Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Barrick Gold Corporation
  6. News
  7. Summary
    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-09-23 pm EDT
19.66 CAD   -3.34%
09/23Barrick Gold on Track for Lowest Close Since June 2019 -- Data Talk
DJ
09/23Skeena Resources Closes $34.5 Million Bought Deal Offering of Common Shares
MT
09/23Kin Mining Appoints New Exploration Manager for Western Australia's Cardinia Project
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Barrick Gold : Q2 Results Presentation

08/08/2022 | 10:35am EDT

Results for Q2 2022 …

Cautionary Statement on Forward-looking Information

Certain information contained or incorporated by reference in this presentation, 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", "opportunities", "guidance", "outlook", "on track", "project", "goal", "continue", "additional", "expanding", "budget", "estimate", "potential", "prospective", "future", "focus", "during", "ongoing", "expected", "scheduled", "will", "can", "could", and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick's focus on Tier One Assets and its potential for growth while delivering sustainable returns; Barrick's forward-looking production guidance; estimates of future costs and projected future cash flows, capital, operating and exploration expenditures and mine life and production rates; Barrick's pipeline of large growth projects; our plans and expected completion and benefits of our growth projects, including Goldrush, the Turquoise Ridge Third Shaft, Pueblo Viejo plant expansion and mine life extension project, and Veladero Phase 7 leach pad and power transmission projects; the ability of the North Mara and Bulyanhulu mines to achieve Tier One status as a combined complex; the timeline and process for the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; the planned updating of the historical Reko Diq feasibility study; the future construction, development and operation of the Reko Diq project; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including greenhouse gas emissions reduction targets, tailings storage facility management (including the new Tailings Storage Facility at Pueblo Viejo), biodiversity and associated initiatives; Barrick's global exploration strategy and planned exploration activities, including in new prospective territories in North America, Latin America, Africa and the Middle East, and Asia Pacific Regions;; our pipeline of high confidence projects at or near existing operations; ; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and to replace reserves depleted by mining; the share buyback program and performance dividend policy; joint ventures and partnerships; and expectations regarding future price assumptions, financial performance 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 presentation 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 presentation 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 ("VAT") refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States 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 approvals; non-renewal of or failure to obtain key licenses by governmental authorities, including the new special mining lease for Porgera; failure to comply with environmental and health and safety laws and regulations; 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; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; 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; 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; 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 caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; 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 being 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. 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 presentation 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 presentation.

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.

2

Group KPIs…

Best Assets:

Stronger Q2 performance across the portfolio keeps Barrick on track to achieve 2022 production targets

Goldrush Notice of Availability published in Federal Register starting the public comment period

Significant progress made with Pueblo Viejo expansion project and additional tailings storage facility

Copper portfolio delivers with growing prospectivity

Continued focus on brownfields and greenfields exploration, driven by energized new leadership, delivers results

Leader in Sustainability:

Launched a sustainability-linked credit facility

Progress made with newly developed Scope 3 emissions reduction roadmap

North Mara receives the award for the best community health outreach program in Tanzania Public hearings completed for Pueblo Viejo's new tailings storage facility

Year-on-year improvement in water reuse and recycling

Seamless leadership succession underpins Barrick's management bench strength

Delivering Value:

Operating Cash Flow of $924 million and Free Cash Flow of $169 million1 for the quarter

Net earnings per share of $0.27 and adjusted net earnings per share of $0.242 for the quarter Remaining surplus cash balance repatriated from Kibali

Net cash of $636 million3 supports a $0.20 per share dividend for Q2 2022

~$182 million of shares repurchased in Q2 under $1 billion buyback programi

i Includes $9 million that settled in July 2022

3

Group operating results…

Stronger Q2 performance across the portfolio, particularly at Carlin, Turquoise Ridge, Veladero, Bulyanhulu, North Mara and Lumwana

On track to achieve gold and copper production guidance for 2022

H2 gold production expected to increase driven by Cortez, Carlin, Turquoise Ridge, Kibali and Tongon

Slightly higher copper production expected in the second half of 2022

Costs for 2022 expected to be at either the top end or above our guidance ranges due to impact of higher energy prices but lower in H2 compared to H1

Project development delays expected at Pueblo Viejo and Goldrush

Gold operating results

Attributable production (koz) Cost of sales ($/oz)4

Total cash costs ($/oz)5 AISC ($/oz)5

Copper operating results

Attributable production (mlbs) Cost of sales ($/lb)4

C1 cash costs ($/lb)6 AISC ($/lb)6

Q2 2022 Q1 2022 Q2 2021 H1 2022

1,043 990 1,041 2,033

1,216 1,190 1,107 1,203

855 832 729 844

1,212 1,164 1,087 1,188

Q2 2022 Q1 2022 Q2 2021 H1 2022

120

101

96

221

2.11

2.21

2.43

2.16

1.70

1.81

1.83

1.75

2.87

2.85

2.74

2.86

4

Group financial results…

Financial Results

Q2 2022 Q1 2022 Q2 2021 H1 2022

Strong operating results and balance sheet supports $0.20/share dividend

$0.10 for the base dividend

$0.10 for the performance dividend

Strong operating cash flow of $924 million and free cash flow1 of $169 million

Solid net cash position of $636 million

Remaining surplus cash repatriated from Kibali

Sustainability-linked metrics incorporated into our undrawn credit facility

~$182 million of shares repurchased under our

Revenue ($ million) Net earnings ($ million)

Adjusted net earnings ($ million)2 Adjusted EBITDA7

Net cash provided by operating activities ($ million)

Free cash flow ($ million)1 Net earnings per share ($)

Adjusted net earnings per share ($)2

Total attributable capital expenditures ($ million)8

2,859

2,853

2,893

5,712

488

438

411

926

419

463

513

882

1,527

1,645

1,719

3,172

924

1,004

639

1,928

169

393

(19)

562

0.27

0.25

0.23

0.52

0.24

0.26

0.29

0.50

587

478

518

1,065

$1 billion buyback programii

Cash and equivalents ($ million)

5,780

5,887

5,138

5,780

Debt, net of cash ($ million)

(636)

(743)

14

(636)

0.20

Dividend per sharei ($)

0.20

0.09

0.40

  1. Dividend per share declared in respect of the stated period ii Includes $9 million that settled in July 2022

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Barrick Gold Corporation published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 14:34:03 UTC.


© Publicnow 2022
All news about BARRICK GOLD CORPORATION
09/23Barrick Gold on Track for Lowest Close Since June 2019 -- Data Talk
DJ
09/23Skeena Resources Closes $34.5 Million Bought Deal Offering of Common Shares
MT
09/23Kin Mining Appoints New Exploration Manager for Western Australia's Cardinia Project
MT
09/22BARRICK GOLD BRIEF : Bristow Was Speaking During a Visit By a Group of Equity Analysts and..
MT
09/22BARRICK GOLD BRIEF : Since Formation of JV 3 Yrs Ago, Nevada Gold Mines Has Unlocked "Sign..
MT
09/22Investment in Future Secures NGM's Status as Industry Leader
AQ
09/21RBC Capital Markets Says Barrick Failed To Find Right M&A Opportunity In Canada Over Pa..
MT
09/20NuLegacy Gold Says Suspended Drilling Program Near Barrick Gold Mines
MT
09/20Gold Closes With a Loss as the Dollar and Bond Yields Rise Ahead of Higher US Interest ..
MT
09/20December Gold Contract Closes Down US$7.10; Settles at US$1,671.10 per Ounce
MT
More news
Analyst Recommendations on BARRICK GOLD CORPORATION
More recommendations
Financials (USD)
Sales 2022 11 757 M - -
Net income 2022 1 673 M - -
Net cash 2022 417 M - -
P/E ratio 2022 13,9x
Yield 2022 4,69%
Capitalization 25 608 M 25 608 M -
EV / Sales 2022 2,14x
EV / Sales 2023 2,07x
Nbr of Employees 17 500
Free-Float 99,4%
Chart BARRICK GOLD CORPORATION
Duration : Period :
Barrick Gold Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BARRICK GOLD CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 14,49 $
Average target price 22,44 $
Spread / Average Target 54,9%
EPS Revisions
Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BARRICK GOLD CORPORATION-18.25%25 608
NEWMONT CORPORATION-33.49%32 739
POLYUS-35.94%19 716
AGNICO EAGLE MINES LIMITED-26.48%17 775
WHEATON PRECIOUS METALS CORP.-24.78%13 595
NEWCREST MINING LIMITED0.00%9 762