Future-Focused Barrick sets sights on 30% production growth by 2030
Toronto – Having laid the foundation to build the world’s most valued gold and copper company, Barrick Gold Corporation is now advancing its portfolio of growth projects to support a planned 30% growth in gold equivalent ounces by the end of the decade1, says chairman John Thornton.
Thornton said that despite a challenging operating environment, Barrick delivered on the goals it set for 2024, meeting its gold and copper production guidance and maintaining its unmatched record of reserve replacement while adding substantially to its resource base.
“We improved our financial performance, despite higher costs, with an increase in net earnings of 69% — the highest in a decade — operating cash flow growth of 20%, and a doubling of free cash flow2 relative to 2023,” he says.
“At the same time, we developed our portfolio to achieve sustainable production and profitable growth. We continued to ramp up Pueblo Viejo, started prefeasibility work at Fourmile, and restarted the Porgera mining operation. We completed feasibility studies for Reko Diq, one of the world’s largest undeveloped copper-gold deposits, and the Lumwana Expansion project, which will become one of the world’s largest copper mines. Both projects will support our goal to organically grow our production volumes, particularly in copper, and as such we are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation, to reflect the company’s changing production profile.”
Thornton noted that despite rising metal prices, mining equities have underperformed, with Barrick no exception. “We viewed our equity as undervalued and consequently repurchased $498 million of shares in 2024 and we will continue to pursue share buybacks whenever we believe our shares are trading below their intrinsic value.”
“We have an industry-leading balance sheet, substantial liquidity and a global portfolio of Tier One assets.3 These qualities, along with our fully funded pipeline of organic growth projects, put us on track to grow the company and increase per-share returns over the long term,” he says.
Also in the Information Circular, lead director Brett Harvey says that board renewal remained a priority in 2024, enhancing Barrick’s global business expertise to achieve representation that reflects the people and regions integral to its operations.
“During the year, we conducted a rigorous and structured selection process to identify potential board candidates, and we’re pleased to nominate Ben van Beurden and Pekka Vauramo for election at this year’s Annual and Special Meeting. At the same time, we would like to express our heartfelt gratitude to Christopher Coleman and Andy Quinn, who will retire from the Board,” says Harvey.
The Board also appointed new chairs for its key committees: Isela Costantini for the Compensation Committee; Loreta Silva for the Audit & Risk Committee; and Brian Greenspun for the Environmental, Social, Governance & Nominating Committees.
