Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) dealt with ongoing
challenges and made significant progress on many fronts in the
third quarter of the year to keep its annual production and cost
guidance within reach on the back of the strong performance
anticipated in Q4.
Gold production was in line with that of the previous quarter
while copper production was up 12% quarter on quarter. The Company
said it was on track for a materially improved Q4, driven by the
continuing ramp-up of the Pueblo Viejo plant expansion, increased
throughput at Nevada Gold Mines and higher grades at Kibali.
Improved margins across the gold operations reflected the higher
gold price and cost discipline. Net earnings per share rose by 33%
year on year, operating cash flow totaled $1.18 billion and free
cash flow1 of $444 million was up 31% quarter on quarter. Debt net
of cash was reduced by 27% quarter on quarter. An unchanged
quarterly dividend of 10 cents per share was declared and
shareholder returns were enhanced by a further share buyback of $95
million in Q3.
President and chief executive Mark Bristow said the Company was
again planning to replace mineral reserves net of depletion in 2024
by a significant margin, driven by the contributions from the Reko
Diq copper-gold project and the Lumwana Super Pit expansion
project. The feasibility studies for both projects are on track for
completion by the year-end. Long lead items are being ordered and
key project team members are being recruited.
“The Fourmile project in Nevada continues to show exciting value
potential, and significant new satellite orebody opportunities have
been highlighted at Loulo and Kibali. In addition, our exploration
teams are working on very promising new prospects across our
portfolio,” he said.
Barrick is continuing to invest in its leadership and employee
skills development, expanding its bench strength across all three
regions.
Bristow noted that over the last five years the Company had
reduced its closure liabilities by more than $1 billion through the
continuous review and optimization of closure projects. In
addition, in 2023 two Tailings Storage Facilities (“TSF”) conformed
to the Safe Closure requirements as per the Global Industry
Standard on Tailings Management (“GISTM”) with a further five
expected to conform by the end of this year.
Q3 2024 Results Presentation
Mark Bristow will host a live presentation of the results today
at 11:00 AM ET, with an interactive webinar linked to a conference
call. Participants will be able to ask questions.
Go to the webinarUS/Canada (toll-free), 1 844 763 8274UK (toll),
+44 20 3795 9972International (toll), +1 647 484 8814
The Q3 presentation materials will be available on Barrick’s
website at www.barrick.com and the webinar will remain on the
website for later viewing.
Investor Day 2024
Please join us for Barrick’s Investor Day on Friday, November
22, 2024. The event begins at 9:00 AM ET and will include
presentations by members of the Barrick Executive Team covering
Exploration, Mineral Resource Management, Operations, Growth
Projects, Finance & Supply Chain and Sustainability. Register
now for the webinar.
Financial and Operating
Highlights
Financial Results |
Q3 2024 |
Q2 2024 |
Q3 2023 |
Realized gold
price2,3
($ per ounce) |
2,494 |
2,344 |
1,928 |
Realized copper
price2,3
($ per pound) |
4.27 |
4.53 |
3.78 |
Net earnings4
($ millions) |
483 |
370 |
368 |
Adjusted net earnings5
($ millions) |
529 |
557 |
418 |
Attributable EBITDA6($
millions) |
1,292 |
1,289 |
1,071 |
Net cash provided by operating
activities ($ millions) |
1,180 |
1,159 |
1,127 |
Free cash
flow1
($ millions) |
444 |
340 |
359 |
Net earnings per share
($) |
0.28 |
0.21 |
0.21 |
Adjusted net earnings per
share5 ($) |
0.30 |
0.32 |
0.24 |
Attributable capital expenditures7,8 ($ millions) |
583 |
694 |
589 |
Operating Results |
Q3 2024 |
Q2 2024 |
Q3 2023 |
Gold |
|
|
|
Production2
(thousands of ounces) |
943 |
948 |
1,039 |
Cost of sales
(Barrick’s share)9,2 ($ per ounce) |
1,472 |
1,441 |
1,277 |
Total cash
costs2,10
($ per ounce) |
1,104 |
1,059 |
912 |
All-in
sustaining costs2,10
($ per ounce) |
1,507 |
1,498 |
1,255 |
Copper |
|
|
|
Production2,11
(thousands of tonnes) |
48 |
43 |
51 |
Cost of sales (Barrick’s
share)12,2 ($ per pound) |
3.23 |
3.05 |
2.68 |
C1 cash
costs2,13
($ per pound) |
2.49 |
2.18 |
2.05 |
All-in
sustaining
costs2,13
($ per pound) |
3.57 |
3.67 |
3.23 |
Financial Position |
As at 9/30/24 |
As at 6/30/24 |
As at 9/30/23 |
Debt (current and long-term) ($ millions) |
4,725 |
4,724 |
4,775 |
Cash and equivalents($
millions) |
4,225 |
4,036 |
4,261 |
Debt,
net of cash ($ millions) |
500 |
688 |
514 |
Key Performance Indicators
Best Assets
- Higher margins14 across gold
operations on back of higher gold price and stable unit costs
- Pueblo Viejo increases quarterly
production and lowers unit costs as part of ongoing plant ramp-up
and stabilization
- Another strong quarter from
Loulo-Gounkoto with full-year production expected to be at the top
end of guidance
- Successful completion and
commissioning of Phase 2 of Gold Quarry roaster expansion sets
Carlin and Cortez up for strong delivery in Q4
- Turquoise Ridge continues to
progress underground mining ramp-up
- 2024 copper production on track for
midpoint of guidance range
- Reko Diq and Lumwana feasibility
studies on track for year end completion; ordering of long-lead
items commenced
- Drilling at Fourmile completes 24
holes with additional 11 underway, continuing to support
substantial growth in Fourmile orebody
- Renewed discipline and focus on
quality confirms exciting exploration targets with Tier One15
potential around existing operations and on early-stage
projects
Leader in Sustainability
- Year-on-year improvement in the
TRIFR16 and LTIFR16, regrettably marred by a fatality at
Kibali
- Concurrent rehabilitation ahead of
plan across the group, with five TSFs to be recommended for Safe
Closure by year-end
- Reko Diq and Lumwana ESIAs completed
and submitted to relevant authorities
- Barrick Academy on track to have
trained over 2,700 managers in Africa & Middle East region by
2025
- In Balochistan, new vocational
programs launched to support the development of local
employees
Delivering Value
- Q3 operating cash flow of $1.18
billion and free cash flow1 up 31% quarter-on-quarter to $444
million
- Net earnings per share of $0.28 and
adjusted net earnings per share5 of $0.30 for the quarter
- Debt, net of cash reduced by 27%
quarter-on-quarter
- Continuation of share buybacks
deliver enhanced returns to shareholders
- $0.10 per share dividend
declared
Barrick Declares Q3 Dividend and Buys Back Additional
Shares
Barrick today announced the declaration of a dividend of
$0.10 per share for the third quarter of 2024. The dividend is
consistent with the Company’s Performance Dividend Policy announced
at the start of 2022.
The Q3 2024 dividend will be paid on December 16, 2024 to
shareholders of record at the close of business on November 29,
2024.
Barrick also repurchased an additional 4.725 million shares
during the third quarter under the $1 billion share buyback program
that was announced in February 2024, bringing the total repurchases
during the year to 7.675 million shares.
“The continued strength of our balance sheet, bolstered by
record high gold prices and our world class gold and copper asset
base, allows us to distribute a robust quarterly dividend whilst
maintaining ample liquidity to invest in the growth of our business
and to repurchase additional stock at a compelling valuation,” said
senior executive vice-president and chief financial officer Graham
Shuttleworth.
After Challenging Start, Pueblo Viejo Expansion Starts
Delivering the Goods
Pueblo Viejo’s ambitious expansion and upgrade project —
designed to extend the Barrick-operated Tier One mine’s life to
beyond 2040 with an average annual gold production of 800,000
ounces17 (100% basis) — is
getting up to speed with a 23% quarter-on-quarter increase in
production in Q3. It also improved its throughput for the fourth
consecutive quarter.
This performance is a tribute to the management team who, with
executive support, had to overcome a series of major equipment
failures during the commissioning and ramp-up phases. These
included the collapse of the new stockpile feed conveyor structure,
which necessitated its re-engineering and re-establishment in a
complex operating environment, as well as the redesign and
replacement of the flotation circuit gearboxes.
The mine expects to achieve an 80% recovery rate by year-end,
rising to 85% in 2025, and is targeting a 90% recovery rate by
2027. This will be supported by installation and commissioning of a
new closed circuit classification step and grinding
thickener-capacity increase. Also on the short-term to-do list are
bringing the deslime cyclones and staged reagent dosing to full
operation which will increase the efficiency of the flotation
operations by reducing the fines and increasing capacity of the
carbon in leach launders to improve carbon containment at higher
throughput.
In the meantime, work on the new tailings facility is
progressing with the completion of the environmental study.
Resettlement work is also advancing with several hundred of the 700
all-amenity new homes required already built or under construction.
The full relocation is expected to be completed by 2025.
Exploration Set to Deliver Another Year of Reserve
Replacement as Well as New High-Potential Targets
Barrick’s brownfields and greenfields exploration teams
are having a good year with exciting drilling results from around
its orebodies pointing to the company retaining its record of
reserve replacement and new targets, with Tier One potential,
emerging elsewhere within its global portfolio.
Nevada continues to develop orebody and greenfields
opportunities, with a strong focus on the Cortez complex, with
drilling at the Swift target, and at the Fourmile project, where an
exciting hole two kilometers north of Dorothy has intersected a
broad zone of Carlin-style alteration. Framework drilling of a
large anomalous altered target along strike from the Gold Quarry
mine in the Carlin Trend will be completed this year. Elsewhere in
the western USA, targets are being developed throughout
consolidated positions in multiple prospective terrains, while in
Canada, fieldwork on three separate projects has identified
multiple targets with anomalous alteration and geochemistry for
follow-up work.
The Latin America & Asia Pacific region has made enormous
progress in rationalizing its legacy portfolio and the focus is now
on target delineation, moving prospects up the resource triangle.
Several drill-ready targets have been identified in the Pueblo
Viejo and Veladero districts as well as in Barrick’s portfolio in
Peru. In Pakistan, the exploration team on-site at Reko Diq is
raking in opportunities for an updated resource triangle by the end
of this year. Early indications are that the mining lease area
holds a resource potential far beyond what is currently
envisaged.
In the Africa & Middle East region, the Baboto complex
system within the Loulo Lease is showing the potential for a major
discovery with the mineralization expanding in multiple directions
and exhibiting similarities in style and control to Yalea. A
detailed model update will drive an aggressive assessment of the
potential in Q1 next year. A full Loulo district geological model —
including Bambadji/Dalema across the river in Senegal — will also
be updated by the end of the year to produce a new resource
triangle for the next generation of major discoveries. At Kibali,
the ARK corridor is showing the potential to deliver a high-grade,
multi-million-ounce satellite complex less than four kilometres
from the processing plant. At the same time, new large-scale
grassroots targets are emerging within the Kibali basin,
complementing early-stage potential along the KZ trend.
In Tanzania, the update of the Gokona-Gena model is being
applied across the entire 20-kilometer corridor to generate and
prioritize high-impact targets, while geochemical drilling on the
Bulyanhulu Inlier has intersected multiple gold and copper
anomalies. Follow-up drilling to rank these for aggressive testing
is underway.
Nevada Gold Mines Focused on Flexibility, Reliability
and Efficiency
New rolling plans and investment in contractors to
enhance underground development inventory at Nevada Gold Mines
(“NGM”) are keeping development faces ahead of operational stopes,
increasing the flexibility the mines need to increase the overall
processed grade and subsequently ounce production.
Over the past 12 months, this new approach, known as Stope Line
Ready – Developed Reserves, has increased the amount of accessible
ore developed and ready for production by 19% for longhole stopes
and 33% for drift and fill areas. This is equivalent to raising
developed capacity from three to four months at current mining
volumes. It has the added benefit of maximizing consistency of plan
execution, reducing the need to replan the mine to cover
shortfalls.
NGM is also making substantial investments in replacing and
upgrading equipment and infrastructure which, while in the short
term will be reflected in its costs, will effectively recapitalize
the complex for the next 10 to 15 years. This follows years of
underinvestment prior to the formation of the joint venture. Since
its formation, the joint venture has extended the life of mine for
the complex by more than ten years and this reinvestment period
will ensure the equipment and infrastructure deliver world-class
performance for this extended life.
Investments in the open pits include 63 new Komatsu trucks, of
which 47 have been purchased and delivered to increase the average
payload per truck by approximately 15% and availability by 7%-25%,
while significantly lowering maintenance spend. During the quarter
at Carlin, open pit optimization work was also conducted, and
several pieces of equipment are being parked with the impacted
workforce being offered new assignments throughout NGM where the
need exists and to reduce higher-cost contractors supplementing our
workforce.
Investment continued in our process facilities with the
completion of the Gold Quarry roaster expansion project to increase
throughput by 20% combined with process improvements at the
Goldstrike roaster. These facilities are now back to
industry-leading reliability and operational performance. At the
Turquoise Ridge Sage autoclave, significant process equipment
upgrades were completed during the quarter, increasing its
reliability and performance. We expect to continue these
investments over the next couple of years with planned investments
in underground equipment and infrastructure, process
infrastructure, and notably, automation technology. As these
investments pay dividends and we return to our natural sustaining
capital run rate, unit costs are projected to taper off and margins
will significantly improve.
The Barrick Academy Rolls Out to Nevada
Based on the success of the Barrick Academy at the now
closed and repurposed Buzwagi mine in Tanzania, the Academy concept
will be rolled out to NGM and incorporated into its existing
training mine, which was established in 2022 to equip new hires to
work safely and efficiently.
Based on the success of the Barrick Academy at the now closed
and repurposed Buzwagi mine in Tanzania, the Academy concept will
be rolled out to NGM and incorporated into its existing training
mine, which was established in 2022 to equip new hires to work
safely and efficiently. The launch date is set for 2025 and more
than 700 frontline supervisors, general supervisors and
superintendents are expected to complete the training that
year.
Opened in March, the Buzwagi Barrick Academy offers a program
called the Foundations for Leadership and Management. Aimed at
frontline staff, this four-day, 40-hour program features 16
interactive modules and is designed to enhance leadership skills,
team collaboration and productivity improvement. So far 1,137
participants have completed the course with more than double that
number expected to be trained over the next 24 months.
Courses at the enlarged Academy will be extended to include
Barrick’s contractors and the curriculum expanded to cover more
disciplines, such as financial leadership, advanced computer
literacy and safety. This is being done to ensure a uniform
standard of training quality across the group.
“Barrick has the industry’s best assets and the best people that
we need to fully develop to maximize their value. The expansion of
the Barrick Academy underlines our dedication to investing in the
professional growth of our workplace,” says Mark Bristow.
Realizing Long-Term Value Through Sustainable Mine
Closure
As reclamation costs and liabilities are projected to
grow significantly across the mining industry, Barrick’s efforts to
proactively understand and mitigate closure risk are helping to
keep its closure costs and liabilities low.
Group sustainability executive Grant Beringer says the
sustainable closure of Barrick’s mines plays a key part in its
endeavors to create long-lasting value. “We believe that how we
close our mines is as important as how we build and operate them,
and that is why we plan their closure before we even start
designing them,” he says.
Beringer says sustainable mine closure creates value for Barrick
through the realization of cost efficiencies by executing
concurrent rehabilitation while mines are still operating; the
repurposing of mining infrastructure to create new economic
opportunities for communities; and the creation of post-closure
conditions to facilitate divestiture. “Responsible mine closure
also maintains stakeholder trust and improves our license to
operate,” Beringer says.
Relative to 2018 and inclusive of the acquired properties,
Barrick has reduced its closure liabilities across the group by
more than $1 billion (36%) through the continuous review,
optimization and completion of closure projects. This year alone
more than $20 million of closure project savings were identified
and realized.
According to Beringer, substantial opportunities for value
creation lie in Barrick’s North American legacy portfolio. Over the
past five years Barrick has optimized the portfolio, making
adjustments to post-closure management plans as well as working
with local communities and other stakeholders to identify
alternative development opportunities.
“Since 2019, we have invested $280 million in our North American
legacy portfolio with the ambitious goal of reducing liabilities by
approximately 80% over the next 10 years. In 2024, we will spend
approximately $65 million on risk mitigation and eliminating active
water treatment as a long-term closure strategy at our legacy sites
in New Mexico, California, Colorado, South Dakota and British
Columbia,” he says.
“This quarter we also successfully completed the Buzwagi TSF
closure project in Tanzania which began in 2022 and, at Pierina in
Peru, good progress was made on the closure of the heap leach and
waste rock facilities, with the remaining rehabilitation on track
for completion in 2025,” says Beringer. “Owning, understanding and
actively working to address long-term risks create resilient
post-closure conditions that will allow value to be realized long
after a mine stops operating.”
NGM Completes Construction of 200MW Solar Power
Plant
The Barrick-operated Nevada Gold Mines has completed the
construction of the second and final phase of a 200-megawatt solar
power plant, which will have the capability of producing 17% of
NGM’s annual power demand while realizing a reduction of 234kt of
carbon dioxide equivalent emissions per year.
Mark Bristow says the solar facility would reduce NGM’s total
annual greenhouse gas emissions by 8% against a 2018 baseline.
“The solar facility is one of many initiatives to reduce our
reliance on carbon-based electricity sources. We are also taking
steps to modify the TS Power Plant to use cleaner-burning natural
gas as a future fuel source. Additionally, in 2023, we began
introducing electric vehicles to our light vehicle fleet which
included the required charging infrastructure in Elko and at the
main mines Carlin, Cortez, Turquoise Ridge and Phoenix, as well as
the TS Power Plant,” Bristow said.
With the second 100-megawatt phase of the TS Solar Power plant
now online and performance testing fully completed, NGM is shifting
its focus to installation of solar and battery energy storage
(“BESS”) at the operations. NGM was recently awarded $95 million in
funding from the US Department of Energy to develop additional
solar facilities with BESS at the Turquoise Ridge and Cortez mine
sites. These will serve as a secondary power source, mitigating the
impacts of power grid disruption and enhancing renewable energy
consumption during off-peak hours.
In addition to the TS Power Plant conversion to co-fire
capability, we are furthering studies into geothermal energy
sources.
Lumwana’s Super Pit Expansion Officially Launched;
Feasibility Study Expected by Year-End
The development of a Super Pit at Barrick’s Lumwana
copper mine has been officially launched by the Zambian President,
His Excellency Hakainde Hichilema, accompanied by members of his
cabinet.
Speaking at the groundbreaking ceremony also attended by the
Barrick board of directors, Mark Bristow said a critical element of
the Super Pit Expansion was its focus on creating a sustainable
legacy through the development of local capacity within the region,
which would benefit both local communities and businesses
throughout the construction and operational phases. The expansion
will need around 550 additional workers over the next five years to
support the ramp up and an additional 2,500 construction workers
for a three-year period to 2028.
“We are also planning to build critical infrastructure,
including an airstrip and an industrial supplier park. This will
enable key suppliers to establish themselves in the area, creating
an economic hub that will further fuel growth and development in
the wider region,” Bristow said.
“Mining plays a key role in Zambia’s economic structure and our
partnership with Barrick is creating one team with a shared vision
to develop a new economic frontier in the North-Western Province of
the country and beyond,” said President Hakainde Hichilema.
The feasibility study for the Super Pit Expansion is expected by
the end of the year, paving the way for construction to start in
2025. Once completed, the $2 billion project18,19 unlocks the
potential to transform Lumwana into a long-life, high-yielding, top
25 copper producer18 and a Tier One15 copper mine, capable of
contending with the volatility of the copper demand cycles.
The expansion involves first doubling throughput of the existing
process circuit and then significantly increasing mining volumes.
Plant throughput will grow from the current 27Mt to 52Mt, doubling
the mine’s annual copper production from 120kt to a life-of-mine
average of 240kt a year.19,20 The process plant expansion is
supported by a ramp-up of total mining volumes, which are planned
to increase incrementally year-on-year, from 150Mt in 2025 to
approximately 240Mt in 2028 and then to an average rate of 290Mt
per annum from 2030 onwards.19,20
Chief operating officer for Africa and Middle East Sebastiaan
Bock said, “The phased ramp-up will enable a competitive cost
profile over the life of the mine and annual operating cash flow
and free cash flow1 are projected to improve by as much as 85% and
60%, respectively, based on the long-term copper price consensus.
These production and cost improvements will contribute to an
estimated incremental net present value (NPV8) of $1.7
billion18.”
At a flat long-term average copper price consensus of $4.13/lb,
Barrick estimates that the project will deliver an incremental
internal rate of return (“IRR”) of approximately 20%21 and a total
mine IRR of more than 50%21, paying back the initial expansion
capital in approximately two years after completion of the
expansion. Post-expansion, cost of sales and C1 cash costs12 are
estimated at approximately $2.36/lb and $1.85/lb, respectively,
placing Lumwana in the first quartile of the industry, excluding
the benefit of any byproducts.
According to mineral resource management and evaluation
executive Simon Bottoms, the process plant engineering has matured
to a point that has allowed Barrick to select major equipment
vendors and place orders for long lead equipment, including both
mills and crushers. “We are starting detailed engineering works
this quarter and expanding our onsite accommodation while building
partnerships with key suppliers and contractors ahead of the
pre-construction ground preparation works, which are scheduled to
start next year,” said Bottoms.
Commissioning of the new process plant is planned to start in
the second half of 2027. Once the new process circuit is
commissioned, the existing circuit will undergo a series of planned
shutdowns, allowing Barrick to install upgrades, while ensuring
uninterrupted copper delivery throughout the expansion.
The permitting process for the expansion is well underway. An
Environmental and Social Impact Assessment (“ESIA”) has already
been submitted to the Zambian authorities and approval is expected
by the end of this year.
Barrick Continues to Unlock Value Embedded in Its Asset
Base
Barrick is projecting a 30% growth in the production of
gold-equivalent ounces from its existing assets by the end of this
decade22 while it continues to
unlock the value embedded in its portfolio.
Mark Bristow says while Barrick was alert to potentially
value-accretive opportunities generated by the consolidation of the
industry, it had the rare luxury of doing so from an asset base
that would support organic growth well into the future.
“Five years ago, we set out to build a sustainably profitable
gold and copper business focused on world-class assets. We did not
have to buy them at a premium: they were embedded in the merged
portfolio of Barrick and Randgold and we just had to unlock their
value,” he said.
“We have six Tier One15 gold mines with more in the making and
our long-term plans are based on quality orebodies with
industry-leading grades that drive improving cost profiles.
Alongside our peerless gold portfolio, we are also building a
substantial copper business, both to feed the rising demand for
this strategic metal and because it enhances our growth optionality
to include copper-gold porphyries.”
Bristow listed three world-class gold opportunities, all in
Nevada, which he described as the world’s premier mining
jurisdiction. The recently commissioned Goldrush is ramping up to a
targeted 400,000 ounces per annum (100% basis) by 2028.23 Bordering
on Goldrush is the 100% Barrick-owned Fourmile, which is returning
grades double those of Goldrush and is another Tier One mine in the
making.24 Still in Nevada, the 14-million-ounce Leeville project is
developing into a major growth driver that could double Carlin’s
reserves, extending its life beyond 2045.25
On the copper side of the business, two transformative projects
are on track for first production in 2028. The Reko Diq copper-gold
project in Pakistan is designed to produce 400,000 tonnes of copper
and 500,000 ounces of gold per year in the second phase of its
development.24 The Lumwana Super Pit project in Zambia will double
the mine’s production over a +30-year life.24
“Mining is a consumptive industry which requires constant
replacement of the ounces it depletes. Barrick leads the industry
in orebody expansion and has more than replaced the gold reserves
it has mined over the past five years.26 Even more significantly,
the ounces that have been added are at the same or better grade
than the reserves that were mined,” Bristow said.
He noted that since 2019, Barrick had also built an
industry-leading balance sheet, reducing net debt by $3.5 billion,
investing $11.2 billion in +10 year life-of-mine plans for its key
mines and returning more than $5 billion to shareholders. Its
strong operating cash flows would provide the financial flexibility
to fund its growth projects.
2024 Operating and Capital Expenditure
Guidance
GOLD PRODUCTION AND COSTS |
|
2024 forecast attributable production (000s oz) |
2024 forecast cost of sales9 ($/oz) |
2024 forecast total cash costs10 ($/oz) |
2024 forecast all-in sustaining costs10 ($/oz) |
Carlin (61.5%) |
800 - 880 |
1,270 - 1,370 |
1,030 - 1,110 |
1,430 - 1,530 |
Cortez (61.5%)27 |
380 - 420 |
1,460 - 1,560 |
1,040 - 1,120 |
1,390 - 1,490 |
Turquoise Ridge (61.5%) |
330 - 360 |
1,230 - 1,330 |
850 - 930 |
1,090 - 1,190 |
Phoenix (61.5%) |
120 - 140 |
1,640 - 1,740 |
810 - 890 |
1,100 - 1,200 |
Nevada Gold Mines (61.5%) |
1,650 - 1,800 |
1,340 - 1,440 |
980 - 1,060 |
1,350 - 1,450 |
Hemlo |
140 - 160 |
1,470 - 1,570 |
1,210 - 1,290 |
1,600 - 1,700 |
North America |
1,750 - 1,950 |
1,350 - 1,450 |
1,000 - 1,080 |
1,370 - 1,470 |
|
|
|
|
|
Pueblo Viejo (60%) |
420 - 490 |
1,340 - 1,440 |
830 - 910 |
1,100 - 1,200 |
Veladero (50%) |
210 - 240 |
1,340 - 1,440 |
1,010 - 1,090 |
1,490 - 1,590 |
Porgera (24.5%)28 |
50 - 70 |
1,670 - 1,770 |
1,220 - 1,300 |
1,900 - 2,000 |
Latin America & Asia Pacific |
700 - 800 |
1,370 - 1,470 |
920 - 1,000 |
1,290 - 1,390 |
|
|
|
|
|
Loulo-Gounkoto (80%) |
510 - 560 |
1,190 - 1,290 |
780 - 860 |
1,150 - 1,250 |
Kibali (45%) |
320 - 360 |
1,140 - 1,240 |
740 - 820 |
950 - 1,050 |
North Mara (84%) |
230 - 260 |
1,250 - 1,350 |
970 - 1,050 |
1,270 - 1,370 |
Bulyanhulu (84%) |
160 - 190 |
1,370 - 1,470 |
990 - 1,070 |
1,380 - 1,480 |
Tongon (89.7%) |
160 - 190 |
1,520 - 1,620 |
1,200 - 1,280 |
1,440 - 1,540 |
Africa & Middle East |
1,400 - 1,550 |
1,250 - 1,350 |
880 - 960 |
1,180 - 1,280 |
|
|
|
|
|
Total Attributable to
Barrick29,30,31 |
3,900 - 4,300 |
1,320 - 1,420 |
940 - 1,020 |
1,320 - 1,420 |
|
|
|
|
|
COPPER PRODUCTION AND COSTS |
|
2024 forecast attributable production (000s tonnes)11 |
2024 forecast cost of sales12 ($/lb) |
2024 forecast C1 cash costs13 ($/lb) |
2024 forecast all-in sustaining costs13 ($/lb) |
Lumwana |
120 - 140 |
2.50 - 2.80 |
1.85 - 2.15 |
3.30 - 3.60 |
Zaldívar (50%) |
35 - 40 |
3.70 - 4.00 |
2.80 - 3.10 |
3.40 - 3.70 |
Jabal Sayid (50%) |
25 - 30 |
1.75 - 2.05 |
1.40 - 1.70 |
1.70 - 2.00 |
Total Attributable to
Barrick31 |
180 - 210 |
2.65 - 2.95 |
2.00 - 2.30 |
3.10 - 3.40 |
|
|
|
|
|
ATTRIBUTABLE CAPITAL
EXPENDITURES8 |
|
|
|
|
($ millions) |
|
|
|
Attributable minesite sustaining7,8 |
1,550 - 1,750 |
|
|
|
Attributable project7,8 |
950 - 1,150 |
|
|
|
Total attributable capital
expenditures8 |
2,500 - 2,900 |
|
|
|
2024 OUTLOOK ASSUMPTIONS AND ECONOMIC
SENSITIVITY ANALYSIS
|
2024 guidance assumption |
Hypothetical change |
Consolidated impact on EBITDA6 (millions) |
Attributable impact on EBITDA6 (millions) |
Attributable impact on TCC and AISC10,13 |
Gold price sensitivity |
$1,900/oz |
+$100/oz |
+$550 |
+$400 |
+$4/oz |
Copper price sensitivity |
$3.50/lb |
+/- $0.25/lb |
+/- $110 |
+/- $110 |
+/- $0.01/lb |
Production and Cost Summary - Gold
|
For the three months ended |
|
9/30/24 |
|
6/30/24 |
|
% Change |
|
9/30/23 |
|
% Change |
Nevada Gold Mines LLC (61.5%)a |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
385 |
|
401 |
|
(4 |
)% |
|
478 |
|
(19 |
)% |
Gold produced (000s oz 100% basis) |
625 |
|
653 |
|
(4 |
)% |
|
777 |
|
(19 |
)% |
Cost of sales ($/oz) |
1,553 |
|
1,464 |
|
6 |
% |
|
1,273 |
|
22 |
% |
Total cash costs ($/oz)b |
1,205 |
|
1,104 |
|
9 |
% |
|
921 |
|
31 |
% |
All-in sustaining costs ($/oz)b |
1,633 |
|
1,636 |
|
0 |
% |
|
1,286 |
|
27 |
% |
Carlin (61.5%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
182 |
|
202 |
|
(10 |
)% |
|
230 |
|
(21 |
)% |
Gold produced (000s oz 100% basis) |
296 |
|
327 |
|
(10 |
)% |
|
374 |
|
(21 |
)% |
Cost of sales ($/oz) |
1,478 |
|
1,390 |
|
6 |
% |
|
1,166 |
|
27 |
% |
Total cash costs ($/oz)b |
1,249 |
|
1,145 |
|
9 |
% |
|
953 |
|
31 |
% |
All-in sustaining costs ($/oz)b |
1,771 |
|
1,805 |
|
(2 |
)% |
|
1,409 |
|
26 |
% |
Cortez (61.5%)c |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
98 |
|
102 |
|
(4 |
)% |
|
137 |
|
(28 |
)% |
Gold produced (000s oz 100% basis) |
160 |
|
166 |
|
(4 |
)% |
|
224 |
|
(28 |
)% |
Cost of sales ($/oz) |
1,526 |
|
1,366 |
|
12 |
% |
|
1,246 |
|
22 |
% |
Total cash costs ($/oz)b |
1,180 |
|
1,013 |
|
16 |
% |
|
840 |
|
40 |
% |
All-in sustaining costs ($/oz)b |
1,570 |
|
1,447 |
|
9 |
% |
|
1,156 |
|
36 |
% |
Turquoise Ridge (61.5%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
76 |
|
72 |
|
6 |
% |
|
83 |
|
(8 |
)% |
Gold produced (000s oz 100% basis) |
123 |
|
118 |
|
6 |
% |
|
134 |
|
(8 |
)% |
Cost of sales ($/oz) |
1,674 |
|
1,603 |
|
4 |
% |
|
1,300 |
|
29 |
% |
Total cash costs ($/oz)b |
1,295 |
|
1,235 |
|
5 |
% |
|
938 |
|
38 |
% |
All-in sustaining costs ($/oz)b |
1,516 |
|
1,505 |
|
1 |
% |
|
1,106 |
|
37 |
% |
Phoenix (61.5%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
29 |
|
25 |
|
16 |
% |
|
26 |
|
12 |
% |
Gold produced (000s oz 100% basis) |
46 |
|
42 |
|
16 |
% |
|
42 |
|
12 |
% |
Cost of sales ($/oz) |
1,789 |
|
2,018 |
|
(11 |
)% |
|
2,235 |
|
(20 |
)% |
Total cash costs ($/oz)b |
764 |
|
781 |
|
(2 |
)% |
|
1,003 |
|
(24 |
)% |
All-in sustaining costs ($/oz)b |
1,113 |
|
1,167 |
|
(5 |
)% |
|
1,264 |
|
(12 |
)% |
Long Canyon (61.5%)d |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
— |
|
— |
|
— |
% |
|
2 |
|
(100 |
)% |
Gold produced (000s oz 100% basis) |
— |
|
— |
|
— |
% |
|
3 |
|
(100 |
)% |
Cost of sales ($/oz) |
— |
|
— |
|
— |
% |
|
1,832 |
|
(100 |
)% |
Total cash costs ($/oz)b |
— |
|
— |
|
— |
% |
|
778 |
|
(100 |
)% |
All-in sustaining costs ($/oz)b |
— |
|
— |
|
— |
% |
|
831 |
|
(100 |
)% |
Pueblo Viejo
(60%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
98 |
|
80 |
|
23 |
% |
|
79 |
|
24 |
% |
Gold produced (000s oz 100% basis) |
164 |
|
133 |
|
23 |
% |
|
131 |
|
24 |
% |
Cost of sales ($/oz) |
1,470 |
|
1,630 |
|
(10 |
)% |
|
1,501 |
|
(2 |
)% |
Total cash costs ($/oz)b |
957 |
|
1,024 |
|
(7 |
)% |
|
935 |
|
2 |
% |
All-in sustaining costs ($/oz)b |
1,221 |
|
1,433 |
|
(15 |
)% |
|
1,280 |
|
(5 |
)% |
Loulo-Gounkoto
(80%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
144 |
|
137 |
|
5 |
% |
|
142 |
|
1 |
% |
Gold produced (000s oz 100% basis) |
180 |
|
172 |
|
5 |
% |
|
176 |
|
1 |
% |
Cost of sales ($/oz) |
1,257 |
|
1,160 |
|
8 |
% |
|
1,087 |
|
16 |
% |
Total cash costs ($/oz)b |
865 |
|
795 |
|
9 |
% |
|
773 |
|
12 |
% |
All-in sustaining costs ($/oz)b |
1,288 |
|
1,251 |
|
3 |
% |
|
1,068 |
|
21 |
% |
Kibali
(45%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
71 |
|
82 |
|
(13 |
)% |
|
99 |
|
(28 |
)% |
Gold produced (000s oz 100% basis) |
159 |
|
182 |
|
(13 |
)% |
|
221 |
|
(28 |
)% |
Cost of sales ($/oz) |
1,441 |
|
1,313 |
|
10 |
% |
|
1,152 |
|
25 |
% |
Total cash costs ($/oz)b |
978 |
|
868 |
|
13 |
% |
|
694 |
|
41 |
% |
All-in sustaining costs ($/oz)b |
1,172 |
|
1,086 |
|
8 |
% |
|
801 |
|
46 |
% |
Veladero
(50%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
57 |
|
56 |
|
2 |
% |
|
55 |
|
4 |
% |
Gold produced (000s oz 100% basis) |
113 |
|
112 |
|
2 |
% |
|
111 |
|
4 |
% |
Cost of sales ($/oz) |
1,311 |
|
1,298 |
|
1 |
% |
|
1,376 |
|
(5 |
)% |
Total cash costs ($/oz)b |
951 |
|
931 |
|
2 |
% |
|
988 |
|
(4 |
)% |
All-in sustaining costs ($/oz)b |
1,385 |
|
1,308 |
|
6 |
% |
|
1,314 |
|
5 |
% |
Porgera
(24.5%)e |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
18 |
|
11 |
|
64 |
% |
|
— |
|
— |
% |
Gold produced (000s oz 100% basis) |
72 |
|
49 |
|
64 |
% |
|
— |
|
— |
% |
Cost of sales ($/oz) |
1,163 |
|
1,132 |
|
3 |
% |
|
— |
|
— |
% |
Total cash costs ($/oz)b |
999 |
|
941 |
|
6 |
% |
|
— |
|
— |
% |
All-in sustaining costs ($/oz)b |
1,214 |
|
1,079 |
|
13 |
% |
|
— |
|
— |
% |
Tongon
(89.7%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
28 |
|
45 |
|
(38 |
)% |
|
47 |
|
(40 |
)% |
Gold produced (000s oz 100% basis) |
32 |
|
50 |
|
(38 |
)% |
|
53 |
|
(40 |
)% |
Cost of sales ($/oz) |
2,403 |
|
1,960 |
|
23 |
% |
|
1,423 |
|
69 |
% |
Total cash costs ($/oz)b |
2,184 |
|
1,716 |
|
27 |
% |
|
1,217 |
|
79 |
% |
All-in sustaining costs ($/oz)b |
2,388 |
|
1,899 |
|
26 |
% |
|
1,331 |
|
79 |
% |
Hemlo |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz) |
30 |
|
37 |
|
(19 |
)% |
|
31 |
|
(3 |
)% |
Cost of sales ($/oz) |
1,929 |
|
1,663 |
|
16 |
% |
|
1,721 |
|
12 |
% |
Total cash costs ($/oz)b |
1,623 |
|
1,395 |
|
16 |
% |
|
1,502 |
|
8 |
% |
All-in sustaining costs ($/oz)b |
2,044 |
|
1,660 |
|
23 |
% |
|
1,799 |
|
14 |
% |
North Mara
(84%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
75 |
|
54 |
|
39 |
% |
|
62 |
|
21 |
% |
Gold produced (000s oz 100% basis) |
89 |
|
63 |
|
39 |
% |
|
73 |
|
21 |
% |
Cost of sales ($/oz) |
1,108 |
|
1,570 |
|
(29 |
)% |
|
1,244 |
|
(11 |
)% |
Total cash costs ($/oz)b |
850 |
|
1,266 |
|
(33 |
)% |
|
999 |
|
(15 |
)% |
All-in sustaining costs ($/oz)b |
1,052 |
|
1,491 |
|
(29 |
)% |
|
1,429 |
|
(26 |
)% |
Bulyanhulu
(84%) |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
37 |
|
45 |
|
(18 |
)% |
|
46 |
|
(20 |
)% |
Gold produced (000s oz 100% basis) |
44 |
|
53 |
|
(18 |
)% |
|
55 |
|
(20 |
)% |
Cost of sales ($/oz) |
1,628 |
|
1,438 |
|
13 |
% |
|
1,261 |
|
29 |
% |
Total cash costs ($/oz)b |
1,191 |
|
985 |
|
21 |
% |
|
859 |
|
39 |
% |
All-in sustaining costs ($/oz)b |
1,470 |
|
1,243 |
|
18 |
% |
|
1,132 |
|
30 |
% |
Total Attributable to Barrickf |
|
|
|
|
|
|
|
|
|
|
|
Gold produced (000s oz) |
943 |
|
948 |
|
(1 |
)% |
|
1,039 |
|
(9 |
)% |
Cost of sales ($/oz)g |
1,472 |
|
1,441 |
|
2 |
% |
|
1,277 |
|
15 |
% |
Total cash costs ($/oz)b |
1,104 |
|
1,059 |
|
4 |
% |
|
912 |
|
21 |
% |
All-in sustaining costs ($/oz)b |
1,507 |
|
1,498 |
|
1 |
% |
|
1,255 |
|
20 |
% |
- These results represent our 61.5%
interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long
Canyon until it transitioned to care and maintenance at the end of
2023, as previously reported.
- Further information on these
non-GAAP financial performance measures, including detailed
reconciliations, is included in the endnotes to this press
release.
- Includes Goldrush.
- Starting Q1 2024, we have ceased to
include production or non-GAAP cost metrics for Long Canyon as it
was placed on care and maintenance at the end of 2023, as
previously reported.
- As Porgera was placed on care and
maintenance from April 25, 2020 until December 22, 2023, no
operating data or per ounce data has been provided from the third
quarter of 2020 to the fourth quarter of 2023. On December 22,
2023, we completed the Commencement Agreement, pursuant to which
the PNG government and BNL, the 95% owner and operator of the
Porgera joint venture, agreed on a partnership for the future
ownership and operation of the mine. Ownership of Porgera is now
held in a new joint venture owned 51% by PNG stakeholders and 49%
by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis
by Barrick and Zijin Mining Group and therefore Barrick now holds a
24.5% ownership interest in the Porgera joint venture. Barrick
holds a 23.5% interest in the economic benefits of the mine under
the economic benefit sharing arrangement agreed with the PNG
government whereby Barrick and Zijin Mining Group together share
47% of the overall economic benefits derived from the mine
accumulated over time, and the PNG stakeholders share the remaining
53%.
- Excludes Pierina, which was
producing incidental ounces until December 31, 2023 while in
closure. It also excludes Long Canyon which is producing residual
ounces from the leach pad while in care and maintenance.
- Gold cost of sales per ounce is
calculated as cost of sales across our gold operations (excluding
sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick's ownership
share).
Production and Cost Summary -
Copper
|
For the three months ended |
|
9/30/24 |
6/30/24 |
% Change |
9/30/23 |
% Change |
Lumwana |
|
|
|
|
|
Copper production (thousands of tonnes)a |
30 |
25 |
20 |
% |
33 |
(9 |
)% |
Cost of sales ($/lb) |
3.27 |
3.15 |
4 |
% |
2.48 |
32 |
% |
C1 cash costs ($/lb)b |
2.53 |
2.14 |
18 |
% |
1.86 |
36 |
% |
All-in sustaining costs ($/lb)b |
3.94 |
4.36 |
(10 |
)% |
3.41 |
16 |
% |
Zaldívar
(50%) |
|
|
|
|
|
Copper production (thousands of tonnes attributable basis)a |
10 |
10 |
0 |
% |
10 |
0 |
% |
Copper production (thousands of tonnes 100% basis)a |
20 |
19 |
0 |
% |
20 |
0 |
% |
Cost of sales ($/lb) |
4.04 |
4.13 |
(2 |
)% |
3.86 |
5 |
% |
C1 cash costs ($/lb)b |
2.99 |
3.12 |
(4 |
)% |
2.99 |
0 |
% |
All-in sustaining costs ($/lb)b |
3.45 |
3.55 |
(3 |
)% |
3.39 |
2 |
% |
Jabal Sayid
(50%) |
|
|
|
|
|
Copper production (thousands of tonnes attributable basis)a |
8 |
8 |
0 |
% |
8 |
0 |
% |
Copper production (thousands of tonnes 100% basis)a |
16 |
16 |
0 |
% |
16 |
0 |
% |
Cost of sales ($/lb) |
1.76 |
1.67 |
5 |
% |
1.72 |
2 |
% |
C1 cash costs ($/lb)b |
1.54 |
1.34 |
15 |
% |
1.45 |
6 |
% |
All-in sustaining costs ($/lb)b |
1.76 |
1.53 |
15 |
% |
1.64 |
7 |
% |
Total Attributable to
Barrick |
|
|
|
|
|
Copper production (thousands of tonnes)a |
48 |
43 |
12 |
% |
51 |
(6 |
)% |
Cost of sales ($/lb)c |
3.23 |
3.05 |
6 |
% |
2.68 |
21 |
% |
C1 cash costs ($/lb)b |
2.49 |
2.18 |
14 |
% |
2.05 |
21 |
% |
All-in sustaining costs ($/lb)b |
3.57 |
3.67 |
(3 |
)% |
3.23 |
11 |
% |
- Starting in 2024, we have presented
our copper production and sales quantities in tonnes rather than
pounds (1 tonne is equivalent to 2,204.6 pounds). Production and
sales amounts for prior periods have been restated for comparative
purposes. Our copper cost metrics are still reported on a per pound
basis.
- Further information on these
non-GAAP financial performance measures, including detailed
reconciliations, is included in the endnotes to this press
release.
- Copper cost of sales per pound is
calculated as cost of sales across our copper operations divided by
pounds sold (both on an attributable basis using Barrick's
ownership share).
Financial and Operating Highlights
|
For the three months ended |
|
For the nine months ended |
|
9/30/24 |
|
6/30/24 |
|
% Change |
|
9/30/23 |
|
% Change |
|
9/30/24 |
|
9/30/23 |
|
% Change |
Financial
Results ($ millions) |
|
|
|
|
|
|
|
|
|
|
Revenues |
3,368 |
|
3,162 |
|
7 |
% |
|
2,862 |
|
18 |
% |
|
9,277 |
|
8,338 |
|
11 |
% |
Cost of sales |
2,051 |
|
1,979 |
|
4 |
% |
|
1,915 |
|
7 |
% |
|
5,966 |
|
5,793 |
|
3 |
% |
Net earningsa |
483 |
|
370 |
|
31 |
% |
|
368 |
|
31 |
% |
|
1,148 |
|
793 |
|
45 |
% |
Adjusted net earningsb |
529 |
|
557 |
|
(5 |
)% |
|
418 |
|
27 |
% |
|
1,419 |
|
1,001 |
|
42 |
% |
Attributable EBITDAb |
1,292 |
|
1,289 |
|
0 |
% |
|
1,071 |
|
21 |
% |
|
3,488 |
|
2,919 |
|
19 |
% |
Attributable EBITDA
marginb |
46 |
% |
48 |
% |
(4 |
)% |
|
45 |
% |
2 |
% |
|
45 |
% |
42 |
% |
7 |
% |
Minesite sustaining capital
expendituresb,c |
511 |
|
631 |
|
(19 |
)% |
|
529 |
|
(3 |
)% |
|
1,692 |
|
1,507 |
|
12 |
% |
Project capital
expendituresb,c |
221 |
|
176 |
|
26 |
% |
|
227 |
|
(3 |
)% |
|
562 |
|
691 |
|
(19 |
)% |
Total consolidated capital
expendituresc,d |
736 |
|
819 |
|
(10 |
)% |
|
768 |
|
(4 |
)% |
|
2,283 |
|
2,225 |
|
3 |
% |
Total attributable capital
expenditurese |
583 |
|
694 |
|
(16 |
)% |
|
589 |
|
(1 |
)% |
|
1,849 |
|
1,703 |
|
9 |
% |
Net cash provided by operating
activities |
1,180 |
|
1,159 |
|
2 |
% |
|
1,127 |
|
5 |
% |
|
3,099 |
|
2,735 |
|
13 |
% |
Net cash provided by operating
activities marginf |
35 |
% |
37 |
% |
(5 |
)% |
|
39 |
% |
(10 |
)% |
|
33 |
% |
33 |
% |
0 |
% |
Free cash flowb |
444 |
|
340 |
|
31 |
% |
|
359 |
|
24 |
% |
|
816 |
|
510 |
|
60 |
% |
Net earnings per share (basic
and diluted) |
0.28 |
|
0.21 |
|
33 |
% |
|
0.21 |
|
33 |
% |
|
0.65 |
|
0.45 |
|
44 |
% |
Adjusted net earnings (basic)b
per share |
0.30 |
|
0.32 |
|
(6 |
)% |
|
0.24 |
|
25 |
% |
|
0.81 |
|
0.57 |
|
42 |
% |
Weighted average diluted common shares (millions of shares) |
1,752 |
|
1,755 |
|
0 |
% |
|
1,755 |
|
0 |
% |
|
1,754 |
|
1,755 |
|
0 |
% |
Operating
Results |
|
|
|
|
|
|
|
|
|
|
Gold production (thousands of
ounces)g |
943 |
|
948 |
|
(1 |
)% |
|
1,039 |
|
(9 |
)% |
|
2,831 |
|
3,000 |
|
(6 |
)% |
Gold sold (thousands of
ounces)g |
967 |
|
956 |
|
1 |
% |
|
1,027 |
|
(6 |
)% |
|
2,833 |
|
2,982 |
|
(5 |
)% |
Market gold price ($/oz) |
2,474 |
|
2,338 |
|
6 |
% |
|
1,928 |
|
28 |
% |
|
2,296 |
|
1,930 |
|
19 |
% |
Realized gold priceb,g
($/oz) |
2,494 |
|
2,344 |
|
6 |
% |
|
1,928 |
|
29 |
% |
|
2,309 |
|
1,934 |
|
19 |
% |
Gold cost of sales (Barrick’s
share)g,h ($/oz) |
1,472 |
|
1,441 |
|
2 |
% |
|
1,277 |
|
15 |
% |
|
1,447 |
|
1,325 |
|
9 |
% |
Gold total cash costsb,g
($/oz) |
1,104 |
|
1,059 |
|
4 |
% |
|
912 |
|
21 |
% |
|
1,072 |
|
953 |
|
12 |
% |
Gold all-in sustaining
costsb,g ($/oz) |
1,507 |
|
1,498 |
|
1 |
% |
|
1,255 |
|
20 |
% |
|
1,495 |
|
1,325 |
|
13 |
% |
Copper production (thousands
of tonnes)g,i |
48 |
|
43 |
|
12 |
% |
|
51 |
|
(6 |
)% |
|
131 |
|
139 |
|
(6 |
)% |
Copper sold (thousands of
tonnes)g,i |
42 |
|
42 |
|
0 |
% |
|
46 |
|
(9 |
)% |
|
123 |
|
132 |
|
(7 |
)% |
Market copper price
($/lb) |
4.18 |
|
4.42 |
|
(5 |
)% |
|
3.79 |
|
10 |
% |
|
4.14 |
|
3.89 |
|
6 |
% |
Realized copper priceb,g
($/lb) |
4.27 |
|
4.53 |
|
(6 |
)% |
|
3.78 |
|
13 |
% |
|
4.23 |
|
3.88 |
|
9 |
% |
Copper cost of sales
(Barrick’s share)g,j ($/lb) |
3.23 |
|
3.05 |
|
6 |
% |
|
2.68 |
|
21 |
% |
|
3.16 |
|
2.90 |
|
9 |
% |
Copper C1 cash costsb,g
($/lb) |
2.49 |
|
2.18 |
|
14 |
% |
|
2.05 |
|
21 |
% |
|
2.35 |
|
2.33 |
|
1 |
% |
Copper all-in sustaining
costsb,g ($/lb) |
3.57 |
|
3.67 |
|
(3 |
)% |
|
3.23 |
|
11 |
% |
|
3.62 |
|
3.25 |
|
11 |
% |
|
As at 9/30/24 |
|
As at 6/30/24 |
|
% Change |
|
As at 9/30/23 |
|
% Change |
|
|
|
|
Financial
Position ($ millions) |
|
|
|
|
|
|
|
|
|
|
Debt (current and
long-term) |
4,725 |
|
4,724 |
|
0 |
% |
|
4,775 |
|
(1 |
)% |
|
|
|
|
Cash and equivalents |
4,225 |
|
4,036 |
|
5 |
% |
|
4,261 |
|
(1 |
)% |
|
|
|
|
Debt,
net of cash |
500 |
|
688 |
|
(27 |
)% |
|
514 |
|
(3 |
)% |
|
|
|
|
- Net earnings represents net
earnings attributable to the equity holders of the Company.
- Further information on these
non-GAAP financial measures, including detailed reconciliations, is
included in the endnotes to this press release.
- Amounts presented on a consolidated
cash basis. Project capital expenditures are not included in our
calculation of all-in sustaining costs.
- Total consolidated capital
expenditures also includes capitalized interest of $4 million and
$29 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $12
million; Q3 2023: $12 million; YTD 2023: $27 million).
- These amounts are presented on the
same basis as our guidance.
- Represents net cash provided by
operating activities divided by revenue.
- On an attributable basis.
- Gold cost of sales per ounce is
calculated as cost of sales across our gold operations (excluding
sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick's ownership
share).
- Starting in 2024, we have presented
our copper production and sales quantities in tonnes rather than
pounds (1 tonne is equivalent to 2,204.6 pounds). Production and
sales amounts for prior periods have been restated for comparative
purposes. Our copper cost metrics are still reported on a per pound
basis.
- Copper cost of sales per pound is
calculated as cost of sales across our copper operations divided by
pounds sold (both on an attributable basis using Barrick's
ownership share).
Consolidated Statements of Income
Barrick
Gold Corporation(in millions of United States dollars, except per
share data) (Unaudited) |
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue (notes 4 and 5) |
$3,368 |
|
$2,862 |
|
$9,277 |
|
$8,338 |
|
Costs and expenses
(income) |
|
|
|
|
Cost of sales (notes 4 and
6) |
|
2,051 |
|
|
1,915 |
|
|
5,966 |
|
|
5,793 |
|
General and administrative
expenses |
|
46 |
|
|
30 |
|
|
106 |
|
|
97 |
|
Exploration, evaluation and
project expenses |
|
104 |
|
|
86 |
|
|
296 |
|
|
258 |
|
Impairment charges (note
8b) |
|
2 |
|
|
— |
|
|
20 |
|
|
23 |
|
Loss on currency
translation |
|
4 |
|
|
30 |
|
|
21 |
|
|
56 |
|
Closed mine
rehabilitation |
|
59 |
|
|
(44 |
) |
|
48 |
|
|
(35 |
) |
Income from equity investees
(note 11) |
|
(51 |
) |
|
(68 |
) |
|
(214 |
) |
|
(179 |
) |
Other
expense (note 8a) |
|
46 |
|
|
58 |
|
|
143 |
|
|
128 |
|
Income before finance
costs and income taxes |
$1,107 |
|
$855 |
|
$2,891 |
|
$2,197 |
|
Finance
costs, net |
|
(82 |
) |
|
(52 |
) |
|
(164 |
) |
|
(154 |
) |
Income before income
taxes |
$1,025 |
|
$803 |
|
$2,727 |
|
$2,043 |
|
Income
tax expense (note 9) |
|
(245 |
) |
|
(218 |
) |
|
(826 |
) |
|
(687 |
) |
Net income |
$780 |
|
$585 |
|
$1,901 |
|
$1,356 |
|
Attributable
to: |
|
|
|
|
Equity holders of Barrick Gold
Corporation |
$483 |
|
$368 |
|
$1,148 |
|
$793 |
|
Non-controlling interests (note 14) |
$297 |
|
$217 |
|
$753 |
|
$563 |
|
|
|
|
|
|
Earnings per share
data attributable to the equity holders of Barrick Gold Corporation
(note 7) |
|
|
|
|
Net income |
|
|
|
|
Basic |
$0.28 |
|
$0.21 |
|
$0.65 |
|
$0.45 |
|
Diluted |
$0.28 |
|
$0.21 |
|
$0.65 |
|
$0.45 |
|
The notes to these
unaudited condensed interim financial statements, which are
contained in the Third Quarter Report 2024 available on our
website, are an integral part of these consolidated financial
statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive
Income
Barrick
Gold Corporation(in millions of United States dollars)
(Unaudited) |
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income |
$780 |
|
$585 |
|
$1,901 |
|
$1,356 |
|
Other comprehensive
income (loss), net of taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains on
derivatives designated as cash flow hedges, net of tax $nil, $nil,
$nil and $nil |
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
Currency translation
adjustments, net of tax $nil, $nil, $nil and $nil |
|
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Items that will not be
reclassified to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net change on equity
investments, net of tax ($1), $1, $nil and $nil |
|
3 |
|
|
(12 |
) |
|
12 |
|
|
(17 |
) |
Total other comprehensive income (loss) |
|
3 |
|
|
(12 |
) |
|
13 |
|
|
(20 |
) |
Total comprehensive income |
$783 |
|
$573 |
|
$1,914 |
|
$1,336 |
|
Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of Barrick Gold
Corporation |
$486 |
|
$356 |
|
$1,161 |
|
$773 |
|
Non-controlling interests |
$297 |
|
$217 |
|
$753 |
|
$563 |
|
The notes to these unaudited condensed interim
financial statements, which are contained in the Third Quarter
Report 2024 available on our website, are an integral part of these
consolidated financial statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation (in millions of United States
dollars) (Unaudited) |
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
OPERATING
ACTIVITIES |
|
|
|
|
Net income |
$780 |
|
$585 |
|
$1,901 |
|
$1,356 |
|
Adjustments for the following
items: |
|
|
|
|
Depreciation |
|
477 |
|
|
504 |
|
|
1,431 |
|
|
1,479 |
|
Finance costs, net |
|
82 |
|
|
52 |
|
|
164 |
|
|
154 |
|
Impairment charges (note 8b) |
|
2 |
|
|
— |
|
|
20 |
|
|
23 |
|
Income tax expense (note 9) |
|
245 |
|
|
218 |
|
|
826 |
|
|
687 |
|
Income from equity investees (note 11) |
|
(51 |
) |
|
(68 |
) |
|
(214 |
) |
|
(179 |
) |
Gain on sale of non-current assets |
|
(1 |
) |
|
(4 |
) |
|
(7 |
) |
|
(10 |
) |
Loss on currency translation |
|
4 |
|
|
30 |
|
|
21 |
|
|
56 |
|
Change in working capital
(note 10) |
|
(251 |
) |
|
(38 |
) |
|
(380 |
) |
|
(262 |
) |
Other
operating activities (note 10) |
|
45 |
|
|
(83 |
) |
|
(54 |
) |
|
(109 |
) |
Operating cash flows before
interest and income taxes |
|
1,332 |
|
|
1,196 |
|
|
3,708 |
|
|
3,195 |
|
Interest paid |
|
(76 |
) |
|
(31 |
) |
|
(234 |
) |
|
(184 |
) |
Interest received |
|
66 |
|
|
57 |
|
|
184 |
|
|
157 |
|
Income
taxes paid1 |
|
(142 |
) |
|
(95 |
) |
|
(559 |
) |
|
(433 |
) |
Net cash provided by operating activities |
|
1,180 |
|
|
1,127 |
|
|
3,099 |
|
|
2,735 |
|
INVESTING
ACTIVITIES |
|
|
|
|
Property, plant and
equipment |
|
|
|
|
Capital expenditures (note 4) |
|
(736 |
) |
|
(768 |
) |
|
(2,283 |
) |
|
(2,225 |
) |
Sales proceeds |
|
2 |
|
|
2 |
|
|
9 |
|
|
8 |
|
Investment sales |
|
44 |
|
|
3 |
|
|
77 |
|
|
3 |
|
Funding of equity method
investments (note 11) |
|
— |
|
|
— |
|
|
(55 |
) |
|
— |
|
Dividends received from equity
method investments (note 11) |
|
38 |
|
|
74 |
|
|
127 |
|
|
159 |
|
Shareholder loan repayments from equity method investments |
|
49 |
|
|
— |
|
|
139 |
|
|
5 |
|
Net cash used in investing activities |
|
(603 |
) |
|
(689 |
) |
|
(1,986 |
) |
|
(2,050 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
Lease repayments |
|
(4 |
) |
|
(3 |
) |
|
(11 |
) |
|
(11 |
) |
Dividends |
|
(174 |
) |
|
(175 |
) |
|
(524 |
) |
|
(524 |
) |
Share buyback program (note
13) |
|
(95 |
) |
|
— |
|
|
(144 |
) |
|
— |
|
Funding from non-controlling
interests (note 14) |
|
32 |
|
|
13 |
|
|
84 |
|
|
23 |
|
Disbursements to
non-controlling interests (note 14) |
|
(142 |
) |
|
(175 |
) |
|
(432 |
) |
|
(399 |
) |
Pueblo
Viejo JV partner shareholder loan |
|
(4 |
) |
|
7 |
|
|
(6 |
) |
|
48 |
|
Net cash used in financing activities |
|
(387 |
) |
|
(333 |
) |
|
(1,033 |
) |
|
(863 |
) |
Effect of exchange rate changes on cash and
equivalents |
|
(1 |
) |
|
(1 |
) |
|
(3 |
) |
|
(1 |
) |
Net increase (decrease) in
cash and equivalents |
|
189 |
|
|
104 |
|
|
77 |
|
|
(179 |
) |
Cash and equivalents at the beginning of
period |
|
4,036 |
|
|
4,157 |
|
|
4,148 |
|
|
4,440 |
|
Cash and equivalents at the end of period |
$4,225 |
|
$4,261 |
|
$4,225 |
|
$4,261 |
|
- Income taxes paid excludes
$36 million (2023: $68 million) for the three months
ended September 30, 2024 and $65 million (2023:
$124 million) for the nine months ended September 30, 2024 of
income taxes payable that were settled against offsetting value
added taxes (“VAT”) receivables.
The notes to these unaudited condensed interim
financial statements, which are contained in the Third Quarter
Report 2024 available on our website, are an integral part of these
consolidated financial statements.
Consolidated Balance Sheets
Barrick Gold Corporation |
As at September 30, |
|
As at December 31, |
|
(in millions of United States dollars) (Unaudited) |
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
Cash and equivalents |
$4,225 |
|
$4,148 |
|
Accounts receivable |
|
684 |
|
|
693 |
|
Inventories |
|
1,784 |
|
|
1,782 |
|
Other current assets |
|
1,334 |
|
|
815 |
|
Total current assets |
$8,027 |
|
$7,438 |
|
Non-current assets |
|
|
Non-current portion of inventory |
|
2,728 |
|
|
2,738 |
|
Equity in investees (note 11) |
|
4,275 |
|
|
4,133 |
|
Property, plant and equipment |
|
27,288 |
|
|
26,416 |
|
Intangible assets |
|
148 |
|
|
149 |
|
Goodwill |
|
3,581 |
|
|
3,581 |
|
Other assets |
|
1,307 |
|
|
1,356 |
|
Total assets |
$47,354 |
|
$45,811 |
|
LIABILITIES AND
EQUITY |
|
|
Current liabilities |
|
|
Accounts payable |
$1,479 |
|
$1,503 |
|
Debt |
|
13 |
|
|
11 |
|
Current income tax liabilities |
|
479 |
|
|
303 |
|
Other current liabilities |
|
1,058 |
|
|
539 |
|
Total current liabilities |
$3,029 |
|
$2,356 |
|
Non-current liabilities |
|
|
Debt |
|
4,712 |
|
|
4,715 |
|
Provisions |
|
2,032 |
|
|
2,058 |
|
Deferred income tax liabilities |
|
3,479 |
|
|
3,439 |
|
Other liabilities |
|
1,205 |
|
|
1,241 |
|
Total liabilities |
$14,457 |
|
$13,809 |
|
Equity |
|
|
Capital stock (note 13) |
$27,996 |
|
$28,117 |
|
Deficit |
|
(6,092 |
) |
|
(6,713 |
) |
Accumulated other comprehensive income |
|
37 |
|
|
24 |
|
Other |
|
1,890 |
|
|
1,913 |
|
Total equity attributable to Barrick Gold Corporation
shareholders |
$23,831 |
|
$23,341 |
|
Non-controlling interests (note 14) |
|
9,066 |
|
|
8,661 |
|
Total equity |
$32,897 |
|
$32,002 |
|
Contingencies and commitments (notes 4 and 15) |
|
|
Total liabilities and equity |
$47,354 |
|
$45,811 |
|
The notes to these
unaudited condensed interim financial statements, which are
contained in the Third Quarter Report 2024 available on our
website, are an integral part of these consolidated financial
statements. |
|
Consolidated Statements of Changes in
Equity
Barrick
Gold Corporation |
|
Attributable to equity holders of the company |
|
|
(in
millions of United States dollars) (Unaudited) |
Common Shares (in thousands) |
|
Capitalstock |
|
Retained earnings (deficit) |
|
Accumulated other comprehensive income (loss)1 |
|
Other2 |
|
Total equity attributable to shareholders |
|
Non-controlling interests |
|
Totalequity |
|
At January 1, 2024 |
1,755,570 |
|
$28,117 |
|
($6,713 |
) |
$24 |
|
$1,913 |
|
$23,341 |
|
$8,661 |
|
$32,002 |
|
Net income |
— |
|
|
— |
|
|
1,148 |
|
|
— |
|
|
— |
|
|
1,148 |
|
|
753 |
|
|
1,901 |
|
Total other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
Total comprehensive income |
— |
|
|
— |
|
|
1,148 |
|
|
13 |
|
|
— |
|
|
1,161 |
|
|
753 |
|
|
1,914 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
Dividends |
— |
|
|
— |
|
|
(524 |
) |
|
— |
|
|
— |
|
|
(524 |
) |
|
— |
|
|
(524 |
) |
Funding from non-controlling interests (note 14) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
84 |
|
|
84 |
|
Disbursements to non-controlling interests (note 14) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(432 |
) |
|
(432 |
) |
Dividend reinvestment plan (note 13) |
154 |
|
|
3 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Share buyback program (note 13) |
(7,675 |
) |
|
(124 |
) |
|
— |
|
|
— |
|
|
(23 |
) |
|
(147 |
) |
|
— |
|
|
(147 |
) |
Total transactions with owners |
(7,521 |
) |
|
(121 |
) |
|
(527 |
) |
|
— |
|
|
(23 |
) |
|
(671 |
) |
|
(348 |
) |
|
(1,019 |
) |
At September 30, 2024 |
1,748,049 |
|
$27,996 |
|
($6,092 |
) |
$37 |
|
$1,890 |
|
$23,831 |
|
$9,066 |
|
$32,897 |
|
|
|
|
|
|
|
|
|
|
At January 1, 2023 |
1,755,350 |
|
$28,114 |
|
($7,282 |
) |
$26 |
|
$1,913 |
|
$22,771 |
|
$8,518 |
|
$31,289 |
|
Net income |
— |
|
|
— |
|
|
793 |
|
|
— |
|
|
— |
|
|
793 |
|
|
563 |
|
|
1,356 |
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
(20 |
) |
|
— |
|
|
(20 |
) |
|
— |
|
|
(20 |
) |
Total comprehensive income (loss) |
— |
|
|
— |
|
|
793 |
|
|
(20 |
) |
|
— |
|
|
773 |
|
|
563 |
|
|
1,336 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
Dividends |
— |
|
|
— |
|
|
(524 |
) |
|
— |
|
|
— |
|
|
(524 |
) |
|
— |
|
|
(524 |
) |
Funding from non-controlling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
23 |
|
|
23 |
|
Disbursements to non-controlling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(426 |
) |
|
(426 |
) |
Dividend reinvestment plan |
173 |
|
|
3 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total transactions with owners |
173 |
|
|
3 |
|
|
(527 |
) |
|
— |
|
|
— |
|
|
(524 |
) |
|
(403 |
) |
|
(927 |
) |
At September 30, 2023 |
1,755,523 |
|
$28,117 |
|
($7,016 |
) |
$6 |
|
$1,913 |
|
$23,020 |
|
$8,678 |
|
$31,698 |
|
- Includes cumulative translation
losses at September 30, 2024: $95 million
(December 31, 2023: $95 million; September 30, 2023:
$95 million).
- Includes additional paid-in capital
as at September 30, 2024: $1,852 million
(December 31, 2023: $1,875 million; September 30,
2023: $1,875 million).
The notes to these unaudited condensed interim
financial statements, which are contained in the Third Quarter
Report 2024 available on our website, are an integral part of these
consolidated financial statements.
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by
Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines;
Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa
and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral
Resource Management and Evaluation Executive (in this capacity, Mr.
Bottoms is also responsible on an interim basis for scientific and
technical information relating to the Latin America and Asia
Pacific region); John Steele, CIM, Metallurgy, Engineering and
Capital Projects Executive; and Joel Holliday, FAusIMM, Executive
Vice-President, Exploration—each a “Qualified Person” as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
All mineral reserve and mineral resource
estimates are estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects. Unless
otherwise noted, such mineral reserve and mineral resource
estimates are as of December 31, 2023.
Endnotes
Endnote 1“Free cash flow” is a
non-GAAP financial measure that deducts capital expenditures from
net cash provided by operating activities. Management believes this
to be a useful indicator of our ability to operate without reliance
on additional borrowing or usage of existing cash. Free cash flow
is intended to provide additional information only and does not
have any standardized definition under IFRS, and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The measure is not
necessarily indicative of operating profit or cash flow from
operations as determined under IFRS. Other companies may calculate
this measure differently. Further details on this non-GAAP
financial performance measure are provided in the MD&A
accompanying Barrick’s financial statements filed from time to time
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The
following table reconciles this non-GAAP financial measure to the
most directly comparable IFRS measure.
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
($
millions) |
For the three months ended |
|
For the nine months ended |
|
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
Net cash provided by operating activities |
1,180 |
|
1,159 |
|
1,127 |
|
3,099 |
|
2,735 |
|
Capital
expenditures |
(736 |
) |
(819 |
) |
(768 |
) |
(2,283 |
) |
(2,225 |
) |
Free cash flow |
444 |
|
340 |
|
359 |
|
816 |
|
510 |
|
Endnote 2On an attributable
basis.
Endnote 3“Realized price” is a
non-GAAP financial performance measure which excludes from sales:
treatment and refining charges; and cumulative catch-up adjustment
to revenue relating to our streaming arrangements. We believe this
provides investors and analysts with a more accurate measure with
which to compare to market gold and copper prices and to assess our
gold and copper sales performance. For those reasons, management
believes that this measure provides a more accurate reflection of
our company’s past performance and is a better indicator of its
expected performance in future periods. The realized price measure
is intended to provide additional information, and does not have
any standardized definition under IFRS and should not be considered
in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. The measure is not necessarily
indicative of sales as determined under IFRS. Other companies may
calculate this measure differently. The following table reconciles
realized prices to the most directly comparable IFRS measure.
Further details on these non-GAAP financial performance measures
are provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov.
Reconciliation of Sales to Realized
Price per ounce/pound
($
millions, except per ounce/pound information in dollars) |
Gold |
Copper |
Gold |
Copper |
For the three months ended |
For the nine months ended |
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
6/30/24 |
9/30/23 |
9/30/24 |
|
9/30/23 |
|
9/30/24 |
9/30/23 |
Sales |
3,097 |
|
2,868 |
|
2,588 |
|
213 |
219 |
209 |
8,493 |
|
7,583 |
|
595 |
569 |
Sales applicable to
non-controlling interests |
(930 |
) |
(850 |
) |
(797 |
) |
0 |
0 |
0 |
(2,575 |
) |
(2,307 |
) |
0 |
0 |
Sales applicable to equity
method investmentsa,b |
241 |
|
217 |
|
187 |
|
141 |
161 |
126 |
609 |
|
484 |
|
438 |
419 |
Sales applicable to sites in
closure or care and maintenancec |
(2 |
) |
(3 |
) |
(4 |
) |
0 |
0 |
0 |
(7 |
) |
(13 |
) |
0 |
0 |
Treatment and refinement
charges |
7 |
|
8 |
|
7 |
|
39 |
38 |
47 |
22 |
|
22 |
|
111 |
140 |
Revenues – as adjusted |
2,413 |
|
2,240 |
|
1,981 |
|
393 |
418 |
382 |
6,542 |
|
5,769 |
|
1,144 |
1,128 |
Ounces/pounds sold (000s ounces/millions pounds)c |
967 |
|
956 |
|
1,027 |
|
91 |
93 |
101 |
2,833 |
|
2,982 |
|
270 |
291 |
Realized gold/copper price per ounce/poundd |
2,494 |
|
2,344 |
|
1,928 |
|
4.27 |
4.53 |
3.78 |
2,309 |
|
1,934 |
|
4.23 |
3.88 |
- Represents sales of $193 million
and $533 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024:
$189 million; Q3 2023: $187 million; YTD 2023:
$484 million) applicable to our 45% equity method investment
in Kibali and $48 million and $76 million, respectively (Q2 2024:
$28 million; Q3 2023: $nil; YTD 2023: $nil, respectively)
applicable to our 24.5% equity method investment in Porgera for
gold. Represents sales of $91 million and $260 million,
respectively, for Q3 2024 and YTD 2024 (Q2 2024: $89 million; Q3
2023: $82 million; YTD 2023: $261 million) applicable to our 50%
equity method investment in Zaldívar and $55 million and $196
million, respectively (Q2 2024: $79 million; Q3 2023: $49 million;
YTD 2023: $176 million), applicable to our 50% equity method
investment in Jabal Sayid for copper.
- Sales applicable to equity method
investments are net of treatment and refinement charges.
- On an attributable basis. Excludes
Pierina, which was producing incidental ounces until December 31,
2023 while in closure. It also excludes Long Canyon which is
producing residual ounces from the leach pad while in care and
maintenance.
- Realized price per ounce/pound may
not calculate based on amounts presented in this table due to
rounding.
Endnote 4Net earnings represents net earnings
attributable to the equity holders of the Company.
Endnote 5“Adjusted net
earnings” and “adjusted net earnings per share” are non-GAAP
financial performance measures. Adjusted net earnings excludes the
following from net earnings: impairment charges (reversals) related
to intangibles, goodwill, property, plant and equipment, and
investments; acquisition/disposition gains/losses; foreign currency
translation gains/losses; significant tax adjustments; other items
that are not indicative of the underlying operating performance of
our core mining business; and tax effect and non-controlling
interest of the above items. Management uses this measure
internally to evaluate our underlying operating performance for the
reporting periods presented and to assist with the planning and
forecasting of future operating results. Management believes that
adjusted net earnings is a useful measure of our performance
because impairment charges, acquisition/disposition gains/losses
and significant tax adjustments do not reflect the underlying
operating performance of our core mining business and are not
necessarily indicative of future operating results. Adjusted net
earnings and adjusted net earnings per share are intended to
provide additional information only and does not have any
standardized definition under IFRS Accounting Standards as issued
by the International Accounting Standards Board (“IFRS”) and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The measures are not
necessarily indicative of operating profit or cash flow from
operations as determined under IFRS. Other companies may calculate
these measures differently. The following table reconciles these
non-GAAP financial measures to the most directly comparable IFRS
measure. Further details on these non-GAAP financial performance
measures are provided in the MD&A accompanying Barrick’s
financial statements filed from time to time on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net
Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings
per Share
($
millions, except per share amounts in dollars) |
For the three months ended |
|
For the nine months ended |
|
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
Net earnings attributable to equity holders of the Company |
483 |
|
370 |
|
368 |
|
1,148 |
|
793 |
|
Impairment charges related to
intangibles, goodwill, property, plant and equipment, and
investmentsa |
2 |
|
1 |
|
0 |
|
20 |
|
23 |
|
Acquisition/disposition
gains |
(1 |
) |
(5 |
) |
(4 |
) |
(7 |
) |
(10 |
) |
Loss on currency
translation |
4 |
|
5 |
|
30 |
|
21 |
|
56 |
|
Significant tax
adjustmentsb |
(30 |
) |
137 |
|
19 |
|
136 |
|
100 |
|
Other expense (income)
adjustmentsc |
97 |
|
48 |
|
(5 |
) |
136 |
|
55 |
|
Non-controlling interestd |
(7 |
) |
0 |
|
4 |
|
(11 |
) |
(9 |
) |
Tax
effectd |
(19 |
) |
1 |
|
6 |
|
(24 |
) |
(7 |
) |
Adjusted net earnings |
529 |
|
557 |
|
418 |
|
1,419 |
|
1,001 |
|
Net earnings per sharee |
0.28 |
|
0.21 |
|
0.21 |
|
0.65 |
|
0.45 |
|
Adjusted net earnings per sharee |
0.30 |
|
0.32 |
|
0.24 |
|
0.81 |
|
0.57 |
|
- The net impairment charges for YTD
2024 and 2023 relate to miscellaneous assets.
- For Q3 2024 and YTD 2024,
significant tax adjustments include the de-recognition of deferred
tax assets; the impact of the community relations projects at
Tanzania per our community investment obligations under the Twiga
partnership, and the re-measurement of deferred tax balances.
Significant tax adjustments for YTD 2024 also include the proposed
settlement of the Zaldívar Tax Assessments in Chile, and
adjustments in respect of prior years. For YTD 2023, significant
tax adjustments mainly related to the settlement agreement to
resolve the tax dispute at Porgera, the de-recognition of deferred
tax assets, adjustments in respect of prior years and the
re-measurement of deferred tax balances.
- For Q3 2024, other expense
adjustments mainly relate to the $40 million accrual relating to
the road construction in Tanzania per our community investment
obligations under the Twiga partnership, and changes in the
discount rate assumptions on our closed mine rehabilitation
provision, combined with a provision made relating to a legacy mine
site operated by Homestake Mining Company that was closed prior to
the 2001 acquisition by Barrick. YTD 2024 was further impacted by
the interest and penalties recognized following the proposed
settlement of the Zaldívar Tax Assessments in Chile, which was
recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly
relate to changes in the discount rate assumptions on our closed
mine rehabilitation provision, care and maintenance expenses at
Porgera, and the $30 million accrual relating to the expansion of
education infrastructure in Tanzania, also pursuant to the Twiga
partnership.
- Non-controlling interest and tax
effect for YTD 2024 primarily relates to other expense adjustments
and net impairment charges.
- Calculated using weighted average
number of shares outstanding under the basic method of earnings per
share.
Endnote 6EBITDA is a non-GAAP
financial performance measure, which excludes the following from
net earnings: income tax expense; finance costs; finance income;
and depreciation. Management believes that EBITDA is a valuable
indicator of our ability to generate liquidity by producing
operating cash flow to fund working capital needs, service debt
obligations, and fund capital expenditures. Management uses EBITDA
for this purpose. Adjusted EBITDA removes the effect of impairment
charges; acquisition/disposition gains/losses; foreign currency
translation gains/losses; and other expense adjustments. We also
remove the impact of the income tax expense, finance costs, finance
income and depreciation incurred in our equity method accounted
investments. We believe these items provide a greater level of
consistency with the adjusting items included in our adjusted net
earnings reconciliation, with the exception that these amounts are
adjusted to remove any impact on finance costs/income, income tax
expense and/or depreciation as they do not affect EBITDA. We
believe this additional information will assist analysts, investors
and other stakeholders of Barrick in better understanding our
ability to generate liquidity from our full business, including
equity method investments, by excluding these amounts from the
calculation as they are not indicative of the performance of our
core mining business and not necessarily reflective of the
underlying operating results for the periods presented. We believe
this additional information will assist analysts, investors and
other stakeholders of Barrick in better understanding our ability
to generate liquidity from our attributable business and which is
aligned with how we present our forward looking guidance on gold
ounces and copper pounds produced. Attributable EBITDA margin is
calculated as attributable EBITDA divided by revenues - as
adjusted. We believe this ratio will assist analysts, investors and
other stakeholders of Barrick to better understand the relationship
between revenues and EBITDA or operating profit. Starting with the
Q2 2024 MD&A, we are presenting net leverage as a non-GAAP
ratio and is calculated as debt, net of cash divided by the sum of
adjusted EBITDA of the last four consecutive quarters. We believe
this ratio will assist analysts, investors and other stakeholders
of Barrick in monitoring our leverage and evaluating our balance
sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin
and net leverage are intended to provide additional information to
investors and analysts and do not have any standardized definition
under IFRS, and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the
impact of cash costs of financing activities and taxes, and the
effects of changes in operating working capital balances, and
therefore are not necessarily indicative of operating profit or
cash flow from operations as determined under IFRS. Other companies
may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA
margin and net leverage differently. Further details on these
non-GAAP financial performance measures are provided in the
MD&A accompanying Barrick’s financial statements filed from
time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov.
Reconciliation of Net Earnings to
EBITDA, Adjusted EBITDA and Attributable EBITDA
($
millions) |
For the three months ended |
|
For the nine months ended |
|
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
Net earnings |
780 |
|
634 |
|
585 |
|
1,901 |
|
1,356 |
|
Income tax expense |
245 |
|
407 |
|
218 |
|
826 |
|
687 |
|
Finance costs, neta |
59 |
|
28 |
|
30 |
|
97 |
|
90 |
|
Depreciation |
477 |
|
480 |
|
504 |
|
1,431 |
|
1,479 |
|
EBITDA |
1,561 |
|
1,549 |
|
1,337 |
|
4,255 |
|
3,612 |
|
Impairment charges of
non-current assetsb |
2 |
|
1 |
|
0 |
|
20 |
|
23 |
|
Acquisition/disposition
gains |
(1 |
) |
(5 |
) |
(4 |
) |
(7 |
) |
(10 |
) |
Loss on currency
translation |
4 |
|
5 |
|
30 |
|
21 |
|
56 |
|
Other expense (income)
adjustmentsc |
97 |
|
48 |
|
(5 |
) |
136 |
|
55 |
|
Income
tax expense, net finance costsa, and depreciation from equity
investees |
110 |
|
119 |
|
106 |
|
331 |
|
279 |
|
Adjusted EBITDA |
1,773 |
|
1,717 |
|
1,464 |
|
4,756 |
|
4,015 |
|
Non-controlling Interests |
(481 |
) |
(428 |
) |
(393 |
) |
(1,268 |
) |
(1,096 |
) |
Attributable EBITDA |
1,292 |
|
1,289 |
|
1,071 |
|
3,488 |
|
2,919 |
|
Revenues - as adjustedd |
2,806 |
|
2,658 |
|
2,363 |
|
7,686 |
|
6,897 |
|
Attributable EBITDA margine |
46 |
% |
48 |
% |
45 |
% |
45 |
% |
42 |
% |
|
|
|
|
As at 9/30/24 |
As at 12/31/23 |
Net leveragef |
|
|
|
0.1:1 |
0.1:1 |
- Finance costs exclude
accretion.
- The net impairment charges for YTD
2024 and 2023 relate to miscellaneous assets.
- For Q3 2024, other expense
adjustments mainly relate to the $40 million accrual relating to
the road construction in Tanzania per our community investment
obligations under the Twiga partnership, and changes in the
discount rate assumptions on our closed mine rehabilitation
provision, combined with a provision made relating to a legacy mine
site operated by Homestake Mining Company that was closed prior to
the 2001 acquisition by Barrick. YTD 2024 was further impacted by
the interest and penalties recognized following the proposed
settlement of the Zaldívar Tax Assessments in Chile, which was
recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly
relate to changes in the discount rate assumptions on our closed
mine rehabilitation provision, care and maintenance expenses at
Porgera, and the $30 million accrual relating to the expansion of
education infrastructure in Tanzania, also pursuant to the Twiga
partnership.
- Refer to Reconciliation of Sales to Realized Price per
ounce/pound on page 62 of the Q3 2024 MD&A.
- Represents attributable EBITDA divided by revenues - as
adjusted.
- Represents debt, net of cash
divided by adjusted EBITDA of the last four consecutive
quarters.
Endnote 7These amounts are
presented on the same basis as our guidance. Minesite sustaining
capital expenditures and project capital expenditures are non-GAAP
financial measures. Capital expenditures are classified into
minesite sustaining capital expenditures or project capital
expenditures depending on the nature of the expenditure. Minesite
sustaining capital expenditures is the capital spending required to
support current production levels. Project capital expenditures
represent the capital spending at new projects and major, discrete
projects at existing operations intended to increase net present
value through higher production or longer mine life. Management
believes this to be a useful indicator of the purpose of capital
expenditures and this distinction is an input into the calculation
of all-in sustaining costs per ounce and all-in costs per ounce.
Classifying capital expenditures is intended to provide additional
information only and does not have any standardized definition
under IFRS, and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. Other companies may calculate these measures differently. The
following table reconciles these non-GAAP financial performance
measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of
Capital Expenditures
($
millions) |
For the three months ended |
For the nine months ended |
|
9/30/24 |
6/30/24 |
9/30/23 |
9/30/24 |
9/30/23 |
Minesite sustaining capital expenditures |
511 |
631 |
529 |
1,692 |
1,507 |
Project capital expenditures |
221 |
176 |
227 |
562 |
691 |
Capitalized interest |
4 |
12 |
12 |
29 |
27 |
Total consolidated capital expenditures |
736 |
819 |
768 |
2,283 |
2,225 |
Endnote 8Attributable capital
expenditures are presented on the same basis as guidance, which
includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our
80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84%
share of North Mara and Bulyanhulu, our 50% share of Zaldívar and
Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera.
Endnote 9Gold cost of sales per
ounce is calculated as cost of sales across our gold operations
(excluding sites in closure or care and maintenance) divided by
ounces sold (on an attributable basis using Barrick's ownership
share).
Endnote 10“Total cash costs”
per ounce, “All-in sustaining costs” per ounce and “All-in costs”
per ounce are non-GAAP financial performance measures which are
calculated based on the definition published by the World Gold
Council (a market development organization for the gold industry
comprised of and funded by gold mining companies from around the
world, including Barrick, the “WGC”). The WGC is not a regulatory
organization. Management uses these measures to monitor the
performance of our gold mining operations and their ability to
generate positive cash flow, both on an individual site basis and
an overall company basis. “Total cash costs” per ounce start with
our cost of sales related to gold production and removes
depreciation, the noncontrolling interest of cost of sales and
includes by-product credits. “All-in sustaining costs” per ounce
start with “Total cash costs” per ounce and includes sustaining
capital expenditures, sustaining leases, general and administrative
costs, minesite exploration and evaluation costs and reclamation
cost accretion and amortization. These additional costs reflect the
expenditures made to maintain current production levels. “All-in
costs” per ounce start with “All-in sustaining costs” and adds
additional costs that reflect the varying costs of producing gold
over the life-cycle of a mine, including: project capital
expenditures (capital spending at new projects and major, discrete
projects at existing operations intended to increase net present
value through higher production or longer mine life) and other
non-sustaining costs (primarily non-sustaining leases, exploration
and evaluation costs, community relations costs and general and
administrative costs that are not associated with current
operations). These definitions recognize that there are different
costs associated with the life-cycle of a mine, and that it is
therefore appropriate to distinguish between sustaining and
non-sustaining costs. Barrick believes that the use of “Total cash
costs” per ounce, “All-in sustaining costs” per ounce and "All-in
costs" per ounce will assist analysts, investors and other
stakeholders of Barrick in understanding the costs associated with
producing gold, understanding the economics of gold mining,
assessing our operating performance and also our ability to
generate free cash flow from current operations and to generate
free cash flow on an overall company basis. “Total cash costs” per
ounce, “All-in sustaining costs” per ounce and "All-in costs" per
ounce are intended to provide additional information only and do
not have standardized definitions under IFRS and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These measures are
not equivalent to net income or cash flow from operations as
determined under IFRS. Although the WGC has published a
standardized definition, other companies may calculate these
measures differently. Further details on these non-GAAP financial
performance measures are provided in the MD&A accompanying
Barrick’s financial statements filed from time to time on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Gold Cost of Sales to
Total cash costs and All-in sustaining costs, including on a per
ounce basis
($
millions, except per ounce information in dollars) |
|
For the three months ended |
For the nine months ended |
|
Footnote |
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
Cost of sales applicable to gold production |
|
1,856 |
|
1,799 |
|
1,736 |
|
5,416 |
|
5,250 |
|
Depreciation |
|
(409 |
) |
(401 |
) |
(427 |
) |
(1,217 |
) |
(1,285 |
) |
Cash cost of sales applicable to equity method investments |
|
93 |
|
77 |
|
65 |
|
226 |
|
195 |
|
By-product credits |
|
(58 |
) |
(75 |
) |
(65 |
) |
(189 |
) |
(186 |
) |
Non-recurring items |
a |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Other |
b |
3 |
|
5 |
|
7 |
|
10 |
|
12 |
|
Non-controlling interests |
c |
(417 |
) |
(393 |
) |
(380 |
) |
(1,210 |
) |
(1,146 |
) |
Total cash costs |
|
1,068 |
|
1,012 |
|
936 |
|
3,036 |
|
2,840 |
|
General & administrative costs |
|
46 |
|
32 |
|
30 |
|
106 |
|
97 |
|
Minesite exploration and evaluation costs |
d |
10 |
|
6 |
|
11 |
|
29 |
|
36 |
|
Minesite sustaining capital expenditures |
e |
511 |
|
631 |
|
529 |
|
1,692 |
|
1,507 |
|
Sustaining leases |
|
8 |
|
9 |
|
7 |
|
23 |
|
23 |
|
Rehabilitation - accretion and amortization (operating sites) |
f |
14 |
|
20 |
|
14 |
|
51 |
|
43 |
|
Non-controlling interest, copper operations and other |
g |
(199 |
) |
(278 |
) |
(238 |
) |
(701 |
) |
(594 |
) |
All-in sustaining costs |
|
1,458 |
|
1,432 |
|
1,289 |
|
4,236 |
|
3,952 |
|
Ounces sold - attributable basis (000s ounces) |
h |
967 |
|
956 |
|
1,027 |
|
2,833 |
|
2,982 |
|
Cost of sales per ounce |
i,j |
1,472 |
|
1,441 |
|
1,277 |
|
1,447 |
|
1,325 |
|
Total cash costs per ounce |
j |
1,104 |
|
1,059 |
|
912 |
|
1,072 |
|
953 |
|
Total
cash costs per ounce (on a co-product basis) |
j,k |
1,145 |
|
1,112 |
|
954 |
|
1,117 |
|
995 |
|
All-in sustaining costs per ounce |
j |
1,507 |
|
1,498 |
|
1,255 |
|
1,495 |
|
1,325 |
|
All-in
sustaining costs per ounce (on a co-product basis) |
j,k |
1,548 |
|
1,551 |
|
1,297 |
|
1,540 |
|
1,367 |
|
a. |
|
Non-recurring items - These costs are not
indicative of our cost of production and have been excluded from
the calculation of total cash costs. |
b. |
|
Other - Other adjustments for Q3 2024 and YTD 2024
include the removal of total cash costs and by-product credits
associated with Pierina of $nil and $nil, respectively (Q2 2024:
$nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing
incidental ounces until December 31, 2023 while in closure. |
c. |
|
Non-controlling interests - Non-controlling
interests include non-controlling interests related to gold
production of $556 million and $1,630 million, respectively, for Q3
2024 and YTD 2024 (Q2 2024: $532 million; Q3 2023: $536 million;
YTD 2023: $1,598 million). Non-controlling interests include NGM,
Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu.
Refer to Note 4 to the Financial Statements for further
information. |
d. |
|
Exploration and evaluation costs - Exploration,
evaluation and project expenses are presented as minesite
sustaining if they support current mine operations and project if
they relate to future projects. Refer to page 39 of the Q3 2024
MD&A. |
e. |
|
Capital expenditures - Capital expenditures
are related to our gold sites only and are split between minesite
sustaining and project capital expenditures. |
f. |
|
Rehabilitation—accretion and amortization -
Includes depreciation on the assets related to rehabilitation
provisions of our gold operations and accretion on the
rehabilitation provision of our gold operations, split between
operating and non-operating sites. |
g. |
|
Non-controlling interest and copper operations -
Removes general and administrative costs related to
non-controlling interests and copper based on a percentage
allocation of revenue. Also removes exploration, evaluation and
project expenses, rehabilitation costs and capital expenditures
incurred by our copper sites and the non-controlling interest of
NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and
Bulyanhulu operating segments. It also includes capital
expenditures applicable to our equity method investment in Kibali.
Figures remove the impact of Pierina up until December 31, 2023.
The impact is summarized as the following: |
($
millions) |
For the three months ended |
|
For the nine months ended |
|
Non-controlling interest, copper operations and other |
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
General & administrative costs |
(7 |
) |
(6 |
) |
(5 |
) |
(17 |
) |
(16 |
) |
Minesite exploration and
evaluation expenses |
(2 |
) |
(4 |
) |
(4 |
) |
(8 |
) |
(12 |
) |
Rehabilitation - accretion and
amortization (operating sites) |
(5 |
) |
(6 |
) |
(5 |
) |
(16 |
) |
(15 |
) |
Minesite sustaining capital expenditures |
(185 |
) |
(262 |
) |
(224 |
) |
(660 |
) |
(551 |
) |
All-in sustaining costs total |
(199 |
) |
(278 |
) |
(238 |
) |
(701 |
) |
(594 |
) |
h. |
|
Ounces sold - attributable basis - Excludes
Pierina, which was producing incidental ounces until December 31,
2023 while in closure. It also excludes Long Canyon which is
producing residual ounces from the leach pad while in care and
maintenance. |
i. |
|
Cost of sales per ounce - Figures remove the cost
of sales impact of: Pierina of $nil and $nil, respectively, for Q3
2024 and YTD 2024 (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3
million), which was producing incidental ounces up until December
31, 2023 while in closure. Gold cost of sales per ounce is
calculated as cost of sales across our gold operations (excluding
sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick's ownership
share). |
j. |
|
Per ounce figures - Cost of sales per ounce,
total cash costs per ounce and all-in sustaining costs per ounce
may not calculate based on amounts presented in this table due to
rounding. |
k. |
|
Co-product costs per ounceTotal cash costs per
ounce and all-in sustaining costs per ounce presented on a
co-product basis removes the impact of by-product credits of our
gold production (net of non-controlling interest) calculated
as: |
($
millions) |
For the three months ended |
|
For the nine months ended |
|
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
By-product credits |
58 |
|
75 |
|
65 |
|
189 |
|
186 |
|
Non-controlling interest |
(18 |
) |
(24 |
) |
(22 |
) |
(60 |
) |
(61 |
) |
By-product credits (net of non-controlling interest) |
40 |
|
51 |
|
43 |
|
129 |
|
125 |
|
Endnote 11Starting in 2024, we
have presented our copper production and sales quantities in tonnes
rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Our
copper cost metrics are still reported on a per pound basis.
Endnote 12Copper cost of sales
per pound is calculated as cost of sales across our copper
operations divided by pounds sold (on an attributable basis using
Barrick's ownership share).
Endnote 13“C1 cash costs” per
pound and “All-in sustaining costs” per pound are non-GAAP
financial performance measures related to our copper mine
operations. We believe that “C1 cash costs” per pound enables
investors to better understand the performance of our copper
operations in comparison to other copper producers who present
results on a similar basis. “C1 cash costs” per pound excludes
royalties and non-routine charges as they are not direct production
costs. “All-in sustaining costs” per pound is similar to the gold
all-in sustaining costs metric and management uses this to better
evaluate the costs of copper production. We believe this measure
enables investors to better understand the operating performance of
our copper mines as this measure reflects all of the sustaining
expenditures incurred in order to produce copper. “All-in
sustaining costs” per pound includes C1 cash costs, sustaining
capital expenditures, sustaining leases, general and administrative
costs, minesite exploration and evaluation costs, royalties,
reclamation cost accretion and amortization and writedowns taken on
inventory to net realizable value. Further details on these
non-GAAP financial performance measures are provided in the
MD&A accompanying Barrick’s financial statements filed from
time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov.
Reconciliation of Copper Cost of Sales
to C1 cash costs and All-in sustaining costs, including on a per
pound basis
($
millions, except per pound information in dollars) |
For the three months ended |
|
For the nine months ended |
|
|
9/30/24 |
|
6/30/24 |
|
9/30/23 |
|
9/30/24 |
|
9/30/23 |
|
Cost of sales |
187 |
|
172 |
|
167 |
|
527 |
|
517 |
|
Depreciation/amortization |
(60 |
) |
(71 |
) |
(70 |
) |
(191 |
) |
(173 |
) |
Treatment and refinement charges |
39 |
|
38 |
|
47 |
|
111 |
|
140 |
|
Cash cost of sales applicable to equity method investments |
83 |
|
84 |
|
82 |
|
249 |
|
253 |
|
Less: royalties |
(17 |
) |
(16 |
) |
(15 |
) |
(45 |
) |
(46 |
) |
By-product credits |
(3 |
) |
(6 |
) |
(4 |
) |
(14 |
) |
(14 |
) |
Other |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
C1 cash costs |
229 |
|
201 |
|
207 |
|
637 |
|
677 |
|
General & administrative costs |
6 |
|
5 |
|
6 |
|
15 |
|
16 |
|
Rehabilitation - accretion and amortization |
2 |
|
2 |
|
3 |
|
6 |
|
7 |
|
Royalties |
17 |
|
16 |
|
15 |
|
45 |
|
46 |
|
Minesite exploration and evaluation costs |
1 |
|
1 |
|
3 |
|
2 |
|
7 |
|
Minesite sustaining capital expenditures |
71 |
|
111 |
|
91 |
|
265 |
|
182 |
|
Sustaining leases |
2 |
|
4 |
|
2 |
|
7 |
|
9 |
|
All-in sustaining costs |
328 |
|
340 |
|
327 |
|
977 |
|
944 |
|
Tonnes sold - attributable basis (thousands of tonnes) |
42 |
|
42 |
|
46 |
|
123 |
|
132 |
|
Pounds
sold - attributable basis (millions pounds) |
91 |
|
93 |
|
101 |
|
270 |
|
291 |
|
Cost of sales per pounda,b |
3.23 |
|
3.05 |
|
2.68 |
|
3.16 |
|
2.90 |
|
C1 cash costs per pounda |
2.49 |
|
2.18 |
|
2.05 |
|
2.35 |
|
2.33 |
|
All-in sustaining costs per pounda |
3.57 |
|
3.67 |
|
3.23 |
|
3.62 |
|
3.25 |
|
- Cost of sales per pound, C1 cash
costs per pound and all-in sustaining costs per pound may not
calculate based on amounts presented in this table due to
rounding.
- Copper cost of sales per pound is calculated as cost of sales
across our copper operations divided by pounds sold (on an
attributable basis using Barrick's ownership share).
Endnote 14Gold margins are
calculated as realized price3 per ounce of gold minus cost of
sales per ounce of gold. Refer to page 5 of the Q3 2024
MD&A.
Endnote 15A Tier One Gold Asset
is an asset with a $1,300/oz reserve with potential for 5 million
ounces to support a minimum 10-year life, annual production of at
least 500,000 ounces of gold and with all-in sustaining costs per
ounce in the lower half of the industry cost curve. A Tier One
Copper Asset is an asset with a $3.00/lb reserve with potential for
5 million tonnes or more of contained copper to support a minimum
20-year life, annual production of at least 200ktpa, with all-in
sustaining costs per pound in the lower half of the industry cost
curve. Tier One Assets must be located in a world class geological
district with potential for organic reserve growth and long-term
geologically driven addition.
Endnote 16Total reportable
incident frequency rate (“TRIFR”) is a ratio calculated as follows:
number of reportable injuries x 1,000,000 hours divided by the
total number of hours worked. Reportable injuries include
fatalities, lost time injuries, restricted duty injuries, and
medically treated injuries. Lost time injury frequency rate
(“LTIFR”) is a ratio calculated as follows: number of lost time
injuries x 1,000,000 hours divided by the total number of hours
worked.
Endnote 17See the Technical
Report on the Pueblo Viejo mine, Dominican Republic, dated March
17, 2023, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at
www.sec.gov on March 17, 2023.
Endnote 18Financial metrics and
production metrics are based upon Barrick's internal
pre-feasibility study which is conceptual in nature because it
includes mineral resources that are not yet categorized as mineral
reserves, and there is no certainty that the pre-feasibility
assessment will be realized. These metrics are subject to change
upon completion of the feasibility study. The assumptions outlined
within the pre-feasibility study assessment have formed the basis
for the ongoing study and were made by a Qualified Person. The
Qualified Person will evaluate the results of the completed
feasibility study before determining whether all or a part of the
mineral resource for the Super Pit Expansion Project may be
converted to a mineral reserve.
Endnote 19The results in this
press release represent forward-looking information and are based
on Barrick’s internal pre-feasibility study for the Super Pit.
These results are based on mineral resources only and depend on
inputs that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those presented here. Barrick is in the
process of completing a feasibility study in respect of the Super
Pit, the results of which may differ from the figures disclosed in
this press release. Barrick does not currently identify Lumwana as
a material property. Barrick expects to re-evaluate Lumwana’s
status as a potential material property following the completion of
the feasibility study for the Super Pit Expansion Project and the
preparation of updated mineral reserves and resources estimates for
Lumwana as of December 31, 2024. A Technical Report will be
prepared in accordance with Form 43-101F1 and filed on SEDAR+
within 45 days of the disclosure of the results of the feasibility
study if Lumwana is classified as a material property.
Endnote 20Life of Mine Plan
mined tonnes, grade and ounces and financials are based on the
pre-feasibility study but are conceptual in nature due to using
mineral resources and are subject to change with completion of the
feasibility study which is anticipated for Q4 2024.
Endnote 21All financial metrics
are estimated based upon CIBC Global Mining Group mean long-term
consensus forecast copper price of $4.13/lb. Refer to the below
table for the complete list of Barrick’s outlook assumptions.
Key Outlook Assumptions |
2024 |
2025 |
2026+ |
Gold Price ($/oz) |
1,900 |
1,300 |
1,300 |
Copper Price ($/lb) |
3.50 |
3.00 |
3.00 |
Oil Price (WTI) ($/barrel) |
80 |
70 |
70 |
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
0.75 |
ARS Exchange Rate (USD:ARS) |
800 |
800 |
800 |
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
1.30 |
CLP Exchange Rate (USD:CLP) |
900 |
900 |
900 |
EUR Exchange Rate (EUR:USD) |
1.10 |
1.20 |
1.20 |
Endnote 22Scenario assumes an
indicative production profile for Reko Diq and Lumwana, both of
which are conceptual in nature. Does not include Fourmile. Refer to
the below table for the complete list of Barrick’s outlook
assumptions.
Key Outlook Assumptions |
2024 |
2025 |
2026+ |
Gold Price ($/oz) |
1,900 |
1,300 |
1,300 |
Copper Price ($/lb) |
3.50 |
3.00 |
3.00 |
Oil Price (WTI) ($/barrel) |
80 |
70 |
70 |
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
0.75 |
ARS Exchange Rate (USD:ARS) |
800 |
800 |
800 |
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
1.30 |
CLP Exchange Rate (USD:CLP) |
900 |
900 |
900 |
EUR Exchange Rate (EUR:USD) |
1.10 |
1.20 |
1.20 |
Gold equivalent ounces calculated from our
copper assets are calculated using a gold price of $1,300/oz and
copper price of $3.00/lb. Barrick’s ten-year indicative production
profile for gold equivalent ounces is based on the following
assumptions:
Barrick’s five-year indicative outlook is based
on our current operating asset portfolio, sustaining projects in
progress and exploration/mineral resource management initiatives in
execution. This outlook is based on our current reserves and
resources 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 company’s gold and copper segments, and where
applicable for a specific region, this 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; and production
from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta
is the operator of Zaldívar).
Our five-year indicative outlook excludes:
production from Fourmile; Pierina, and Golden Sunlight, both of
which are currently in care and maintenance; and production from
long-term greenfield optionality from Donlin, Pascua-Lama, Norte
Abierto and Alturas.
Barrick’s ten-year indicative production profile
is subject to change and is based on the same assumptions as the
current five-year outlook detailed above, except that the
subsequent five years of the ten-year outlook assumes attributable
production from Fourmile as well as exploration and mineral
resource management projects in execution at Nevada Gold Mines and
Hemlo.
Barrick’s five-year and ten-year production
profile in this presentation also assumes an indicative gold and
copper production profile for Reko Diq and an indicative copper
production profile for the Lumwana Super Pit expansion, both of
which are conceptual in nature.
Endnote 23Refer to the
Technical Report on the Cortez Complex, Lander and Eureka Counties,
State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+
at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
Endnote 24Indicative production
profiles from Fourmile and Lumwana and recovered production
profiles from Reko Diq are conceptual in nature and subject to
change following completion of Fourmile's pre-feasibility study,
Lumwana's feasibility study and Reko Diq's updated feasibility
study, respectively. Fourmile is currently 100% owned by Barrick.
As previously disclosed, Barrick anticipates Fourmile being
contributed to the Nevada Gold Mines joint venture, at fair market
value, if certain criteria are met.
Endnote 25“14 million ounce
Leeville project” refers to total historical gold production of the
Leeville Complex from 2005 to 2023 of 8.5 million ounces (100%
basis) plus estimated year-end 2023 probable mineral reserves of
the Leeville Complex of 5.4 million ounces of gold (100%
basis).
Leeville (100% Basis) |
|
Pete Bajo (100% Basis) |
|
Rita K (100% Basis) |
|
Tonnes |
Head |
Gold |
|
|
Tonnes |
Head |
Gold |
|
|
Tonnes |
Head |
Gold |
Year |
Processed |
Grade |
Produced |
Year |
Processed |
Grade |
Produced |
|
Year |
Processed |
Grade |
Produced |
|
(kt) |
(g/t) |
(oz) |
|
|
(kt) |
(g/t) |
(oz) |
|
|
(kt) |
(g/t) |
(oz) |
2005 |
43 |
12.18 |
16,649 |
|
2011 |
71 |
11.77 |
26,722 |
|
2020 |
3 |
4.8 |
438 |
2006 |
378 |
15.86 |
192,678 |
|
2012 |
219 |
11.27 |
79,273 |
|
2021 |
26 |
5.9 |
5,028 |
2007 |
635 |
13.06 |
266,602 |
|
2013 |
208 |
8.43 |
56,258 |
|
2022 |
115 |
7.45 |
27,561 |
2008 |
1,132 |
13.34 |
485,607 |
|
2014 |
217 |
8.64 |
60,277 |
|
2023 |
85 |
6.26 |
17,067 |
2009 |
1,308 |
12.81 |
538,597 |
|
2015 |
269 |
8.61 |
74,525 |
|
Total |
229 |
6.8 |
50,094 |
2010 |
1,480 |
11.98 |
569,915 |
|
2016 |
270 |
8.77 |
76,035 |
|
|
|
|
|
2011 |
1,569 |
10.22 |
515,429 |
|
2017 |
289 |
7.95 |
73,904 |
|
Total Leeville Complex (100% Basis) |
2012 |
1,091 |
9.77 |
342,495 |
|
2018 |
242 |
8.26 |
64,135 |
|
|
Tonnes |
Head |
Gold |
2013 |
1,300 |
9.44 |
394,388 |
|
2019 |
280 |
8.72 |
78,444 |
|
Year |
Processed |
Grade |
Produced |
2014 |
1,107 |
9.29 |
330,622 |
|
2020 |
319 |
8.51 |
87,458 |
|
|
(kt) |
(g/t) |
(oz) |
2015 |
1,147 |
9.21 |
339,814 |
|
2021 |
323 |
8.16 |
84,707 |
|
2005 |
43 |
12.18 |
16,649 |
2016 |
1,377 |
9.19 |
407,024 |
|
2022 |
339 |
7.24 |
78,814 |
|
2006 |
378 |
15.86 |
192,678 |
2017 |
1,498 |
9.67 |
465,799 |
|
2023 |
323 |
7.34 |
76,272 |
|
2007 |
635 |
13.06 |
266,602 |
2018 |
1,438 |
9.75 |
450,661 |
|
Total |
3,368 |
8.47 |
916,823 |
|
2008 |
1,132 |
13.34 |
485,607 |
2019 |
1,439 |
9.74 |
450,744 |
|
|
|
|
|
|
2009 |
1,308 |
12.81 |
538,597 |
2020 |
1,445 |
9.83 |
456,899 |
|
|
|
|
|
|
2010 |
1,480 |
11.98 |
569,915 |
2021 |
1,406 |
9.65 |
436,268 |
|
|
|
|
|
|
2011 |
1,640 |
10.29 |
542,151 |
2022 |
1,433 |
9.42 |
433,791 |
|
|
|
|
|
|
2012 |
1,310 |
10.02 |
421,768 |
2023 |
1,503 |
9.51 |
459,744 |
|
|
|
|
|
|
2013 |
1,507 |
9.3 |
450,646 |
Total |
22,730 |
10.34 |
7,553,728 |
|
|
|
|
|
|
2014 |
1,324 |
9.18 |
390,899 |
|
|
|
|
|
|
|
|
|
|
2015 |
1,417 |
9.1 |
414,340 |
|
|
|
|
|
|
|
2016 |
1,647 |
9.12 |
483,059 |
|
|
|
|
|
|
|
|
|
|
2017 |
1,788 |
9.39 |
539,704 |
|
|
|
|
|
|
|
|
|
|
2018 |
1,679 |
9.54 |
514,796 |
|
|
|
|
|
|
|
|
|
|
2019 |
1,719 |
9.57 |
529,188 |
|
|
|
|
|
|
|
|
|
|
2020 |
1,767 |
9.59 |
544,795 |
|
|
|
|
|
|
|
|
|
|
2021 |
1,756 |
9.32 |
526,003 |
|
|
|
|
|
|
|
|
|
|
2022 |
1,887 |
8.9 |
540,166 |
|
|
|
|
|
|
|
|
|
|
2023 |
1,911 |
9 |
553,083 |
|
|
|
|
|
|
|
|
|
|
Total |
26,327 |
10.07 |
8,520,645 |
Historical production data sourced from
Barrick and Newmont company filings.Fallon forms part of Leeville
Complex but is not included in the tables above due to lack of
production.
Estimates of Leeville Complex mineral reserves
as of December 31, 2023 on a 100% basis: Probable mineral reserves
of 20 million tonnes grading 8.48g/t, representing 5.4 million
ounces of gold. Currently, no proven mineral reserves are reported
for Leeville Complex. Leeville Complex comprises:
- Pete Bajo:
Probable mineral reserves of 2.0 million tonnes grading 7.39g/t,
representing 0.47 million ounces of gold
- Rita K: Probable
mineral reserves of 3.5 million tonnes grading 6.26g/t,
representing 0.70 million ounces of gold
- Leeville: Probable mineral reserves
of 14 million tonnes grading 9.17g/t, representing 4.2 million
ounces of gold
Endnote 26Proven and probable
reserve gains calculated from cumulative net change in reserves
from year end 2019 to 2023. Reserve replacement percentage is
calculated from the cumulative net change in reserves from year end
2019 to 2023 divided by the cumulative depletion in reserves from
year end 2019 to 2023 as shown in the table below.
Year |
Attributable P&P Gold (Moz) |
Attributable Gold Acquisition & Divestments
(Moz) |
Attributable Gold Depletion (Moz) |
Attributable Gold Net Change (Moz) |
2019a |
71 |
— |
— |
— |
2020b |
68 |
(2.2) |
(5.5) |
4.2 |
2021c |
69 |
(0.91) |
(5.4) |
8.1 |
2022d |
76 |
— |
(4.8) |
12 |
2023e |
77 |
— |
(4.6) |
5 |
2019-2023 Total |
N/A |
(3.1) |
(20) |
29 |
Totals may not appear to sum correctly due to
rounding.
Attributable acquisitions and divestments
includes the following: a decrease of 2.2 Moz in proven and
probable gold reserves from December 31, 2019 to December 31, 2020,
as a result of the divestiture of Barrick's Massawa gold project
effective March 4, 2020; and a decrease of 0.91 Moz in proven and
probable gold reserves from December 31, 2020 to December 31, 2021,
as a result of the change in Barrick’s ownership interest in
Porgera from 47.5% to 24.5% and the net impact of the asset
exchange of Lone Tree to i-80 Gold for the remaining 50% of South
Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory
authorities.
- Estimates as of
December 31, 2019, unless otherwise noted. Proven reserves of 280
million tonnes grading 2.42 g/t, representing 22 million ounces of
gold and Probable reserves of 1,000 million tonnes grading 1.48
g/t, representing 49 million ounces of gold.
- Estimates as of
December 31, 2020, unless otherwise noted. Proven reserves of 280
million tonnes grading 2.37g/t, representing 21 million ounces of
gold and Probable reserves of 990 million tonnes grading 1.46g/t,
representing 47 million ounces of gold.
- Estimates as of
December 31, 2021, unless otherwise noted. Proven mineral reserves
of 240 million tonnes grading 2.20g/t, representing 17 million
ounces of gold and Probable reserves of 1,000 million tonnes
grading 1.60g/t, representing 53 million ounces of gold.
- Estimates as of
December 31, 2022, unless otherwise noted. Proven mineral reserves
of 260 million tonnes grading 2.26g/t, representing 19 million
ounces of gold and Probable reserves of 1,200 million tonnes
grading 1.53g/t, representing 57 million ounces of gold.
- Estimates are as of December 31,
2023, unless otherwise noted. Proven mineral reserves of 250
million tonnes grading 1.85g/t, representing 15 million ounces of
gold. Probable reserves of 1,200 million tonnes grading 1.61g/t,
representing 61 million ounces of gold
Endnote 27Includes
Goldrush.
Endnote 28Porgera was placed on
care and maintenance from April 25, 2020 until December 22, 2023.
On December 22, 2023, the Porgera Project Commencement Agreement
was completed and recommissioning of the mine commenced. As a
result, Porgera is included in our 2024 guidance at 24.5%.
Endnote 29Total cash costs and
all-in sustaining costs per ounce include costs allocated to
non-operating sites.
Endnote 30Operating division
guidance ranges reflect expectations at each individual operating
division and may not add up to the company wide guidance range
total.
Endnote 31Includes corporate
administration costs.
Shares Listed
GOLDThe New York Stock Exchange
ABXThe Toronto Stock Exchange
Transfer Agents and Registrars
TSX Trust Company301 – 100 Adelaide Street West
Toronto, Ontario M5H 4H1Canadaor Equiniti Trust Company,
LLC6201 – 15th AvenueBrooklyn, New York 11219USA
Telephone: 1 800 387 0825Fax: 1 888 249 6189
Email: shareholderinquiries@tmx.comWebsite: www.tsxtrust.com
Corporate Office
Barrick Gold Corporation161 Bay Street, Suite
3700Toronto, Ontario M5J 2S1Canada
Telephone: +1 416 861 9911Email: investor@barrick.comWebsite:
www.barrick.com
Enquiries
President and Chief Executive OfficerMark
Bristow+1 647 205 7694+44 7880 711 386
Senior Executive Vice-President and Chief Financial
OfficerGraham Shuttleworth+1 647 262 2095+44 7797
711 338
Investor and Media RelationsKathy du Plessis+44
207 557 7738Email: barrick@dpapr.com
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 “on track”, “expect”, “strategy”, “target”, “plan”,
“set”, “focus”, “scheduled”, “ramp up”, “opportunities”,
“guidance”, “project”, “expand”, “invest”, “study”, “continue”,
“ongoing”, “progress”, “develop”, “estimate”, “growth”,
“potential”, “prospect”, “future”, “extend”, “will”, “could”,
“would”, “should”, “may” 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;
projected capital, operating and exploration expenditures; our
ability to convert resources into reserves and replace reserves net
of depletion from production; mine life and production rates and
anticipated production growth from Barrick’s organic project
pipeline and reserve replacement; Barrick’s global exploration
strategy and planned exploration activities; our ability to
identify new Tier One assets and the potential for existing assets
to attain Tier One status, including Fourmile and Lumwana; ongoing
optimization work, the status of the new tailings facility and
resettlement at Pueblo Viejo; expected benefits of our planned
investments in equipment, infrastructure and technology; Barrick’s
copper strategy; Barrick’s Lumwana Super Pit expansion project and
estimated copper production and throughput from the Super Pit,
including projected mining rates, and its ability to extend
Lumwana’s life of mine; the potential for Lumwana to become a top
25 copper producer; expected cost and production improvements
resulting from the Super Pit expansion project, including our
estimated net present value and internal rate of return; our plans
for, and expected completion and benefits of, our growth projects;
potential mineralization and metal or mineral recoveries; timing of
completion of the feasibility studies for Reko Diq and the Lumwana
Super Pit; projected annual production for Reko Diq and Goldrush;
our pipeline of high confidence projects at or near existing
operations, including Fourmile; the potential for Leeville to
double or triple Carlin’s existing mineral reserves and extend its
life of mine; Barrick’s strategy, plans, targets and goals in
respect of environmental and social governance issues, including
employment and training initiatives, climate change (including our
greenhouse gas (“GHG”) emissions reduction targets and renewable
energy initiatives), and rehabilitation and closure initiatives;
Barrick’s performance dividend policy and share buyback program;
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 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, including the
status of value added tax refunds received in Chile in connection
with 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 key licenses by governmental authorities;
failure to comply with environmental and health and safety laws and
regulations; increased costs and physical and transition risks
related to climate change, including extreme weather events,
resource shortages, emerging policies and increased regulations
relating to greenhouse gas emission levels, energy efficiency and
reporting of risks; the Company’s ability to achieve its
sustainability goals, including its climate-related goals and GHG
emissions reduction targets, in particular its ability to achieve
its Scope 3 emissions targets which require reliance on entities
within Barrick’s value chain, but outside of the Company’s direct
control, to achieve such targets within the specified time frames;
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; 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, including
disruptions in the supply of key mining inputs due to the invasion
of Ukraine by Russia and conflicts in the Middle East; 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, including risks related to cyber-attacks,
cybersecurity incidents, including those caused by computer
viruses, malware, ransomware and other cyberattacks, or similar
information technology system failures, delays and/or disruptions;
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 ongoing global supply chain
disruptions, global energy cost increases following the invasion of
Ukraine by Russia and country-specific political and economic
factors in Argentina; 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 are 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; risks related to the failure of
internal controls; and risks related to the impairment of the
Company’s goodwill and assets.
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
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 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 press
release. 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.
Barrick Gold (NYSE:GOLD)
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過去 株価チャート
から 11 2023 まで 11 2024