Commenting on the annual results here today, president and chief executive
'In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. Most significantly, we have sustained our industry-leading organic growth outlook and are still projecting a 30% increase in gold equivalent3 production by the end of this decade,' he said.
The 2023 financial results again demonstrated the ability of Barrick's peerless asset portfolio to create value, Bristow said. Operating cash flows increased year-on-year by 7% to
Barrick also maintained its record of substantial reserve growth, replacing 109% of its gold reserve depletion and 124% of copper depletion. Since 2019, the continuing success of its brownfields exploration programs has added almost 29 million ounces of attributable proven and probable gold reserves. On a 100% basis across all Barrick-managed properties, this represents an addition of 44 million reserve ounces.14
And importantly, just before the end of the year, Nevada's Cortez received the
In the
'If you revisit the strategy we published at the time of the merger five years ago, it's clear that we've met all the targets we set ourselves under the three main headings of asset quality, operational excellence and sustainable profitability. The mining industry is now entering a new era dominated by the demand for the so-called critical minerals and metals, often led by promoters rather than by responsible miners. To survive and grow in this new dynamic will need clear strategies and strong partnerships-both core to Barrick. That is why I believe we'll continue to demonstrate that our long-term vision differentiates us from our peers and sets us up to outperform them,' Bristow said.
Webinar and Conference Call
The webinar and presentation materials will be available on Barrick's website at www.barrick.com and the webinar will remain on the website for later viewing.
Best Assets
Group 2023 reserve depletion replacement: 109% gold, 124% copper, 112% gold equivalent ounces7
Since 2019, Barrick has added almost 29 million ounces of attributable proven and probable gold reserves (44 million ounces on a 100% basis across Barrick managed assets)14
Mining and processing operations resume at Porgera, with first gold production targeted in Q1 2024
Higher Q4 gold production delivers full year gold production of 4.05 million ounces1
Highest annual production for Cortez in last four years
Annual production at
Veladero delivers a strong full-year performance, beating production and cost guidance
Another strong quarter for copper production results in full year copper production of 420 million pounds1
Leader in Sustainability
Year-on-year improvement in LTIFR (21%) and TRIFR (12%)15
Exceeded water efficiency target (recycling and reuse) for the year
Annual reclamation and rehabilitation targets exceeded
Pueblo Viejo supports local communities following devastating 1-in-500-year tropical storm event
Reko Diq delivers on its commitment to responsible development of the mega-project, hitting its first-year
Delivering Value 7% increase in operating cash flow versus 2022 to
Free cash flow4 higher by 50% to
Increase in net earnings per share and adjusted net earnings per share5 to
Barrick Declares Q4 Dividend
Barrick today announced the declaration of a dividend of
The Q4 2023 dividend will be paid on
'The performance of our business and the continued strength of our balance sheet allowed us to maintain the distribution of a robust dividend to our shareholders in 2023, whilst still ensuring Barrick has adequate liquidity to invest in our significant growth projects,' said senior executive vice-president and chief financial officer
Barrick Announces New Share Buyback Program
Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.
Barrick's Board of Directors has authorized a new program for the repurchase of up to
Under the program, repurchases can be made from time to time through published markets in
Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.
The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
Meeting Two Needs With One Deed
Barrick's holistic and integrated approach to sustainability management is underpinned by the knowledge that sustainability aspects are interconnected and that the challenges of fighting poverty, climate change and biodiversity loss are deeply connected and we have no option but to tackle them together.
This approach is not only based on science, but links to the objectives of the
Beringer says that Barrick achieved and exceeded its reclamation target in 2023 with 985ha of disturbed land being rehabilitated. 'This achievement highlights the importance of developing 5-year reclamation plans for each site, focusing on rehabilitating mines while they are still operational and reducing our closure liabilities,' he says.
At Buzwagi, a feasibility study commissioned in 2021 showed that the creation of a
Additionally, Barrick has invested
Addressing the potable water needs for communities near North Mara is another example of how Barrick's approach to sustainability can meet more than one need at once. Barrick invested
'Mining, if done well, is a powerful force for good in the global drive for social and economic development. North Mara now has a total of 172 local and regional suppliers, representing a 200% increase from 58 suppliers in 2019. This is in addition to our ongoing investment in schools and education in
On the environmental front, Beringer says Barrick is developing a bespoke biodiversity impact measurement tool that will standardize biodiversity metrics and track progress against each site's stated biodiversity action plans (BAPs). The tool is expected to be completed by Q2 and will be piloted at five sites before the end of the year. 'Every BAP includes a social dimension to ensure communities also benefit from our biodiversity projects, such as the expected increase in eco-tourism to the
Veladero: Back from the Brink and Going Strong
At the time of the merger in 2019 the Veladero gold mine in
Following the merger, Barrick set out to revitalize Veladero by reinterpreting its geology, comprehensively reviewing its business plan and adopting the Barrick approach to partnering with communities and authorities.
Execution of the revival strategy required disciplined execution by the new leadership team, agile, business-orientated decision-making and tackling the in-country issues head-on. It also called for the rightsizing of the cost base, which meant deferring some projects.
The consequent performance improvement in 2023 was supported by the Libertadores powerline's first full year of operation. The line supplies renewable power from neighbouring
The previously deferred Phase 7B of the leach pad will now be completed this year and planning has started for Phase 8. These will support the foundation for another year of delivery in 2024 and extend the mine's life by two to 10 years at an annual average production rate of approximately 400,000 ounces.
'We are optimistic that the new administration intends to promote mining investment with a stable regulatory and economic framework. We will continue to work closely with both federal and local governments, employing the Barrick partnership model that has served us so well in other jurisdictions,' he says.
Goldrush ROD In Hand, Cortez is Poised for Growth
Cortez received the long-anticipated Record of Decision (ROD) for the Goldrush project on 8 December and immediately started work on the surface infrastructure accesses. The mine can now complete the construction of the first ventilation raise, alleviating current ventilation constraints and allowing the expansion of the mining and development areas.
The upgrade to power supply and surface infrastructure, and development and installation of the surface dewatering infrastructure can now also commence.
Goldrush Underground is forecast to produce approximately 130,000 ounces of gold this year, reaching commercial production in 2026 and growing to approximately 400,000 ounces by 2028.16 The mine is anticipated to create 500 jobs during the construction and 570 jobs during operations.
'Our teams worked tirelessly to show the many benefits of the Goldrush project to all the stakeholders through numerous community and government engagements, including several mine tours. We hosted two tours specifically for
'NGM is the largest economic driver in
Richardson said the permitting experience NGM has gained through Cortez will help drive its next growth projects at Robertson and Fourmile. Robertson already makes a major contribution to Cortez's reserve base and has the potential for continued growth through near-mine extensions. The Barrick-owned Fourmile is the highest-grade undeveloped gold deposit in
Investing in Diversity Pays Off for Barrick
Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to a changing world. Its diverse workforce is the product of Barrick's strategy of local employment and stakeholder recognition in the countries in which it operates: 96% of its workforce are host country or community hires, as are 78% of its management.
This is achieved through a variety of career and development opportunities through promotions, secondments, employee exchange programs, on-the-job training and leadership programs.
At the same time, it acknowledges and encourages the important role women should be playing in this traditionally male-dominated business. 'There's a strong commercial as well as a moral motivation to make gender diversity part of our human resource strategy. The communities in which we operate include large numbers of capable and committed women who just need an opportunity to show what they can contribute,' says
In the
Additionally, Pueblo Viejo's Apprentices and Job Ready Programs which provides training in diesel technology, electricity and instrumentation, industrial maintenance, mechanical maintenance and welding, saw 194 participants graduate with 85% of these sourced from the local community and 76% were women. As a result of the program, 84% of the graduates were hired in permanent roles, of which 78% were women.
In
'We want to have the right skills in the right jobs, but we also want to make sure that we have an appropriately diverse workforce, and that by investing in the local community, in particular women, we are building a new generation workforce to take Barrick into the future,' says Rich.
A year of accolades
Barrick's commitment to gender equality and world-class employment practices was acknowledged globally in 2023 through the following awards:
The prestigious Igualando Republica Dominicana Stamp for Gender Equality Practices (Platinum Level) - for achieving the Gold Level for three consecutive years. This award is organized by the
Tongon was recognized as the Best Local Job-creating Company in the Poro region by Agence Emploi Journes.
North Mara received the Employer of the Year Award from the
Barrick Tanzania was named the Top Employer in
Ma'aden
How Barrick Turned a Struggling Lumwana Into an Asset With World-Class Potential
Since Barrick refocused its strategy in 2019, the once struggling Lumwana mine has been restructured and re-engineered into a significant potential contributor to Barrick's expanding copper portfolio.
For nearly a decade, Lumwana showed poor production performance and efficiencies, with rising costs causing record losses and ultimately impairments. The mine was left financially unsustainable following years of high-grade mining and lack of reinvestment.
Today, plant throughput has increased 23% to close to a record 27 million tonnes per annum in 2023 while mining has increased by 53% and will continue to grow as the mine ramps up in preparation for the
The development of the
Since 2019, Barrick has contributed almost
Local procurement of
In line with the Company's partnership philosophy, Barrick's REDD+ initiative will uplift communities through conservation of the natural forest surrounding the mine. Resources have already been allocated and engagement with the communities is underway.
Passing of
It was with great sadness that the Board announced the passing of
He was also a member of Barrick's
Barrick Chairman
'Gustavo was an irreplaceable source of wisdom, judgment and insight for decades. He had an uncanny ability to get right to the core of the matter, to see around corners and to give sound, practical, forward leaning advice when one most needed it. His generous and entrepreneurial spirit and his personal and professional integrity will be missed by all of us. Our deepest sympathies, thoughts and prayers are with his wife,
Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024
Following the formal completion of the Porgera Project Commencement Agreement in December, work started on the recommissioning of the Porgera gold mine in
Barrick president and chief executive
Operated by Barrick through
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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', 'strategy', 'target', 'plan', 'focus', 'scheduled', 'commitment' 'opportunities', 'foundation', 'guidance', 'project', 'expand', 'invest', 'continue', 'progress', 'develop', 'on track', 'estimate', 'growth', 'potential', 'future', 'extend', 'will', 'could', 'would', 'should', 'may' 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; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates, including annual production expectations from Pueblo Viejo, Goldrush and Lumwana and anticipated production growth from Barrick's organic project pipeline and reserve replacement; Barrick's global exploration strategy and planned exploration activities; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; Barrick's copper strategy; our plans and expected completion and benefits of our growth projects; potential mineralization and metal or mineral recoveries; targeted first production for the Reko Diq project; the resumption of operations at the Porgera mine and expected restart of mining and processing in the first quarter of 2024; our pipeline of high confidence projects at or near existing operations, including Fourmile and Robertson; the potential to extend Veladero's life of mine through the Phase 7B and Phase 8 leach pad projects; Barrick's partnership with the Government of
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; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in
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
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