America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The Company also more than replaced its gold reserves net of depletion at a better grade. Announcing the annual results, the Company said its
Toronto, February 16, 2022 — Driven by strong
performances from its Africa & Middle East and Latin
America regions, Barrick’s production in 2021 was in
line with guidance for the third successive year. The
Company also more than replaced its gold reserves net
of depletion at a better grade.
Announcing the annual results, the Company said its
reserve replenishment was attributable to continued
brownfields exploration success and it was extending
its drive for fresh discoveries into new prospective
territories. Among other initiatives, it has set up a
specialist Asia-Pacific team to identify and evaluate
opportunities in that region.
Free cash flow from the operations remained robust and
at the year’s end, net cash stood at $130 million after the
record cash distribution of $1.4 billion to shareholders.
The fourth quarter dividend was increased by 11% to
10 cents per share. Under the Company’s new dividend
policy, a base dividend will in future be coupled to a
performance dividend linked to the net cash on the
balance sheet. 1 The Board also approved a share
buyback program of up to $1 billion, given our belief
that the shares are trading in a price range that does not
reflect the value of the Company’s mining and financial
assets and future business prospects.
Q42021
6 8 9
CANADA
EXPLORATION
DRIVE
CARLIN TREND
GROWTH
POTENTIAL
HUMAN RIGHTS
REPORT
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
LEADING
BIODIVERSITY
CONSERVATION
5
BARRICK DELIVERS ON GUIDANCE,
OPENS NEW EXPLORATION FRONTIERS
2021 OPERATING CASH FLOW
$4.4 BILLION
Results
Release
CONTINUED ON PAGE 3
PRODUCTION GUIDANCE DELIVERED
FOR THIRD CONSECUTIVE YEAR
2021 FREE CASH FLOW2
$1.9 BILLION
* QUARTER ON QUARTER
TO 10 CENTS
PER SHAREh %*
11
QUARTERLY BASE
DIVIDEND
$1 BILLION SHARE BUYBACK
PROGRAM ANNOUNCED
PERFORMANCE DIVIDEND
POLICY INTRODUCED
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q4
2021
Q3
2021 2021 2020
Realized gold price3
($ per ounce) 1,793 1,771 1,790 1,778
Net earnings
($ millions) 726 347 2,022 2,324
Adjusted net earnings4
($ millions) 626 419 2,065 2,042
Net cash provided by
operating activities ($ millions) 1,387 1,050 4,378 5,417
Free cash flow2
($ millions) 718 481 1,943 3,363
Net earnings per share
($) 0.41 0.20 1.14 1.31
Adjusted net earnings
per share4 ($) 0.35 0.24 1.16 1.15
Attributable capital
expenditures5 ($ millions) 552 456 1,951 1,651
Operating Results Q4
2021
Q3
2021 2021 2020
Gold
Production6
(thousands of ounces) 1,203 1,092 4,437 4,760
Cost of sales6,7
($ per ounce) 1,075 1,122 1,093 1,056
Total cash costs6,8
($ per ounce) 715 739 725 699
All-in sustaining costs6,8
($ per ounce) 971 1,034 1,026 967
Copper
Production6
(millions of pounds) 126 100 415 457
Cost of sales6,7
($ per pound) 2.21 2.57 2.32 2.02
C1 cash costs6,9
($ per pound) 1.63 1.85 1.72 1.54
All-in sustaining costs6,9
($ per pound) 2.92 2.60 2.62 2.23
Q4 and Full Year 2021 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host a virtual
presentation today at 11:00 EST / 16:00 GMT, 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 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
▪ Barrick delivers production in line with
guidance for third consecutive year
▪ Nevada Gold Mines achieves highest
quarterly production since its formation
▪ Strong Q4 for Lumwana with Jabal
Sayid at top end of production guidance
range
▪ Attributable group reserves more than
replaced depletion at better grade
▪ Reserve replacement and 10 year plan
reinforced by a robust pipeline
▪ Generative work drives a newly
invigorated exploration team
Leader in Sustainability
▪ TRIFR10 reduced by over 10% year on
year
▪ All operational sites now certified to ISO
45001 and ISO 14001
▪ Water recycling and reuse target beat
with an efficiency of 83%
▪ Human Rights Report published in Q4
▪ Barrick continues to set the standard in
Biodiversity Management
Delivering Value
▪ Operating cash flow of $1.4 billion and free
cash flow2 of $0.7 billion for the quarter
▪ Net cash of $130 million after record $1.4
billion distribution to shareholders in
2021
▪ 2021 net earnings of $1.14 per share and
adjusted net earnings of $1.16 per
share4
▪ New performance dividend policy
supported by increased base dividend
of $0.10 per share
▪ Share buyback announced for up to $1
billion
BARRICK YEAR-END 2021 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Speaking at the results presentation, president and chief
executive Mark Bristow said three years after the Randgold
merger, Barrick was clearly achieving its goal of industry-
leading value creation and sustainable profitability.
“By any measure, Barrick is clearly the stand-out in its sector.
We have what is undoubtedly the best asset base, with six
Tier One11 mines, and more waiting in the wings. We have a
long record of exploration success and a high-quality target
pipeline. In an industry running out of raw material, we keep
expanding our reserves. Our strong balance sheet will fund
our investment in growth projects. All our mines have 10-year
business plans, based not on wishful thinking but on
geological understanding, engineering and commercial reality,”
he said.
Bristow said Barrick’s 10-year production forecast was based
solely on its existing mines and did not take into account the
many real growth opportunities that were within its reach. In
addition to the potential for further exploration success, the
Company is advancing its pipeline of large growth projects,
including Donlin Gold, Pascua-Lama and Norte Abierto, while
at the same time working on the resumption of operations at
Porgera, currently penciled in for July this year.
“All Barrick’s mines have earned their social license to
operate, and we work hard to maintain them. Sustainability is
at the heart of our business, and it’s not a virtue-signaling
exercise. Caring about the people and the environments
impacted by our operations is a moral imperative, but it also
makes good commercial sense, as Barrick’s partnership
philosophy has proved time and again. This year we’ll again
be publishing a detailed Sustainability Report which, among
other things, objectively rates our performance against all
critical ESG metrics. We’re in the 95th percentile of the Dow
Jones Sustainability World Index and in the top 5% for
environmental policy and management, mineral waste
management, closure and social impact,” he said.
DIVIDEND INCREASED AND
PERFORMANCE DIVIDEND POLICY ESTABLISHED
Barrick today announced the declaration of a dividend in respect of performance for the fourth
quarter of 2021 and announced a new performance dividend policy to begin in 2022.
The Barrick Board of Directors declared a dividend of $0.10
per share for the fourth quarter of 2021 that will be paid on
March 15, 2022 to shareholders of record at the close of
business on February 28, 2022. 1 This represents an increase
of 11% on the previous base quarterly dividend of $0.09 per
share.
Barrick has now established a performance dividend policy
that will enhance the return to shareholders when the
Company’s liquidity is strong.
“Our strong operating performance and financial strength has
allowed us to further increase our base quarterly dividend and
provide our shareholders with guidance on additional
performance dividends going forward” said senior executive
vice-president and chief financial officer Graham Shuttleworth.
“In addition to the enhanced dividend, the announcement of a
share repurchase program highlights that Barrick continues to
be committed to returning value to our shareholders.”
The amount of the performance dividend on a quarterly basis
will be based on the amount of net cash on Barrick’s
Consolidated Balance Sheet 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 ANNOUNCES SHARE BUYBACK PROGRAM
The Company plans to un dertake a s hare repurchase
program t o a llow fo r t he bu y bac k of some of its
common shares.
Barrick’s B oard o f Dir ectors h as a uthorized a shar e
repurchase program for the repurchase of up to $1.0 billion of
the Company’s outstanding common shares over the next 12
months at pr evailing ma rket p rices in a ccordance with
applicable law.
“We believe that the shares are trading in a price range that
does not reflect the value of the Company’s mining and
financial assets and future business prospects,” said Mark
Bristow, President and Chief Executive Officer. “We have the
financial strength to undertake this program.”
Under the program, repurchases can be made from time to
time through published markets in the United States such as
the New York Stock Exchange using a variety of methods,
including open market purchases, as well as by any other
BARRICK YEAR-END 2021 3 PRESS RELEASE
means permitted under the rules of the U.S. Securities and
Exchange Commission and other applicable legal
requirements.
Barrick believes that, from time to time, the market price of its
common shares trade at prices that may not adequately
reflect their underlying value. The actual number of common
shares that may be purchased, if any, and the timing of any
such purchases, will be determined by Barrick based on a
number of factors, including the Company’s financial
performance, prevailing market prices of the common shares,
the availability of cash flows, and the consideration of other
uses of cash, including capital investment opportunities,
returns to shareholders, and debt reduction.
The repurchase program does not obligate the Company to
acquire any particular number of common shares, and the
repurchase program may be suspended or discontinued at
any time at the Company’s discretion.
RESERVES GROW NET OF DEPLETION
AS FOCUS ON QUALITY OREBODIES DELIVERS RESULTS
Barrick replaced its depletion of gold mineral reserves by 150%, before acquisition and equity changes
at South Arturo and Porgera, and improved the quality of its group reserve grade by 3% in 2021.
Reported at $1,200/oz 12, attributable proven and probable
mineral reserves now stand at 69 million ounces 13 at 1.71g/t,
increasing from 68 million ounces14 at 1.66 g/t in 2020.
President and chief executive Mark Bristow said in a sector
feeling the pinch of dwindling reserves and resources,
successful exploration continued to replenish the Company’s
asset base and target pipeline, securing its business plans
well into the future.
“While we look closely at all new business opportunities, we
believe finding our ounces is always better than buying them.
That’s why we’re still discovering real value at the end of our
drill bits,” he said.
The growth was led by the North America and Africa & Middle
East regions, which contributed over 8.4 million ounces 13 of
attributable proven and probable reserve gains before
depletion.
In North America, significant gains were driven by the
completion of the updated feasibility study of the Goldrush
underground project, which increased Goldrush’s attributable
proven and probable mineral reserves by 3.6 million ounces 13
to 4.8 million ounces 13 at 7.29g/t. At the Turquoise Ridge
complex, attributable proven and probable reserves increased
by 1.4 million ounces 13 before depletion, principally off the
back of a revised geological model at Turquoise Ridge
Underground.
In Africa, Bulyanhulu completed an updated underground
feasibility study on the Deep West portion of the orebody,
allowing us to increase attributable proven and probable
reserves by 0.77 million ounces13 before depletion through the
conversion of inferred mineral resources. Staying in
Tanzania, a fully optimized integrated mine plan at North Mara
has increased attributable proven and probable reserves by
1.1 million ounces13 before depletion. Our two Tier One mines
in Africa also delivered strong results, with Kibali able to more
than replace depletion of reserves and Loulo-Gounkoto
replenishing 98% of depletion for the year.
Total attributable group gold resources, excluding the impact
of disposition and equity changes mainly related to Lagunas
Norte and Porgera, grew net of depletion, resulting in a 126%
replacement of depletion. Mineral resources are reported
inclusive of reserves and at a gold price of $1,500/oz. 12
Attributable measured and indicated gold resources for 2021
stood at 160 million ounces 13 at 1.50g/t, with a further 42
million ounces13 at 1.3g/t of inferred resources.
The significant increase in attributable mineral resources was
led by the Carlin complex in Nevada where a total of 0.91
million ounces13 of measured and indicated resources and 3.0
million13 ounces of inferred resources were added year-on-
year. This was driven by two maiden inferred resource
additions, with North Leeville delivering 0.43 million ounces 13
at 11.5g/t and Ren contributing 0.76 million ounces 13 at 7.3g/t
on an attributable basis. Both projects represent future growth
for the Carlin complex and drilling continues on both targets,
with mineralization open in all directions. The remaining year-
on-year growth in attributable mineral resources at the Carlin
complex mainly came from the open-pits at Gold Quarry and
South Arturo as well as the underground at Leeville and Rita
K. Staying in Nevada, the Turquoise Ridge complex also
increased year-over-year attributable measured and indicated
resources by 1.5 million ounces 13 mainly off the back of a
revised geological model at Turquoise Ridge Underground.
Copper mineral reserves for 2021 are estimated using a
copper price of $2.75 per pound and mineral resources are
estimated at $3.50 per pound, both unchanged from 2020.
Attributable proven and probable copper reserves were 12
billion pounds 13 at an average grade of 0.38% in 2021.
Attributable measured and indicated copper resources were
24 billion pounds 13 at an average grade of 0.35%, and
inferred copper resources were 2.1 billion pounds 13 at an
average grade of 0.2% in 2021. Mineral resources are
reported inclusive of reserves.
Mineral resource management executive Rodney Quick said,
“The geological improvements and remodeling are now
starting to make a real impact. The incorporation and
integration of mine design optimizations are also driving many
of the mineral resource additions. A sound understanding of
the geological orebody has been integrated with a better
understanding of local variations in the geotechnical and
metallurgical disciplines to produce integrated and optimized
mine designs.”
BARRICK YEAR-END 2021 4 PRESS RELEASE
SETTING THE PACE IN BIODIVERSITY MANAGEMENT
Through industry-first innovations such as the publication of an annual sustainability scorecard
and its science-based roadmap to zero carbon emissions, Barrick continues to demonstrate the
integration of ESG principles into every aspect of its business.
It is also a leader in biodiversity conservation, the importance of which, says group sustainability executive Grant Beringer, needs
more global recognition.
“We believe biodiversity management is critical not only in the way we adapt to climate change but also in the fight against
poverty. That’s why we are partnering with governments, conservation bodies and communities to conserve important habitats in
our host countries in Africa, North America and Latin America,” he says.
Garamba National Park, DRC
Since 2014, Kibali has worked with the Garamba National
Park to promote conservation and combat poaching.
Garamba is one of Africa’s oldest national parks and a
UNESCO World Heritage Site. It is home to the DRC’s largest
elephant herd as well the critically endangered Kordofan
giraffe. Kibali has funded the purchase of elephant tracking
collars and their GPS fees and made improvements to roads
and bridges to improve the rangers’ access to all parts of the
park. Thanks to this combined effort, poaching has been
radically reduced, with the last instance recorded in 2019. Our
support will also fund a risk-benefit analysis for the re-
introduction of white rhinos into the park.
Pueblo Viejo, Dominican Republic
This mine is located in a biodiversity hotspot which is home to
more than 5,600 plant and 200 bird species. In 2018, a small
species of diurnal gecko, classed as critically endangered by
the Dominican Republic and the International Union for the
Conservation of Nature (IUCN), was detected on the site.
Pueblo Viejo commissioned extensive fieldwork as well as
genetic and morphological studies to confirm this identification
and map the gecko’s distribution. These showed that the size
of the population and the extent of its habitat were greater
than previously understood, and that Sphaerodactylus
Samanensis could be removed from the red list. The research
data has been shared with the IUCN.
Lumwana Offset Project, Zambia
Barrick has completed an eligibility study on a potential UN
REDD+ project to protect forests and woodlands around the
Lumwana copper mine, which is situated within the Acres
National Forest Reserve. The mine has already implemented
beekeeping, horticulture and nursery establishment initiatives
as well as a program to curb illegal timber cutting and
charcoal production. Any credits Barrick receives from the
project will be used to offset hard-to-abate emissions.
FINA Reserve, Mali
Barrick has partnered with the government, BIOS and African
Parks to restore FINA, which has been impacted by poaching,
illegal wood cutting, grazing and farming, to its former glory.
They are working together to demarcate and secure the park,
curb illegal activities through recruiting rangers and starting
aerial patrols, rehabilitate the fauna and flora, establish a
proper database and install the infrastructure needed for the
proper management of the park. Longer term the aim is to
develop eco-tourism, with its potential for local job creation,
around the rehabilitated park.
Nevada Gold Mines, USA
Across much of the Great Nevada Basin, the Greater Sage
Grouse habitat is in decline due to fires, invasive plant
species and human impact. To mitigate the impact of mining
on the sagebrush ecosystem, Nevada Gold Mines
collaborates with a wide range of partners, including the US
Fish and Wildlife Service, the Bureau of Land Management
and the Nevada Sagebrush Ecosystem Technical Team. To
date, this team effort has rehabilitated more than 11,500
hectares of habitat and the partners are now embarking on
research to better understand the birds’ breeding habits.
BARRICK YEAR-END 2021 5 PRESS RELEASE
INTEGRATED PLATFORM DELIVERS
GROUP-WIDE, REAL-TIME DATA
The Barrick/Randgold merger and the subsequent Nevada joint venture with Newmont left the new
group with more than 20 separate financial planning, transacting and reporting systems.
Drastically simplifying the global end-to-end solution, with one
single model and source of truth for all financial data and
operating KPIs, was consequently a critical priority in the
quest to make Barrick the world’s leading mining company.
Towards the end of last year, Barrick passed another
important milestone in its digital transformation journey with
four more sites moving over to the single SAP solution which
is now in place across all the Company’s North America, Latin
America and Africa assets.
The platform will ultimately consist of three, layered
applications: SAP (transactions), OneStream (financial
planning, reporting and consolidation) and Xeras (operating
cost modelling). Each has been configured to use a
standardized language.
“The SAP roll-out was done at an unprecedented pace for an
organization with Barrick’s scale,” says senior executive vice-
president and chief financial officer Graham Shuttleworth.
“This was achieved by keeping the design consistent and
aligning business practices to a standard model. With
common data and business processes across all our mines,
we now have the ability to benchmark our operational
performance. OneStream has also been successfully
implemented globally and the roll-out of Xeras will be
completed in the second quarter of this year.”
Vice-president for group integration Nico Hoffman says a
single integrated knowledge platform will give Barrick the
ability to convert updated mine plans into financial models and
roll them up into a consolidated group view, all in a matter of
minutes. It can also quickly compare the financial viability of
multiple mine planning scenarios and perform what-if
analyses to select the best. Measuring key cost drivers in real
time enables us to flag issues which require immediate
attention.
“The new platform has cut the processes involved from weeks
to hours – monthly operating KPIs and financial results are
now available within five days instead of weeks – and has
significantly improved not only the availability but also the
accuracy of our information. It has also provided a robust
foundation for our continuing investment in new projects
related to data and analytics, benchmarking and efficiency
management,” Shuttleworth added.
BIG EXPLORATION DRIVE TARGETS
NEW CANADIAN OPPORTUNITIES
Barrick has established a high-powered exploration team dedicated to discovering new potential Tier
One and Tier Two11 opportunities in prospective Canadian belts.
President and chief executive Mark Bristow says the
perception that Canada is a mature gold producer is being
challenged by new discoveries of deposits with different
model styles hosted in unconventional rocks.
To re-evaluate the paradigms and re-set the maturity clock,
Barrick has assembled a team of geoscientists with a wide
range of specializations, from geophysics through
geochemistry to structural geology. To ensure that each
opportunity is viewed holistically, the team also includes
members with multi-disciplinary skill sets.
Janet Mackie, head of business development and evaluations
for Barrick North America, says this cross-functional
collaboration enables the team to harness operational
experience in determining how best to extract value from
orebodies.
“We believe there is significant potential still to be uncovered
and the new team has already defined and prioritized
geological districts capable of delivering high-quality deposits
that meet Barrick’s stringent investment criteria,” says
principal geologist David Holder.
Octavia Bath, the mineral resource manager for Barrick North
America, says the team is using a rigorous due diligence
process to determine the intrinsic value of new opportunities
based on their economically extractable reserves and
resource upside.
Bristow says Barrick continues to evaluate all promising
business opportunities and last year looked closely at a
number of projects and operations in Canada, none of which
met its investment hurdles. Transactions done by others
during this time typically involved substantial premiums which
we believe would not deliver value to shareholders.
“We’ve consequently decided to follow our traditional value-
creation route through discovery and development. In the
short time the team has been in place, we’ve already
consolidated an exploration property portfolio of 124,000
hectares and we’re now building on that,” Bristow said.
“I’ve said before that Barrick is under-invested in Canada, our
home country, and we mean to correct that. The fact that it is
one of the world’s most mining-friendly jurisdictions is also an
incentive.”
BARRICK YEAR-END 2021 6 PRESS RELEASE
TANZANIA MINES ADVANCING TO TIER ONE STATUS
North Mara and Bulyanhulu, which were moribund gold mines when Barrick took over their
management two years ago, delivered a combined production of more than 500,000 ounces 15 in 2021,
meeting a key criterion for membership of the Company’s elite Tier One portfolio.
The within-guidance performance was achieved with both
mines retaining their ISO 45001 safety and ISO 14001
environmental accreditations, in common with Barrick’s other
operations.
North Mara is on track to become a fully integrated mine with
the planned commissioning of the Nyabirama pit during the
current quarter and the scheduled commencement of the
Nyabigena pit in the third quarter of 2022. This is expected to
add substantial resources and increased flexibility to its plan.
Bulyanhulu has been re-established as a world-class, low-
cost, long-life underground mine as it achieved steady state
production on the successful ramp-up of its mining and
metallurgical operations in December 2021.
Both mines reported a significant growth of their mineral
reserves, net of depletion, for 2021.
Barrick has increased its footprint around Bulyanhulu through
the acquisition of six highly prospective licenses bordering the
mine, and its exploration teams are also looking elsewhere in
Tanzania for new opportunities.
Barrick president and chief executive Mark Bristow said the
mines’ performance had been supported by reinforced
Covid-19 protocols and the roll-out of vaccines to its
workforce, 26.45% of whom have already been partially
vaccinated and 20.25% fully vaccinated. Barrick is working
closely with the country’s health authorities to supply four
PCR machines to hospitals around the mines.
The mines also continued to recruit and upskill local people.
Tanzanian nationals now account for 96% of their workforce,
with 41% drawn from the surrounding villages. They are also
strengthening their partnerships with local suppliers. Since
Barrick re-entered Tanzania in 2019, it has spent more than
$1.8 billion in taxes, salaries and payments to local
businesses. It has also invested $6.7 million in community
education, health and infrastructure projects.
Referring to Barrick’s recently published Human Rights
Report, Bristow said the environmental and other issues it had
inherited from the mines’ previous operators had been or
were being settled.
The Company’s significant progress on this front was
exemplified by last month’s landmark completion of the
restoration of North Mara’s tailings facility pond to within its
permitted design capacity, Bristow said. The rehabilitated
facility has been complemented by a new high recovery water
treatment plant.
KIBALI DELIVERS ANOTHER STELLAR PERFORMANCE
The Kibali gold mine produced a total of 812,152 ounces 15, well within guidance for 2021, and
increased its mineral reserves net of depletion for the third successive year, maintaining its plus 10-
year life as one of Barrick’s Tier One assets.
Barrick president and chief executive Mark Bristow noted that
this performance, which grew steadily stronger during the
year, was achieved with no lost time injuries during the last
quarter. Like all Barrick’s mines worldwide, Kibali retained its
ISO 45001 safety and ISO 14001 environmental
accreditations.
At the same time, Kibali continued to lead the group’s clean
energy drive with power sourced from its three continuously
upgraded hydropower stations supported by new back-up
battery technology.
“Kibali’s performance was supported by reinforced Covid-19
protocols to deal with the fourth wave of the virus. The mine
worked closely with the DRC’s health authorities and the
provincial government to source vaccines and to date has
partially vaccinated 60% of its workforce, with 43% of the
workforce fully vaccinated,” Bristow said.
“It also strengthened its local business partnerships to build a
sustainable economy in the region. During Q4 it spent $40.6
million with local contractors and suppliers, bringing the total
since the start of Kibali to $2.1 billion. To date, Kibali has
invested some $3.7 billion in the DRC in the form of taxes,
permits, infrastructure, salaries and payments to local
partners.”
During the fourth quarter Kibali paid a dividend of $170 million
to shareholders of Barrick, AngloGold Ashanti and
government parastatal, SOKIMO, bringing the total
distribution for the year to $200 million. Bristow said Barrick
and the Congolese authorities were working together on a
program to release cash for the repayment of offshore loans.
During the quarter Kibali launched the Garamba Alliance, a
biodiversity partnership with the US Agency for International
Development (USAID) designed to preserve this World
Heritage park through anti-poaching actions and other
conservation initiatives. This partnership is also designed to
secure a sustainable economic future for the local community
surrounding the park.
Looking ahead, Bristow said underground drilling at the KCD
orebody was defining a new high-grade lode above the base
of the shaft infrastructure. This was an exciting discovery
which could add an entirely new orebody to the existing KCD
series of orebodies.
BARRICK YEAR-END 2021 7 PRESS RELEASE
NEW HIGH-GRADE RESOURCE
POINTS TO SIGNIFICANT UPSIDE IN CARLIN TREND
North Leeville’s maiden resource confirms that this target is rapidly becoming a new high-grade
orebody with significant growth potential within Nevada Gold Mines’ Carlin Trend, already one of the
world’s most prolific gold districts.
The Trend hosts eight major gold deposits within the 12-
kilometre Post-Genesis Fault and three more, including
Leeville, in the 6-kilometre Leeville Fault acting as feeders of
a giant hydrothermal system. Past production exceeds 95
million ounces, with current measured and indicated
resources standing at 32 million ounces 15,16,17 and inferred
resources at 7.5 million ounces.15,16
When Barrick and Newmont merged their Nevada assets,
there were strong indications of significant potential between
North and Greater Leeville, based on drill intercepts at North
Leeville that could not be explained by the existing geological
model.
“We implemented a strategy focused on understanding the
mineralization controls which validated the historic intercepts,
upgraded our knowledge of the controls and identified two
high-grade priority areas,” says MRM growth manager Adrian
Williams.
“Detailed logging led to a step change in our understanding of
the mineralization and formed the basis of a new model which
was successfully tested last year with a nine-hole drilling
program that also delivered one of the best intercepts in the
Carlin Trend’s history: 56.7m at 28.39g/t.”18
This led to a declaration of a maiden high-grade inferred
resource of 0.7 million ounces at 11.6 g/t 13,15, representing
what is predicted to be the beginning of long-term growth at
North Leeville specifically and the Greater Leeville area
generally. At the same time, continued exploration at Leeville
over the past three years has led to a net increase in reserves
of 0.3 million ounces 13,15 and in measured and indicated
resources of 1.7 million ounces 13,15,17 after depletion of ~1.3
million ounces through mining.
As a result, two new drives are currently advancing to the
north to support underground conversion drilling while surface
drilling continues to expand the North Leeville resource. The
two drives are expected to reach the southern margin of North
Leeville later this year.
“Most importantly, new geological models have opened
significant high-grade potential in multiple directions at both
North Leeville and in the Greater Leeville area. The presence
of fertile high-angle structural conduits intersecting a pre-
mineral intrusive stock is a mirror image of the Deep Post and
Deep Star orebodies, two of the richest ever discoveries on
the Carlin Trend,” says district exploration geologist Kendle
Fraley.
Barrick president and chief executive Mark Bristow says the
creation of the Nevada Gold Mines joint venture was driven by
the opportunity to unlock value through the combination of the
two companies’ assets in the state.
“The Carlin Trend is one of the world’s geological marvels,
comparable to the Witwatersrand in its heyday. The
strategies and skills we’ve been able to bring to bear on this
unique endowment are ensuring that it’s the gift that will keep
on giving,” he says.
CHRISTINE KEENER APPOINTED CHIEF OPERATING
OFFICER FOR BARRICK NORTH AMERICA
Christine Keener has been appointed chief operating officer of Barrick’s North American region with
effect from February this year.
Christine Keener has been appointed chief operating officer of
Barrick’s North American region with effect from February this
year.
Christine brings a diversified background having worked in
finance, strategy, a number of commercial roles and more
recently in operations. She was formerly vice president,
Europe and North America, for Alcoa and before that worked
as a certified public accountant for PricewaterhouseCoopers.
She holds an MBA from Carnegie Mellon University and a
Bachelor in Science in Accounting from Grove City College.
Announcing the appointment, president and chief executive
Mark Bristow said Ms Keener had a 21-year record of
improving results in each of her roles at Alcoa.
“She has a deep commitment to business outcomes and is
highly focused on delivery. Ms Keener is able to find
opportunities for improvement and then to implement them
with great determination. She will be a very valuable addition
to our executive team,” he said.
BARRICK YEAR-END 2021 8 PRESS RELEASE