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‘Others buy, Barrick builds’ – Bristow

An image of Barrick CEO Mark Bristow

Barrick CEO Mark Bristow

21st November 2022

By: Creamer Media Reporter

     

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Bullion major Barrick Gold’s portfolio of gold and copper assets is projected to show strong growth over the next five to ten years, president and CEO Mark Bristow said at an investor meeting in New York on Friday.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalisation of the location for the new tailings storage facility, would support that growth, he said.

The latest geological model for the $2.1-billion expansion project is showing the potential for upgrading two-million ounces of inferred resources to indicated which, together with about 10-million ounces of measured and indicated resources, are expected to convert to proven and probable reserves.

This investment is expected to extend the tier-one mine’s life to beyond 2040, at an average production rate of more than 800 000 oz/y.

“Others buy, Barrick builds,” Bristow said.

In the US, he said there was more to come from its three tier-one assets in Nevada, where Barrick holds 8 000 km2 of prospective land in one of the world’s most richly-endowed gold districts.

In Africa, Barrick’s two tier-one mines continue to deliver geologically driven growth, while the two Tanzanian mines that the group took over have been transformed into successful operations and have the potential to achieve tier-one status as a combined complex.

Bristow said that Barrick was also well on its way to building a tier-one copper business as a result of the Reko Diq project in Pakistan and the Lumwana super pit in Zambia.

He noted Barrick’s performance since its merger with Randgold Resources three years ago had been driven by a clear and disciplined long-term strategy, focused on leveraging its tier-one assets, and finding more.

Gold and copper production has met or exceeded guidance each year since the merger. Strong cash flow generation has turned net debt of $4.2-billion into net cash of $145-million at the end of last quarter. The strong balance sheet has enabled the company to deliver peer-leading returns to shareholders within the framework of a performance-linked dividend policy.

Bristow noted that brownfield exploration continued to replace reserves depleted by mining, and the search for new discoveries had been extended across Barrick’s expanding global footprint. The company already operates in 18 countries across four continents.

“Barrick was a leader in sustainability long before ESG became a key investment criterion. This means that we haven’t had to scramble to comply with new requirements and expectations — the ability to satisfy them was already embedded in every aspect of our business. We have, however, refined our approach to sustainability so that it holistically embraces the linked challenges of poverty, climate change and biodiversity. It includes a detailed, demonstrable roadmap based on climate science, to the achievement of a 30% reduction in greenhouse gas emissions by 20305, against a 2018 baseline, with the ultimate goal of net zero emissions by 2050,” Bristow said.

GOLD

Bullion major Barrick Gold’s portfolio of gold and copper assets is projected to show strong growth over the next five to ten years, president and CEO Mark Bristow said at an investor meeting in New York on Friday.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalisation of the location for the new tailings storage facility, would support that growth, he said.

The latest geological model for its $2.1-billion expansion project is showing the potential for upgrading two-million ounces of inferred resources to indicated which, together with about 10-million ounces of measured and indicated resources, are expected to convert to proven and probable reserves.

This investment is expected to extend the Tier One mine’s life to beyond 2040, at an average production rate of more than 800 000 oz/y.

“Others buy, Barrick builds,” Bristow said.

In the US, he said there was more to come from its three tier-one assets in Nevada, where Barrick holds 8 000 km2 of prospective land in one of the world’s most richly-endowed gold districts.

In Africa, Barrick’s two tier-one mines continue to deliver geologically driven growth, while the two Tanzanian mines that the group took over have been transformed into successful operations and have the potential to achieve tier-one status as a combined complex.

Bristow said that Barrick was also well on its way to building a tier-one copper business as a result of the Reko Diq project in Pakistan and the Lumwana super pit in Zambia.

He said Barrick’s performance since its merger with Randgold Resources three years ago had been driven by a clear and disciplined long-term strategy, focused on leveraging its tier-one assets, and finding more.

Gold and copper production has met or exceeded guidance each year since the merger. Strong cash flow generation has turned net debt of $4.2-billion into net cash of $145-million at the end of last quarter. The strong balance sheet has enabled the company to deliver peer-leading returns to shareholders within the framework of a performance-linked dividend policy.

Bristow noted that brownfields exploration continued to replace reserves depleted by mining, and the search for new discoveries had been extended across Barrick’s expanding global footprint. The company already operates in 18 countries across four continents.

“Barrick was a leader in sustainability long before ESG became a key investment criterion. This means that we haven’t had to scramble to comply with new requirements and expectations — the ability to satisfy them was already embedded in every aspect of our business. We have, however, refined our approach to sustainability so that it holistically embraces the linked challenges of poverty, climate change and biodiversity. It includes a detailed, demonstrable roadmap based on climate science, to the achievement of a 30% reduction in greenhouse gas emissions by 20305, against a 2018 baseline, with the ultimate goal of net zero emissions by 2050,” Bristow said.

GOLD

‘Other buy, Barrick builds’, says CEO Bristow

Bullion major Barrick Gold’s portfolio of gold and copper assets is projected to show strong growth over the next five to ten years, president and CEO Mark Bristow said at an investor meeting in New York on Friday.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalisation of the location for the new tailings storage facility, would support that growth, he said.

The latest geological model for its $2.1-billion expansion project is showing the potential for upgrading two-million ounces of inferred resources to indicated which, together with about 10-million ounces of measured and indicated resources, are expected to convert to proven and probable reserves.

This investment is expected to extend the Tier One mine’s life to beyond 2040, at an average production rate of more than 800 000 oz/y.

“Others buy, Barrick builds,” Bristow said.

In the US, he said there was more to come from its three tier-one assets in Nevada, where Barrick holds 8 000 km2 of prospective land in one of the world’s most richly-endowed gold districts.

In Africa, Barrick’s two tier-one mines continue to deliver geologically driven growth, while the two Tanzanian mines that the group took over have been transformed into successful operations and have the potential to achieve tier-one status as a combined complex.

Bristow said that Barrick was also well on its way to building a tier-one copper business as a result of the Reko Diq project in Pakistan and the Lumwana super pit in Zambia.

He said Barrick’s performance since its merger with Randgold Resources three years ago had been driven by a clear and disciplined long-term strategy, focused on leveraging its tier-one assets, and finding more.

Gold and copper production has met or exceeded guidance each year since the merger. Strong cash flow generation has turned net debt of $4.2-billion into net cash of $145-million at the end of last quarter. The strong balance sheet has enabled the company to deliver peer-leading returns to shareholders within the framework of a performance-linked dividend policy.

Bristow noted that brownfields exploration continued to replace reserves depleted by mining, and the search for new discoveries had been extended across Barrick’s expanding global footprint. The company already operates in 18 countries across four continents.

“Barrick was a leader in sustainability long before ESG became a key investment criterion. This means that we haven’t had to scramble to comply with new requirements and expectations — the ability to satisfy them was already embedded in every aspect of our business. We have, however, refined our approach to sustainability so that it holistically embraces the linked challenges of poverty, climate change and biodiversity. It includes a detailed, demonstrable roadmap based on climate science, to the achievement of a 30% reduction in greenhouse gas emissions by 20305, against a 2018 baseline, with the ultimate goal of net zero emissions by 2050,” Bristow said.

 

Edited by Creamer Media Reporter

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