All amounts expressed in US dollars unless specified otherwise
Bristow said the clean energy transition is creating an unprecedented demand for metals and minerals but the market’s demand for instant gratification is driving M&A, which is not always conducive to investment in sustainable projects but rather the delivery of short-term returns. These growth projects are vital, not only for the resources needed for cleaner energy but for the development of emerging economies, Bristow said.
“Mining is a long game and it requires long-term vision and investment.” He also noted that Barrick owns and operates six of the world’s Tier One gold mines2 and is poised to expand this best-in-class asset portfolio through continuing reserve replacement and the potential for new world-class discoveries being pursued across many of the world’s most prolific gold belts.
“In 2019 our strategy for the new Barrick included a mandate to grow our copper business which we recognized as strategically important at that relatively early stage. Once fully ramped up, Reko Diq and Lumwana will rank as two of the world’s top 20 copper mines by annual production sustained over significant multi-decade mine lives.3 If the forecasts of a copper shortage are even partly correct, this will give us a significant additional upside,” he said.
“We not only have a sustainable, fully budgeted 10-year base plan, we also have a growth plan that sees us increase production by 30% by the end of the decade, which I believe is unique in our industry,” he said.
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The scientific and technical information contained in this press release has been reviewed and approved by
Unless otherwise noted, such mineral reserve and mineral resource estimates are as of
1. Outlook Assumptions
|Gold Price ($/oz)||1,900||1,300||1,300|
|Copper Price ($/lb)||3.50||3.00||3.00|
|Oil Price (WTI) ($/barrel)||90||70||70|
|AUD Exchange Rate (AUD:USD)||0.75||0.75||0.75|
|ARS Exchange Rate (USD:ARS)||230||230||230|
|CAD Exchange Rate (USD:CAD)||1.30||1.30||1.30|
|CLP Exchange Rate (USD:CLP)||800||900||900|
|EUR Exchange Rate (EUR:USD)||1.10||1.20||1.20|
- Barrick’s five-year indicative base case outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. Our outlook is based on our current reserves and resources as disclosed in our Q4 2022 report 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 group gold and copper segments, and where applicable for a specific region, our 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 pre-stripping prior to first ore production in 2027.
- Production from the proposed Pueblo Viejo plant expansion and tailings facility project starting in 2023.
- Tongon will enter care and maintenance by 2026.
- Production attributable to Porgera is based on the assumption that the mine’s current care and maintenance status will be temporary, and that the suspension of operations will not have a significant impact on Barrick’s future production.
- Our five-year indicative base case outlook excludes:
- Production from Fourmile.
- Production from Pierina and Golden Sunlight, which are currently in care and maintenance.
- Production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto or Alturas.
- Barrick’s ten-year base case production profile is subject to change and are based on the same assumptions as the current five-year outlook detailed above, except that the next five years of the ten-year outlook assume attributable production from exploration and mineral resource management projects in execution at
Nevada Gold Minesand Hemlo.
- Barrick’s five-year and ten-year production profile also assumes the re-start of Porgera, as well as an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the
Lumwana Super Pitexpansion, both of which are conceptual in nature.
2. A Tier One Gold Asset is an asset with a
3. Indicative copper production profile from the
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 “project”, “growth”, “expand”, “plan”, “outlook”, “potential”, “upside”, “future”, “ongoing”, “expected”, “scheduled”, “will”, “can”, “could”, 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, including estimated production for Reko Diq, and the
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
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
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.
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