Following the closing of the merger, Barrick’s
board of directors was reconstituted with the following nine
directors: John Thornton (executive chairman), Mark Bristow, María
Ignacia Benítez, Gustavo Cisneros, Christopher Coleman, Michael
Evans, Brian Greenspun, Brett Harvey (lead independent director),
and Andrew Quinn.
At the opening of markets today, Barrick had a
market capitalization in excess of $23.75 billion, with the largest
reserves base among its senior gold peers4.
In a joint letter to stakeholders, John Thornton
and Mark Bristow today said that with the best asset base and the
strongest management team in the sector, Barrick was well placed to
be the world’s most valued gold mining business.
“We will do so by optimizing our existing
operations, pursuing new opportunities that meet strict investment
criteria, and developing them with disciplined efficiency. In all
that we do we will be guided by a long-term strategy and clear
implementation plans designed to deliver sustainable returns to our
owners, and real benefits to our partners, host countries, and
communities,” they said.
Enquiries:
President and chief executiveMark Bristow+1 647
205 7694+44 788 071 1386
Chief financial officerGraham Shuttleworth+44
1534 735 333+44 779 771 1338
Investor & media relationsKathy du
Plessis+44 20 7557 7738Email:
barrick@dpapr.com
Website: www.barrick.com
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 “believe”, “expect”,
“anticipate”, “plan”, “assume”, “intend”, “project”, “pursue”,
“goal”, “continue”, “budget”, “estimate”, “potential”, “may”,
“will”, “can”, “should”, “could”, “would”, and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: (i) the potential for
Goldrush/Fourmile and Turquoise Ridge to become Tier One Gold
Assets; and (ii) the potential for Barrick to become the most
valued gold mining business.
Forward-looking statements are prospective in
nature and are not based on historical facts, but rather on current
expectations and projections of the management of the company.
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 risks,
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: risks relating to the Barrick’s credit rating;
local and global political and economic conditions; Barrick’s
economic model and liquidity risks; fluctuations in the spot and
forward price of gold, copper, or certain other commodities (such
as silver, diesel fuel, natural gas, and electricity); financial
services risk; the risks associated with Barrick’s brand,
reputation and trust; environmental risks; safety and technology
risks; the ability to realize the anticipated benefits of the
merger with Randgold Resources or implementing the business plan
for Barrick following the merger, or difficulty in integrating the
business of Randgold with Barrick (including the retention of key
employees); changes in or enforcement of national and local
government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices,
expropriation or nationalization of property and political or
economic developments in Canada, the United States, the Democratic
Republic of Congo, Mali and other jurisdictions in which Barrick
now carries on business or in which Barrick may carry on business
in the future; lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with
the rule of law; legal or regulatory developments and changes; the
outcome of any litigation, arbitration or other dispute proceeding;
the impact of any acquisitions or similar transactions; competition
and market risks; the impact of foreign exchange rates; pricing
pressures; the possibility that future exploration results will not
be consistent with expectations; 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; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other
required infrastructure; and business continuity and crisis
management. Other unknown or unpredictable factors could cause
actual results to differ materially from those in the
forward-looking statements. Such forward-looking statements should
therefore be construed in the light of such factors.
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.
The company disclaims 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.
No statement in this announcement is intended as
a profit forecast, profit estimate or quantified financial benefits
statement.
Third Party Data
The total cash costs comparison of Barrick to
its senior gold peers is based on data obtained from Wood Mackenzie
as of August 31, 2018. Wood Mackenzie is an independent third-party
research and consultancy firm that provides data for, among others,
the metals and mining industry. Wood Mackenzie is not affiliated
with Barrick.
Where figures for Barrick are compared to its
senior gold peers, the data from Wood Mackenzie has been used to
ensure consistency in the compared measure across the Barrick and
the comparator group. Barrick does not have the ability to verify
the Wood Mackenzie figures and the non-GAAP financial performance
measures used by Wood Mackenzie may not correspond to the non-GAAP
financial performance measures calculated by Barrick or any of the
other senior gold peers.
Endnotes
- A Tier One Gold Asset is a mine with a stated life in excess of
10 years with 2017 production of at least 500,000 ounces of gold
and 2017 total cash cost per ounce within the bottom half of Wood
Mackenzie’s cost curve tools (excluding state-owned and
privately-owned mines). For purposes of determining Tier One Gold
Assets, “Total cash cost” per ounce is based on data from Wood
Mackenzie as of August 31, 2018. The Wood Mackenzie calculation of
“Total cash cost” per ounce may not be identical to the manner in
which Barrick calculates comparable measures. “Total cash cost” per
ounce is a non-GAAP financial performance measure with no
standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other issuers. “Total cash cost”
per ounce should not be considered by investors as an alternative
to operating profit, net profit attributable to shareholders, or to
other IFRS measures. Wood Mackenzie is an independent third-party
research and consultancy firm that provides data for, among others,
the metals and mining industry. Wood Mackenzie does not have any
affiliation to Barrick. See also Endnote #2.
- “Lowest total cash cost” is based on data from Wood Mackenzie
as of August 31, 2018. “Total cash cost” is a non-GAAP financial
performance measure with no standardized meaning under IFRS and
therefore may not be comparable to similar measures presented by
other issuers. Financial comparisons between the post-merger
Barrick and its senior gold peers are made on the basis of the data
presented by Wood Mackenzie which may not be calculated in the same
manner as Barrick calculates comparable measures. Barrick believes
that total cash cost is a useful indicator for investors and
management of a mining company’s performance as it provides an
indication of a company’s profitability and efficiency, the trends
in cash costs as the company’s operations mature, and a benchmark
of performance to allow for comparison against other companies.
This non-GAAP financial measure should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS.
- Senior gold peers means the following companies: Agnico Eagle
Mines Limited, Goldcorp Inc., Newcrest Mining Limited, and Newmont
Mining Corporation.
- “Largest reserves base” is based on data in the publicly filed
disclosure of each senior gold peer. In calculating their
respective reserves base, senior gold peers may make assumptions
different than those made by Barrick.
Grafico Azioni Barrick Gold (TSX:ABX)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Barrick Gold (TSX:ABX)
Storico
Da Apr 2023 a Apr 2024