Following its merger with Randgold Resources, NYSE- and TSX-listed Barrick Gold has made progress towards its goal of being a modern mining business, according to executive chairperson John Thornton in the company’s information circular for 2020 published on April 6.
The circular follows the recent publication of Barrick’s 2019 annual report, in which president and CE Mark Bristow said the work done during the past year had equipped management well to take Barrick to the next level.
Included in the report is Barrick’s ten-year production plan which projects production of around five-million ounces of gold a year over the next decade.
“We stand on the strong foundation of a stable production profile and a very robust business, capable of generating substantial free cash flow for at least the next decade. There are also opportunities for growth outside our current ambit which we continue to explore,” Bristow said.
In the circular, lead director Brett Harvey said that in line with a renewed emphasis on engagement, the board has resolved to have at least one of its meetings at an operational site each year. In 2019, the board met at Barrick’s offices in Nevada and toured the Nevada operations.
Harvey further also noted that following a rigorous search and selection process overseen by the company’s corporate governance and nominating committee, Barrick appointed former Chilean Public Works Minister Loreto Silva to the board.
According to Harvey, Silva brings “significant knowledge of large-scale infrastructure projects and wide-ranging expertise in legal and government affairs, with a specific focus on South America”.
In addition, as part of Barrick’s continued pursuit of greater gender diversity and renewal, the company is “well-advanced” in its search for a second highly qualified female candidate who is expected to have the appropriate experience to bring to the board an independent view, as well as an understanding of doing business in Africa.
The circular further stressed that Barrick is fully engaged in managing the impact of Covid-19 on its businesses and its people and has rolled out emergency response measures at all its sites and operations.
In keeping with its commitment to the health and safety of employees and the community, this year’s annual meeting of shareholders on May 5 is expected to be conducted in a virtual format.
The company will be monitoring conditions and intends to make a physical meeting location available if circumstances allow.