Barrick Gold delivers production targets
The 2020 year was one of delivery and development for Barrick. In the face of challenging issues across all regions, notably the Covid-19 pandemic, Barrick met its key performance indicators and at the same time made significant progress towards its key strategic objectives.
The company achieved its production guidance, delivered strong operating cash flow of $5.4 billion and set a new annual record of $3.4 billion for free cash flow, which has increased more than ninefold since the Merger was completed two years ago.
Barrick’s focus on Tier One and other strategic assets has unlocked material synergies and opportunities, as well as realizing the promised $1.5 billion from the sale of non-core interests. The Barrick-led establishment of the Nevada Gold Mines joint venture created the world’s largest gold mining complex under its operatorship and added a sixth Tier One mine to our portfolio in the form of the combined Turquoise Ridge and Twin Creeks operation.
In Tanzania, Barrick solved the Acacia problem and is now building a potential Tier One complex there. It established Lumwana as a profitable longlife copper mine in Zambia and in Canada it is well on its way to transforming the previously precarious Hemlo into a robust Tier Two operation.
Barrick Gold Corporation is a sector-leading gold and copper producer. In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick. Nevada Gold Mines is the world’s largest gold mining complex.
Barrick owns and operates six Tier One gold mines: Cortez, Carlin and Turquoise Ridge in Nevada,
Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo and Pueblo Viejo in the
It has gold and copper mines and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Barrick’s diversified portfolio spans the world’s most prolific gold districts and is focused on high-margin, longlife assets.
Kibali (DRC) is one of the largest gold mines in Africa. It consists of open pit and underground operations, as well as a 7.2Mtpa processing plant. First gold was poured in 2013 from open pit operations, while full underground commissioning was completed at the end of 2017.
Successful reserve growth in 2020 has extended the open pit mine life at the asset beyond 10 years. Kibali is one of of the most automated underground mines in the world.
2020 Production: 808koz
Loulo-Gounkoto Complex comprises the Yalea and Gara underground mines at Loulo, as well as the Gounkoto open pit. Production from Loulo started in 2005 as an open pit operation. Gounkoto, a greenfields discovery, poured first gold in 2011 with ore processed at Loulo. Development ore from the complex’s third underground mine, located at Gounkoto, is expected in the second quarter of 2021.
2020 Production1: 680koz