Barrick’s Q1 highlight was agreement to restart copper-gold project

Toronto — Barrick Gold Corporation’s President and chief executive Mark Bristow said, Q1 was a softer quarter, particularly when compared to Q4 of 2021, which included a record-breaking performance from Nevada Gold Mines. With a stronger performance expected in the second half of the year, Barrick remains on track to meet its 2022 production guidance.

Highlights of the quarter included the framework agreement with Pakistan on restarting the Reko-Diq copper-gold project. Bristow is scheduled to meet the country’s new prime minister later this month to review progress.

Since agreement on the repatriation of revenue from Kibali was reached with the Democratic Republic of Congo (DRC) last year, Kibali has delivered $1.2 billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

Also significant was the progress made in securing a new tailings storage facility for the Pueblo Viejo project in the Dominican Republic. The project is designed to unlock approximately 9 million ounces of measured and indicated resources and convert them into additional proven and probable reserves, extending the mine’s life by more than 20 years.

“Barrick controls what are unquestionably the mining industry’s best gold assets as well as some substantial copper mines. Reko Diq is one of the largest undeveloped copper-gold porphyry deposits in the world, and if the conditions to closing are satisfied, it will be a very significant addition to this portfolio, even before it goes into production, by boosting reserves and resources as the updated feasibility study unfolds,” Bristow said.

“In addition to its size and quality, Barrick’s asset base is distinguished by our continued success in more than replacing the reserves depleted by mining through brownfields exploration. At the same time, we continue to hunt for new Tier One assets across our expanding global footprint. The past quarter again produced promising results from all regions, with significant new potential identified in Nevada, Argentina and Africa’s Loulo district.”

Bristow said the Company’s latest annual Sustainability Report highlights its integrated approach to ESG, based on its belief that the challenges of poverty, climate change and biodiversity are intertwined and should be addressed holistically. The report notes that last year Barrick spent $5.5 billion with host country suppliers, equating to 81% of its global procurement expenditure. Host country nationals accounted for 96% of its total workforce and 78% of its management, and the drive to employ more women is succeeding.

Some $850 million has been spent on or budgeted for renewable energy and greenhouse gas (GHG) emissions reduction projects. These are outlined in the report in an updated GHG emissions reduction roadmap leading to a Net Zero target by 2050. Barrick, for the first time, has disclosed its Scope 3 emissions and Scope 3 roadmap to engage and assist its suppliers with their GHG emissions reductions.

“Sustainability has long been an integral part of the way Barrick does business and our commitment to its effective management is key to our goal of building the world’s most valued gold and copper mining company,” Bristow said.