Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is projecting a 30%
increase in production on the back of the growth options embedded
in its asset portfolio,1 president and chief executive Mark Bristow
told the Gold Forum Americas here today.
Bristow said the clean energy transition is
creating an unprecedented demand for metals and minerals but the
market’s demand for instant gratification is driving M&A, which
is not always conducive to investment in sustainable projects but
rather the delivery of short-term returns. These growth projects
are vital, not only for the resources needed for cleaner energy but
for the development of emerging economies, Bristow said.
“Mining is a long game and it requires long-term
vision and investment.” He also noted that Barrick owns and
operates six of the world’s Tier One gold mines2 and is poised to
expand this best-in-class asset portfolio through continuing
reserve replacement and the potential for new world-class
discoveries being pursued across many of the world’s most prolific
gold belts.
“In 2019 our strategy for the new Barrick
included a mandate to grow our copper business which we recognized
as strategically important at that relatively early stage. Once
fully ramped up, Reko Diq and Lumwana will rank as two of the
world’s top 20 copper mines by annual production sustained over
significant multi-decade mine lives.3 If the forecasts of a copper
shortage are even partly correct, this will give us a significant
additional upside,” he said.
“We not only have a sustainable, fully budgeted
10-year base plan, we also have a growth plan that sees us increase
production by 30% by the end of the decade, which I believe is
unique in our industry,” he said.
Barrick Enquiries
Investor and media relationsKathy du Plessis+44
20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by
Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa
and Middle East; and Simon Bottoms, Cgeol, Mgeol, FGS, FAusIMM,
Mineral Resource Management and Evaluation Executive — each a
“Qualified Person” as defined in 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, 2022.
Endnotes
1. Outlook Assumptions
Key assumptions |
2023 |
2024 |
2025+ |
Gold Price ($/oz) |
1,900 |
1,300 |
1,300 |
Copper Price ($/lb) |
3.50 |
3.00 |
3.00 |
Oil Price (WTI) ($/barrel) |
90 |
70 |
70 |
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
0.75 |
ARS Exchange Rate (USD:ARS) |
230 |
230 |
230 |
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
1.30 |
CLP Exchange Rate (USD:CLP) |
800 |
900 |
900 |
EUR Exchange Rate (EUR:USD) |
1.10 |
1.20 |
1.20 |
|
|
|
|
- Barrick’s
five-year indicative base case outlook is based on our current
operating asset portfolio, sustaining projects in progress and
exploration/mineral resource management initiatives in execution.
Our outlook is based on our current reserves and resources as
disclosed in our Q4 2022 report 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 group gold and copper
segments, and where applicable for a specific region, our
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.
- Production from
the proposed Pueblo Viejo plant expansion and tailings facility
project starting in 2023.
- Tongon will
enter care and maintenance by 2026.
- Production
attributable to Porgera is based on the assumption that the mine’s
current care and maintenance status will be temporary, and that the
suspension of operations will not have a significant impact on
Barrick’s future production.
- Our five-year
indicative base case outlook excludes:
- Production from
Fourmile.
- Production from
Pierina and Golden Sunlight, which are currently in care and
maintenance.
- Production from
long-term greenfield optionality from Donlin, Pascua-Lama, Norte
Abierto or Alturas.
-
Barrick’s ten-year base case production profile
is subject to change and are based on the same
assumptions as the current five-year outlook detailed above, except
that the next five years of the ten-year outlook assume
attributable production from exploration and mineral resource
management projects in execution at Nevada Gold Mines and
Hemlo.
- Barrick’s five-year and ten-year
production profile also assumes the re-start of Porgera, as well as
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.
2. A Tier One Gold Asset is an asset with
a $1,300/oz reserve potential to deliver a minimum 10-year life,
annual production of at least 500,000 ounces of gold and with all
in sustaining costs per pound in the lower half of the industry
cost curve.
3. Indicative copper production profile
from the Lumwana Super Pit and Reko Diq are conceptual in nature
and are subject to change following completion of the
pre-feasibility study and updated feasibility study,
respectively.
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 “project”, “growth”,
“expand”, “plan”, “outlook”, “potential”, “upside”, “future”,
“ongoing”, “expected”, “scheduled”, “will”, “can”, “could”, 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, including estimated production
for Reko Diq, and the Lumwana Super Pit, and anticipated production
growth from Barrick’s organic project pipeline and reserve
replacement; estimates of mine life and production rates including
for the Lumwana Super Pit and Reko Diq project; our ability to
convert resources into reserves and replace reserves net of
depletion from production; mine life and production rates; our
plans and expected completion and benefits of our growth projects,
including the Lumwana Super Pit and Reko Diq project, the planned
updating of the historical Reko Diq feasibility study and targeted
first production; the anticipated benefits of Barrick’s copper
production profile in light of global copper supply forecasts;
Lumwana’s ability to further extend its life of mine through the
development of a Super Pit and targeted completion of the
pre-feasibility study and first production; Barrick’s global
exploration strategy and planned exploration activities; Barrick’s
copper strategy; our pipeline of high confidence projects at or
near existing operations; potential mineralization and metal or
mineral recoveries, including near-mine exploration upside
potential; joint ventures and partnerships; 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; the
potential impact of proposed changes to Chilean law on the status
of value added tax refunds received in Chile in connection with the
development of 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 including the issuance of a Record
of Decision for the Goldrush Project and/or whether the Goldrush
Project will be permitted to advance as currently designed under
its Feasibility Study, the environmental license for the
construction and operation of the El Naranjo tailings storage
facility for Pueblo Viejo, and permitting activities required to
optimize Long Canyon’s life of mine; non-renewal of or failure to
obtain key licenses by governmental authorities, including the new
special mining lease for Porgera; 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 related to
greenhouse gas emission levels, energy efficiency and reporting of
risks; 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; 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 breaches, or similar network or system
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 supply
chain disruptions caused by the ongoing Covid-19 pandemic, 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 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 being 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; and risks associated with diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic. Barrick also cautions that its 2023 guidance and 10 year
production outlooks may be impacted by the ongoing business and
social disruption caused by the spread of Covid-19. 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)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Barrick Gold (NYSE:GOLD)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024