Barrick Is Significantly Expanding Copper Holdings

TORONTO - Barrick Chief Executive, Mark Bristow, said, “North America is our value foundation and the true benefits of our creation of the Nevada Gold Mines complex are now becoming evident in the form of mineral resource growth and new discoveries. The quality and prospectivity of its portfolio cannot be overstated. In Central America the plant expansion project we initiated at the Pueblo Viejo gold mine in the Dominican Republic is rapidly taking shape. With its unlocked reserve base now standing at 20 million ounces, the life of the mine — one of the six Tier One assets in our gold portfolio — has been extended beyond 2040 and it will maintain an average annual production rate above 800,000 ounces over that time. Another of our Tier One assets, the Loulo-Gounkoto complex in Mali, which has produced more than 9 million ounces of gold since 2005, is set to maintain its current rate of production for the next 10 years, with its life extending to 2037.”

Barrick continues its strategic objective of significantly expanding its copper holdings. Work on the reconstituted Reko Diq project in Pakistan — one of the largest and highest quality undeveloped copper-gold deposits in the world — has started, and the revitalized Lumwana mine in Zambia has commenced a pre-feasibility study on the Super Pit expansion. When both these projects are completed in 2028 they will elevate Barrick into the front rank of copper producers. Brownfields exploration continues to unlock potential around existing assets while greenfields work has started delivering real value. “One of the highlights of last year was the continued growth in our gold reserves and resources, driven by our strategy of investing in organic growth through exploration and mineral resource management. Barrick’s ability over time to more than replace the ounces we mine reinforces our sustainability and our sector-leading production profile.”

Demonstrating its commitment to strong shareholder returns, Barrick returned a record $1.6 billion6 to shareholders last year but this was not at the expense of its growth strategy, Bristow said.

Barrick is continuing to invest in and roll out 10-year gold and copper plans, projecting real growth on a steady base-case production profile. In addition the portfolio also has a long pipeline of quality projects providing for the ability to grow without having to buy.

Bristow said in line with Barrick’s commitment to a “best people” workforce it was aggressively recruiting promising young professionals across all the relevant disciplines. The next generation of leaders is already taking shape in the company’s succession plans and last year already saw seamless transitions in a number of key positions. Major solar projects in the Dominican Republic and Nevada, the expansion of the solar power and battery energy storage system at Loulo-Gounkoto and the planned solar power dry season back-up for Kibali’s three hydropower plants advancing towards the Company’s 2050 net zero target to improve the mines’ margins by pruning energy costs. Last year Barrick invested $35 million in community development project in which mining can be a key catalyst for economic growth and social upliftment. Its contribution to host countries’ and investment in the welfare of communities make a real difference, highlighting the important part the mining industry can play in narrowing the gap.