$0.10 per share performance component in line with its new dividend policy. President and chief executive Mark Bristow said the Company’s net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations,
Toronto, May 4, 2022 — Barrick Gold Corporation
(NYSE:GOLD)(TSX:ABX) today announced a $0.20
per share quarterly dividend, the first to include a
$0.10 per share performance component in line with
its new dividend policy.
President and chief executive Mark Bristow said the
Company’s net cash balance at the end of Q1 stood at
$743 million, reflecting cash flow from the operations,
the continuing sale of non-core assets, and its share
of a further $0.6 billion in cash distributions by Kibali.
Since agreement on the repatriation of revenue from
Kibali was reached with the Democratic Republic
of Congo (DRC) last year, Kibali has delivered $1.2
billion (on a 100% basis) in the form of dividends and
debt repayments, inclusive of distributions received
subsequent to March 31, 2022.
Bristow said as guided earlier, Q1 was a softer
quarter, particularly when compared to Q4 of 2021,
which included a record-breaking performance from
Nevada Gold Mines. With a stronger performance
expected in the second half of the year, Barrick
remains on track to meet its 2022 production
guidance.
Q12022
5 7 9
TRUE
PARTNERSHIP AT
REKO DIQ
HOLISTIC
APPROACH TO
ESG
NEW ROADMAP
TO NET ZERO
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
STRATEGY
SECURES
SUCCESS
4
BARRICK RAISES DIVIDEND
ON BACK OF STRONG CASH POSITION
Q1 OPERATING CASH FLOW
$1,004 MILLION
Q1 NET EPS
Q1 ADJUSTED NET EPS3
$0.25
$0.26
Results
Release
CONTINUED ON PAGE 3
ON TRACK TO ACHIEVE
2022 PRODUCTION TARGETS
Q1 FREE CASH FLOW1
$393 MILLION
EXCITING EXPLORATION RESULTS
IN ALL REGIONS
$0.20 PER SHARE DIVIDEND FOR Q1
INCLUSIVE OF $0.10 PER SHARE PERFORMANCE DIVIDEND
Q1 NET CASH2
$743 MILLION
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q1 2022 Q4 2021 Q1 2021
Realized gold price4
($ per ounce) 1,876 1,793 1,777
Net earnings
($ millions) 438 726 538
Adjusted net earnings3
($ millions) 463 626 507
Net cash provided by operating
activities ($ millions) 1,004 1,387 1,302
Free cash flow1
($ millions) 393 718 763
Net earnings per share
($) 0.25 0.41 0.30
Adjusted net earnings
per share3 ($) 0.26 0.35 0.29
Attributable capital
expenditures5,6 ($ millions) 478 552 424
Operating Results Q1 2022 Q4 2021 Q1 2021
Gold
Production7
(000s of ounces) 990 1,203 1,101
Cost of sales (Barrick's share)7,8
($ per ounce) 1,190 1,075 1,073
Total cash costs7,9
($ per ounce) 832 715 716
All-in sustaining costs7,9
($ per ounce) 1,164 971 1,018
Copper
Production6
(millions of pounds) 101 126 93
Cost of sales (Barrick's share)7,8
($ per pound) 2.21 2.21 2.11
C1 cash costs7,10
($ per pound) 1.81 1.63 1.60
All-in sustaining costs7,10
($ per pound) 2.85 2.92 2.26
Q1 2022 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host a virtual
presentation on the results today at 11:00 EDT, with an
interactive webinar linked to a conference call. Participants
will be able to ask questions.
Go to the webinar
US and Canada (toll-free), 1 800 319 4610
UK (toll-free), 0808 101 2791
International (toll), +1 416 915 3239
The Q1 2022 presentation materials will be available on
Barrick’s website at www.barrick.com and the webinar will
remain on the website for later viewing.
Best Assets
▪ First quarter puts Barrick on track to achieve
2022 production targets
▪ Strong performance from Loulo-Gounkoto
on the back of solid throughput, recovery and
grade
▪ Pueblo Viejo new Tailings Storage Facility
permitting makes significant progress
▪ Reko Diq framework agreement signed
with Pakistan paving the way for the next
potential Tier One11 asset development
▪ New senior appointments strengthen
management team as it expands globally
▪ Exciting exploration results in all regions
with significant new potential highlighted in
Nevada, Argentina, and the Loulo District
Leader in Sustainability
▪ 2021 Sustainability Report published
highlighting our integrated approach to ESG
▪ 33% decrease in LTIFR12 quarter on quarter
▪ Updated GHG Reduction Roadmap
outlining our journey to Net Zero by 2050
▪ Funding the reintroduction of white rhinos
to the Garamba National Park in the DRC
Delivering Value
▪ Operating cash flow of $1,004 million and free
cash flow1 of $393 million for the quarter
▪ Net earnings per share of $0.25 and adjusted
net earnings per share3 of $0.26 for the
quarter
▪ Kibali distributes a further $0.6 billion in
cash during the quarter (100% basis)
▪ Net cash2 of $743 million results in a $0.20
per share dividend for Q1 2022, inclusive of
a $0.10 per share performance dividend14
BARRICK FIRST QUARTER 2022 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Highlights of the quarter included the framework agreement
with Pakistan on restarting the Reko-Diq copper-gold project.
Bristow is scheduled to meet the country’s new prime minister
later this month to review progress.
Also significant was the progress made in securing a new
tailings storage facility for the Pueblo Viejo project in the
Dominican Republic. The project is designed to unlock
approximately 9 million ounces of measured and indicated
resources and convert them into additional proven and
probable reserves, extending the mine’s life by more than 20
years.13
“Barrick controls what are unquestionably the mining
industry’s best gold assets as well as some substantial
copper mines. Reko Diq is one of the largest undeveloped
copper-gold porphyry deposits in the world, and if the
conditions to closing are satisfied, it will be a very significant
addition to this portfolio, even before it goes into production,
by boosting reserves and resources as the updated feasibility
study unfolds,” Bristow said.
“In addition to its size and quality, Barrick’s asset base is
distinguished by our continued success in more than
replacing the reserves depleted by mining through
brownfields exploration. At the same time, we continue to
hunt for new Tier One assets across our expanding global
footprint. The past quarter again produced promising results
from all regions, with significant new potential identified in
Nevada, Argentina and Africa’s Loulo district.”
Bristow said the Company’s latest annual Sustainability
Report highlights its integrated approach to ESG, based on
its belief that the challenges of poverty, climate change and
biodiversity are intertwined and should be addressed
holistically. The report notes that last year Barrick spent $5.5
billion with host country suppliers, equating to 81% of its
global procurement expenditure. Host country nationals
accounted for 96% of its total workforce and 78% of its
management, and the drive to employ more women is
succeeding.
Some $850 million has been spent on or budgeted for
renewable energy and greenhouse gas (GHG) emissions
reduction projects. These are outlined in the report in an
updated GHG emissions reduction roadmap leading to a Net
Zero target by 2050. Barrick, for the first time, has disclosed
its Scope 3 emissions and Scope 3 roadmap to engage and
assist its suppliers with their GHG emissions reductions.
“Sustainability has long been an integral part of the way
Barrick does business and our commitment to its effective
management is key to our goal of building the world’s most
valued gold and copper mining company,” Bristow said.
NEW PERFORMANCE DIVIDEND POLICY
DOUBLES BARRICK’S QUARTERLY DIVIDEND
Barrick today announced the declaration of a dividend in respect of performance for the first
quarter of 2022 that incorporates an enhancement to the base dividend as a result of achieving
Level III under the Company’s Performance Dividend Policy.
Barrick’s Board of Directors declared a dividend of $0.20 per
share for the first quarter of 2022 that will be paid on June 15,
2022 to shareholders of record at the close of business on
May 31, 2022. 14 This dividend comprises a base quarterly
dividend of $0.10 per share and a performance dividend
enhancement of an additional $0.10 per share.
“Our strong operating performance and robust net cash
balance has allowed us to provide an enhanced dividend to
our shareholders,” says senior executive vice-president and
chief financial officer Graham Shuttleworth. “We believe this
shows the benefit of the Performance Dividend Policy that we
announced in February, including the guidance it provides to
our shareholders on future dividend streams.”
The $0.10 per share enhancement to the base quarterly
dividend was achieved as a result of Barrick reporting net
cash on its Consolidated Balance Sheet at March 31, 2022 of
greater than $0.5 billion and less than $1 billion as per the
following schedule:
Performance
Dividend
Level
Threshold
Level
Quarterly
Base
Dividend
Quarterly
Performance
Dividend
Quarterly
Total
Dividend
Level I Net cash
<$0
$0.10
per share
$0.00
per share
$0.10
per share
Level II
Net cash
>$0 and
<$0.5B
$0.10
per share
$0.05
per share
$0.15
per share
Level III
Net cash
>$0.5B
and <$1B
$0.10
per share
$0.10
per share
$0.20
per share
Level IV Net cash
>$1B
$0.10
per share
$0.15
per share
$0.25
per share
BARRICK FIRST QUARTER 2022 3 PRESS RELEASE
STRATEGY SECURES BARRICK’S ABILITY TO SUCCEED
AMID GLOBAL GEOPOLITICAL DYNAMICS
AND IN CHALLENGING JURISDICTIONS
While Barrick’s core strategy — the creation and delivery of real, sustainable value to its
stakeholders — is fixed, the actions needed to secure its consistent execution are subject to a
rigorous review process.
This starts at the beginning of each year with a week-long
strategic planning and team effectiveness review for the
group’s top executives, led by president and chief executive
Mark Bristow. Risks and opportunities are carefully assessed,
and the outputs needed to manage them effectively are
identified. These outputs are then rolled out through similar
planning sessions at all operational and corporate sites,
ensuring a group-wide alignment with the agreed objectives
and actions.
This year’s group strategy session took particular note of the
importance of risk management in a global environment
which, says Bristow, is probably in greater political, social and
economic disarray than any previous period since World War
II.
“We’re still dealing with the fall-out of the Covid-19 pandemic,
inflation in developed countries is rising to levels not
experienced in a generation and in Eastern Europe a major
war, the like of which we never expected to see again, is
ongoing, with huge personal cost and potentially devastating
economic consequences for the major countries dependent
on Russian oil and gas,” says Bristow.
“Fortunately for Barrick, managing risks in challenging geo-
political jurisdictions is one of our core competencies, largely
gained in Africa, where our mines have continued to operate
steadily and profitably through civil wars, coups d’état,
complex logistics and delicate negotiations with host
governments,” he says.
“It’s our partnership philosophy that has enabled us to
achieve this. Mining is a long-term business and we therefore
need the ability to benefit our host countries for the length of
our investment and beyond. We secure this essential social
licence to operate by demonstrating that the value we create
is equitably shared with our local stakeholders and that we
are a major contributor to the state’s coffers — in short, a
welcome and responsible citizen and neighbour.”
Bristow says with mature mining regions offering fewer
opportunities for major discoveries, new Tier One assets will
inevitably have to be sought in developing countries, where
Barrick is already operating successfully.
“Our decision to proceed with the reconstitution of the Reko
Diq project in Pakistan, a Tier One copper and gold asset in
the making by any measure, is based on this track record and
on our confidence in our ability to deliver yet another world-
class mine in a remote region. Our drive to expand our Asia-
Pacific presence and grow our copper portfolio also sit firmly
within this strategy,” he says.
INVESTING IN THE BEST PEOPLE FOR THE BEST FUTURE
“Getting the optimal results from the industry’s best assets requires people who not only possess
skills and drive but are also sufficiently diverse in terms of race, age and gender to lead Barrick
into the new world” explains the Group Human Resources executive, Darian Rich.
Thanks to Barrick’s long-established policy of recruiting host
country nationals, 96% of its workforce and 78% of its
managers are local hires. Its drive for gender diversity in a
traditionally male-dominated industry has also started
producing results, with women accounting for 24% of new
hires during the past quarter and 11% of Barrick’s global
workforce.
Similarly, the employee age shift continues and 56% of the
workforce are now under the age of 40 and 16% under the
age of 30. In the past quarter, 38% of new hires were
younger than 30.
Last quarter, the North America region participated in 36
recruiting events at schools and universities while Latin
America’s internship programs cater for graduates as well as
workers, with Veladero currently training 20 female truck
drivers. In Africa and the Middle East, competency-based
training programs continue to upskill workers.
Preparing the group’s future generation of leaders requires
deep succession planning, reflected in a number of key
recent changes. With Willem Jacobs retiring in June 2022,
the region’s chief financial officer, Sebasti aan Bock, is
stepping up as chief operating officer for Africa and the
Middle East. Greg Walker is being succeeded as executive
managing director of Nevada Gold Mines at the end of 2022
and, in the corporate office, Poupak Bahamin has been
appointed general counsel while Rich Haddock transitions to
a legal advisor role . Rich will remain a valuable resource
through March 2024 to provide continuity of support for Reko
Diq and other projects.
BARRICK FIRST QUARTER 2022 4 PRESS RELEASE
MANAGING COSTS AMID HIGH INFLATION
AND GEOPOLITICAL CONFLICT
Rising inflation, exacerbated by the conflict between Russia and Ukraine and the sanctions
imposed on Russia, has had a direct impact on Barrick’s business in terms not only of fuel and
gas prices but also the cost and availability of input commodities.
To mitigate inflation and manage supply risks, Barrick is
employing a proven multi-pronged strategy, says group
commercial and supply chain executive Riaan Grobler.
“Our procurement strategy is built on a thorough
understanding of our key cost drivers, commodities and
services. The recent groupwide roll-out of SAP has improved
the visibility of these factors and allowed real-time decision-
making. At the same time, we are identifying technical levers
that could drive internal efficiencies,” he says.
“Secondly, we have built strong collaborative relationships
with leading global supply chain partners, with a dedicated
freight forwarding capacity that spans five continents. They
pool their buying power to ensure that we have fixed-price
agreements with key suppliers. A big part of the cost of
logistics is in the efficiency of the movement of goods from
port to destination and we leverage global logistics through
our partnership structures to do cross-continent bookings of
charters and to consolidate freight from multiple ports.”
Barrick is also cultiva ting alternative suppliers, particularly in
developing countr ies, a s b ack-up to its main s upply ch ain
partners and as a cost -base b enchmark. I ts l ong-standing
policy of loca l p rocurement i n host c ountries, w hich now
stands at 6 5% o f i ts gl obal pr ocurement, i s s erving Bar rick
well as a hedge against inflation, particularly in terms of t he
cost of logistics, tariffs and inventory.
To manage price and supply volatility, B arrick has built up a
strategic inventory of k ey commodities and Barrick optimizes
this i nventory an d i ts c ost t hrough i mproved d emand a nd
maintenance planning. Where possible it also leverages new
projects t o r enegotiate s upply contr acts. T he pro posed
200MW solar p ower pr oject in Nevada , f or exam ple, has
allowed Bar rick to r educe t he cost s of the existing ener gy
supplier for Nevada Gold Mines.
T
RUE PARTNERSHIP WILL DELIVER REKO DIQ PROJECT
The groundbreaking partnership agreement between Barrick, the federal government of Pakistan
and the provincial government of Balochistan should unlock the enormous value of Reko Diq, one
of the world’s largest undeveloped copper and gold deposits, says president and chief executive
Mark Bristow.
Speaking on a recent investor call, Bristow said the project
represented a unique mining opportunity, which would be a
major addition to Barrick’s Tier One asset base, while also
bringing significant economic and social benefits to Pakistan
and Balochistan.
The agreement in principle recently reached between the
parties provides for the reconstitution and restart of the
project, which has been on hold since 2011. It will be
operated and owned 50% by Barrick, 25% by Pakistani state-
owned enterprises and 25% by the government of
Balochistan. The Company has similar partnerships in other
countries which have proved to be catalysts in developing
local economies.
Bristow said that, following the finalization of the underlying
agreements, legalization and closing, Barrick would update
the 2010 feasibility study.
BARRICK FIRST QUARTER 2022 5 PRESS RELEASE
“Reko Diq’s fundamentals have not changed materially since
then. Subject to the updated feasibility study, it is still
envisaged as a conventional open pit and milling operation
producing a high-quality copper-gold concentrate. We are
planning a two-phase construction approach, starting with an
approximately 40 million tonne per annum plant, which could
be doubled within five years. The staged development will
optimize returns, manage upfront capital, lower execution risk
and bring forward production and cash flows in the long run.
If all goes according to plan, we anticipate first production in
five to six years’ time,” he said.
“Offering a unique combination of large scale, low strip and
good grade, Reko Diq will be a multi-generational mine, with
a life of at least 40 years. The contemplated mine plan is
based on four porphyry deposits within our land package and
our exploration licence area holds additional deposits with
future upside potential.”
Noting that since 2010 there had been game-changing
technological advances in renewable energy alternatives,
some of which are particularly well-suited to the area, Bristow
said a Barrick team was already assessing various solar,
wind and battery configurations to maximize the mine’s
renewable power generation. This could also deliver a range
of economic and operational benefits.
The develo pment of Reko D iq w ill make Balo chistan t he
largest r ecipient of fo reign investm ent in P akistan. D uring
peak construction periods, the project is expect ed to employ
7,500 people and once in p roduction will create about 4,000
long-term j obs. Bar rick’s p olicy o f prior itizing l ocal
employment and s uppliers w ill h ave a p ositive downst ream
impact on the local economy.
“At Barrick we know that o ur long-term success depends on
sharing the ben efits we c reate e quitably with o ur h ost
governments a nd c ommunities. T hat’s why we w anted
Balochistan’s share of the venture to be fully funded, 10% by
the pro ject a nd 15% by the g overnment of Pakistan. It’s
equally important to us that Balochistan and its people should
see t he b enefits f rom d ay o ne. Even befor e c onstruction
begins, we will be imp lementing a rang e o f social
development programs, supported by upfront commitments to
the develo pment o f t he skills re quired f or m ining, the
improvement of e ducation, healthca re, f ood s ecurity a nd,
importantly, access to potab le w ater in a r egion wh ere t he
groundwater has a high saline content,” Bristow said.
K
IBALI POWERS AHEAD WHILE BARRICK PLANS
FURTHER INVESTMENTS IN DRC
Africa’s largest gold mine, Kibali in the DRC, has made a strong start to 2022 and is on track to
equal its 2021 production this year. Last year it again replaced the reserves depleted by mining
and its prolific KZ trend of orebodies continues to deliver opportunities for significant open pit
and underground growth.
Speaking to media and other stakeholders in Kinshasa,
Barrick president and chief executive Mark Bristow said Kibali
had notched up a number of other key deliverables during the
current quarter. These include the signing of a cahier de
charge with the surrounding communities to formalize their
role in identifying and overseeing the mine’s investment in
social development projects.
Another section of the Durba road to Watsa has been
completed and the resettlement of the Kalimva-Ikamva and
Pamao villages has started with the first group of people
moving into their new homes. On the health and safety front,
there were zero lost time injuries during the quarter, the
malaria and HIV programs continued to deliver infection rate
reductions and 60% of our employees have been vaccinated
against Covid-19, versus a national average of 1%.
In addition to Kibali’s long-standing support for conservation
measures in one of DRC’s leading national parks, African
Parks and Barrick are looking to reintroduce the white rhino
to the Garamba National Park. In what will be the largest
exercise of its kind, the plan envisages the relocation of
around 50 white rhinos to Garamba creating a new
population group which is critical in the long-term plan to
protect this species. In line with Barrick’s development
strategy, the mine also launched the Garamba Alliance in
partnership with the US Agency for International
Development (USAID).
Since the project that became Kibali was acquired in 2009, its
probable mineral reserves were doubled to more than 10
million ounces15 of gold in 2010. Construction then started the
following year, three hydropower plants were built and the
infrastructure — including the road to the Ugandan border —
was developed. The mine went into production in 2013 and
still today has more than 10 years of mine life ahead, with
2021 total proven and probable mineral reserves of 83Mt at
3.60g/t for 9.6Moz16 of gold, before considering extensions to
known orebodies and new discoveries. Since 2009, Kibali
has invested almost $4 billion in the DRC in the form of
royalties, taxes and permits; infrastructure and community
development; salaries; and payments to local suppliers and
contractors, which have created a thriving regional economy.
“Barrick is continuing to invest in the DRC, not only by
developing the many new growth opportunities which are
extending Kibali’s life, but also through pursuing greenfields
exploration and other opportunities across the country as we
search for our next world-class discovery,” Bristow said.
BARRICK FIRST QUARTER 2022 6 PRESS RELEASE
HOLISTIC APPROACH TO ESG
WILL MAKE LASTING IMPACT
Barrick has an integrated approach to sustainability to address each of the Environmental, Social
and Governance (ESG) components concurrently, says group sustainability executive Grant
Beringer in the Company’s 2021 Sustainability Report.
“The challenges of fighting poverty, climate change and
biodiversity loss are deeply connected, and we have no
option but to tackle them together through a holistic and
integrated approach to sustainability management, if we are
to make a lasting, positive impact on any of them,” he says.
“While excellent management of environmental aspects is
critical for sustainable delivery, this only focuses on one side
of the issue. That is why this report has a strong focus on the
‘silent S’ in ESG, demonstrating that responsible mining is an
enormous lever for delivering social upliftment and
development.”
Barrick achieved a ‘B’ grade for a third consecutive year in its
industry-first Sustainability Scorecard and recorded
significant improvements across most of its key metrics.
Highlights for the year include the certification of all
operational sites to the ISO 45001 and ISO 14001 standards
and the procurement of goods and services worth $1.67
billion from local suppliers close to Barrick’s operations. In
total, $5.5 billion was spent on host country suppliers,
equating to 81% of Barrick’s global procurement spend.
Further details of Barrick’s economic value contribution,
including taxes paid, is included in its standalone Tax
Contribution Report for 2021. Host country nationals now
comprise 96% of its workforce and the group maintained its
downward trend in the Total Recordable Injury Frequency
Rate.17
Additionally, approximately $850 million has been spent or
budgeted for renewable energy and GHG emissions
reduction projects, all of which meet the Company’s required
15% internal rate of return. The report also contains an
updated GHG Reduction Roadmap, outlining the projects that
decrease emissions against Barrick’s 2018 baseline by at
least 30% by 2030, while maintaining a steady production
profile, as well as its course to be Net-Zero by 2050. It also
details Barrick’s first-ever disclosure of its Scope 3 emissions
and Scope 3 roadmap to engaging and assisting its suppliers
with their GHG emissions reduction. Barrick’s water efficiency
rate, a measure of the amount of water it reuses and
recycles, was 82% for 2021.
Meanwhile, its new Biodiversity Standard, focused on driving
positive biodiversity outcomes in critically important areas,
has resulted in a significant increase in key species
populations in the Garamba National Park in the Democratic
Republic of Congo near its Kibali mine. Barrick, through its
partnership with African Parks and the Congolese Institute for
the Conservation of Nature (ICCN), is also the sole sponsor
to reintroduce white rhino to the park in 2022.
“Conserving biodiversity is fundamental to planetary survival,
essential to tackling climate change and has an important
role to play in the war on poverty. We strive not only to
preserve and maintain biodiversity within our permits but to
partner with NGOs and other organizations, to protect and
restore critical biodiversity in some of the world’s most
ecologically sensitive places,” says Beringer.
The latest report is now aligned to the Sustainability
Accounting Standards Board’s (SASB) reporting
requirements for metals and mining and continues to conform
to the Global Reporting Initiative’s ‘GRI Standards: Core
option’ as well as the Task Force on Climate-related Financial
Disclosures (TCFD) framework.
BARRICK FIRST QUARTER 2022 7 PRESS RELEASE
FUNDING THE RE-INTRODUCTION OF WHITE RHINOS TO
THE GARAMBA NATIONAL PARK IN THE DRC
Measurable conservation action focused on threatened species abatement and restoration
Barrick wants to restore the white rhino population at the
Garamba National Park in the DRC and has partnered with
African Parks and the Congolese Institute for the
Conservation of Nature (ICCN) to fund the transfer of at least
50 rhinos from South Africa in 2022.
The Garamba National Park, located 70km north of the Kibali
mine in the north-east of the DRC, covers an area greater
than 5,000km 2 and is adjacent to four contiguous reserves
with an additional 10,000km 2. It is one of Africa’s oldest
national parks and a UNESCO World Heritage Site. The park
has been placed on the list of World Heritage Sites in danger,
following years of armed conflict, civil wars and poaching that
has resulted in steep declines in its wildlife populations.
Barrick has provided support to the park since 2015, with a
view to protecting and restoring its biodiversity and resulting
in a notable improvement in the herd size of the endangered
Kordofan giraffe, which has grown from 22 individuals in 2012
to 65 last year. Similarly, buffalo populations have also
steadily grown with average herd sizes ranging from 20 to
nearly 500 individuals. Furthermore, there has not been an
instance of elephant poaching since September 2020.
BARRICK FIRST QUARTER 2022 8 PRESS RELEASE