Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) was on track to achieve annual production within its 2020 guidance range, despite the impact of the Covid-19 pandemic, the company said today. Second quarter results show year-to-date gold production
Toronto, August 10, 2020 — At the year’s halfway mark,
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) was on
track to achieve annual production within its 2020 guidance
range, despite the impact of the Covid-19 pandemic, the
company said today.
Second quarter results show year-to-date gold production
of 2.4 million ounces, at the mid-point of its 4.6 million to
5 million ounce annual guidance, driven by strong operating
performances, particularly from Nevada Gold Mines (NGM)
in the United States, Loulo-Gounkoto in Mali and Kibali
in the Democratic Republic of Congo. Barrick’s copper
portfolio continued to outperform with Lumwana in Zambia
posting its best quarterly production in years.
Operating cash flow exceeded $1 billion for the quarter and
free cash flow1 was $522 million. Net earnings per share was
20 cents. Adjusted net earnings per share2 was 23 cents, up
44% from Q1 and well ahead of the market consensus, debt
net of cash was reduced by almost 25% to $1.4 billion from
the end of Q1, and the quarterly dividend was increased
by 14% to 8 cents per share. The quarterly dividend has
more than doubled since the announcement of the merger
between Barrick and Randgold in September 2018. The
non-core asset disposal strategy, which is ongoing, has so
far delivered value of $1.5 billion of which $1.25 billion was
in cash.
Q2Report
2020
5 6 7
TANZANIA
REBUILDS
OPERATIONS
EXPLORATION
MAINTAINS
FOCUS ON
FUTURE
A NEW
GENERATION OF
LEADERS
CONTINUED ON PAGE 3
ALL AMOUNTS EXPRESSED IN US DOLLARS
PROMPT AND
EFFECTIVE
PANDEMIC
RESPONSE
4
%*DEBT
NET OF CASH TO $1.4 BILLION
h
25
SOLID OPERATING PERFORMANCE MAINTAINS
PRODUCTION WITHIN GUIDANCE
GUIDANCE MAINTAINED
DESPITE COVID-19 CHALLENGES
* QUARTER ON QUARTER
TO 8 CENTS
PER SHAREh
%*
14
QUARTERLY
DIVIDEND
%*ADJUSTED
NET EPS2
h44
NET EPS
20 CENTS
ALMOST
TO 23 CENTS
TO $522 MILLION
h16%*OPERATING CASH FLOW TO $1.0 BILLION
FREE CASH FLOW h19%*
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q2 2020 Q1 2020 Q2 2019
Realized gold price3,4
($ per ounce) 1,725 1,589 1,317
Net earnings5
($ millions) 357 400 194
Adjusted net earnings2
($ millions) 415 285 154
Net cash provided by operating
activities ($ millions) 1,031 889 434
Free cash flow1
($ millions) 522 438 55
Net earnings per share
($) 0.20 0.22 0.11
Adjusted net earnings
per share2 ($) 0.23 0.16 0.09
Attributable capital
expenditures6 ($ millions) 402 364 361
Operating Results Q2 2020 Q1 2020 Q2 2019Gold
Production4
(000s of ounces) 1,149 1,250 1,353
Cost of sales (Barrick's share)4,7
($ per ounce) 1,075 1,020 964
Total cash costs4,8
($ per ounce) 716 692 651
All-in sustaining costs4,8
($ per ounce) 1,031 954 869
Copper
Production9
(millions of pounds) 120 115 97
Cost of sales (Barrick's share)9,10
($ per pound) 2.08 1.96 2.04
C1 cash costs8,9
($ per pound) 1.55 1.55 1.59
All-in sustaining costs8,9
($ per pound) 2.15 2.04 2.28
Q2 2020 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host an interactive webinar
on the results today at 11:00 EDT / 15:00 UTC. The presentation
will be linked to the webinar and conference call.
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 Q2 2020 presentation materials will be available on
Barrick’s website at www.barrick.com and the webinar will
remain on the website for later viewing.
▪ Continued solid performance positions Barrick well
within annual production guidance, despite
Covid-19 challenges
▪ Improvement in safety management following
increased focus
▪ Strong cash generation highlights quality of assets
and leverage to gold price
▪ Barrick continues to be vigilant in its approach to
contain the impact of Covid-19
▪ Higher gold prices also result in higher royalty
payments and costs
▪ Strong operating performance for copper with
costs per pound at lower end of the guidance
range
▪ Operating Cash Flow in excess of $1.0 billion and
Free Cash Flow1 greater than $0.5 billion for the
quarter
▪ Net debt down almost 25% to $1.4 billion with no
significant maturities until 2033
▪ Net earnings per share of 20 cents; adjusted net
earnings per share2 up 44% to 23 cents for the
quarter
▪ Strong operating performance from Tier One12
assets, with Pueblo Viejo production impacted by
planned maintenance shutdown
▪ Veladero production impacted by Argentina’s
Covid-19 movement and social distancing
restrictions
▪ 30% of stockpiled concentrate shipped from
Tanzania and first $100 million paid to Government
▪ Agreement reached in Mali to extend the Loulo
convention to 2038
▪ Significant exploration drill results from Nevada,
Dominican Republic, Mali and Tanzania
▪ Pueblo Viejo expansion, Goldrush development,
Turquoise Ridge shaft and other key projects
remain on track despite Covid-19 challenges
▪ Non-core asset disposal strategy delivers
$1.5 billion value realization, including $1.25 billion
in cash, with more to come
▪ Barrick increases quarterly dividend by 14% to
$0.08 per share
BARRICK SECOND QUARTER 2020 2 PRESS RELEASE
CONTINUED FROM PAGE 1
President and chief executive Mark Bristow said the strong
cash generation demonstrated the quality of Barrick’s assets,
management’s ability to capture the full benefit of higher gold
prices, effective operational execution and the group’s deft
handling of the Covid-19 pandemic’s impact.
“Our flattened and decentralized management structure was a
major factor in contending with Covid-19 while at the same
time continuing to meet short-term targets and making
significant progress towards our strategic objectives. Our major
projects, including the expansion of Pueblo Viejo, the Goldrush
development and the Turquoise Ridge shaft, remain on track.
The only exception was Veladero, where the heap leach and
cross-border Chilean power line projects were impacted by the
Argentine government’s pandemic quarantine restrictions,”
Bristow said.
“We also maintained our strong environmental, social and
governance focus during this difficult period. The Lost Time
Injury Frequency Rate decreased by 15.6% quarter on quarter,
and we further reduced our carbon emissions and continued to
improve our water recycling and reuse performance.”
Dealing with the operations, Bristow said in North America,
NGM led by Cortez trended towards the upper end of its
guidance as the integrated structure allowed the management
team to adjust ore routing through Carlin’s processing facilities
in real time, while at the restructured Hemlo in Canada,
exploration was indicating support for extending the Life of
Mine beyond 10 years at a production profile of around
220,000 ounces per year.
In the Africa and Middle East region, Loulo-Gounkoto and
Kibali were also at the upper end of their guidance. The
Tanzanian assets are still being resuscitated but exports of the
stockpiled concentrate have resumed and the Bulyanhulu
underground operation is being recommissioned. Bristow said
between them, North Mara and Bulyanhulu were capable of
producing more than 500,000 ounces annually for at least 10
years.13
In Latin America, Pueblo Viejo’s production was down as
expected due to a planned plant maintenance shutdown, while
production and costs at Veladero were impacted by a
nationwide quarantine and severe winter weather.
Porgera in Papua New Guinea remains on care and
maintenance while the issue of its Special Mining Lease is
before the court.
Bristow said during the quarter there had been significant
exploration results from Nevada, the Dominican Republic, Mali
and Tanzania, and the expectation was to add significant
mineral resources at most operations this year.
QUARTERLY DIVIDEND INCREASED BY 14%
Barrick’s Board of Directors has declared a dividend for the
second quarter of 2020 of $0.08 per share, a 14% increase on
the previous quarter’s dividend, payable on September 15,
2020, to shareholders of record at the close of business on
August 31, 2020.14
Senior executive vice-president and chief financial officer
Graham Shuttleworth says that Barrick’s quarterly dividend has
more than doubled since the announcement of the Barrick-
Randgold merger in September 2018, reflecting Barrick’s
continued strong financial performance.
“The Board believes that the dividend increase is sustainable
and reflects the ongoing robust performance of our operations
and continued improvement in the strength of our balance
sheet, with total liquidity of $6.7 billion, including a cash
balance of $3.7 billion at the end of the second quarter, and no
material debt repayments due before 2033,” said Shuttleworth.
QUARTERLY DIVIDEND PER SHARE
The Q2 2020 dividend of $0.08 is a 14% increase on the previous quarter.
BARRICK SECOND QUARTER 2020 3 PRESS RELEASE
STRONG STRUCTURE, PARTNERSHIP CULTURE
DRIVE PROMPT AND EFFECTIVE
PANDEMIC RESPONSE
A fit-for-purpose management structure coupled with its deeply embedded health and welfare
commitment enabled Barrick to buffer the impact of the Covid-19 pandemic on its business, people
and communities as well as to provide vital support to its host governments.
Barrick has provided more than $20 million in support to its host communities,
much of it in the form of medical supplies and equipment.
President and chief executive Mark Bristow says the company’s
flattened and regionally devolved management formation
provided the ideal platform for immediate site-appropriate action
and swift engagement with local stakeholders.
“Caring for the wellbeing of our employees and communities is a
key characteristic of the Barrick DNA. Our financial strength,
well-established prevention practices and procedures, and the
experience we gained from dealing with two Ebola pandemics
around our African operations stood us in good stead as we
faced this new and unprecedented challenge,” he says.
“At all our sites, strict access, screening, sanitation and isolation
measures were implemented and through our community
engagement channels, we also took the lead in introducing these
protocols, supported by education programs, to our neighbours.
The provision of rapid antibody testing kits to local clinics and
hospitals was particularly valuable in helping them to manage
the pandemic’s initial onslaught.”
Barrick’s group sustainability executive, Grant Beringer, says that
to date the company has provided more than $20 million in
support to its host communities, much of it in the form of medical
supplies and equipment. In addition, some of its businesses
have prepaid taxes to ease the pandemic’s pressure on their
host countries’ economies.
In the Dominican Republic, Pueblo Viejo prepaid $113 million to
the tax authorities, bringing its total tax payments to the
government to more than $2 billion since 2013. In Mali, the
Loulo-Gounkoto complex made an early tax and royalty payment
of $20 million and in Côte d’Ivoire, Tongon prepaid $5 million. In
Nevada, the state legislature has approved an offer by Nevada
Gold Mines (NGM) to prepay net proceeds tax as a Covid-19
relief measure. Under this arrangement, NGM expects to pay
$170 million to the state by March 2021. In addition, NGM has
chosen not to take up the option of deferring payroll tax
payments amounting to $40 million. Deferral of these payments
is allowed under US legislation aimed at supporting businesses
through the pandemic.
“We recognize the importance our tax contribution makes to
Nevada’s economy and NGM is stepping up to support the state
at a time when other businesses there find themselves in
financial distress,” says Bristow.
“In Nevada, as elsewhere in our global operations, our aid has
not been prompted by self-interested commercial considerations,
but by Barrick’s foundational philosophy of partnership, which in
this time of crisis has again demonstrated its value to our
stakeholders.”
Beringer notes that Barrick operates in 12 countries, each with
its own culture and at different stages of economic development.
Consequently, aid was tailored to their particular needs in
consultation with their governments.
“In Latin America, support has been focused on infrastructural
and equipment needs. In Africa, the emphasis has been on
improving existing healthcare facilities and capacity. Where
financial donations were made, we engaged thoroughly with the
governments to identify specific requirements and assisted them
in sourcing equipment and supplies. In the DRC, we converted
Kibali’s Ebola isolation centre into a 100-patient Covid-19
treatment facility tailored to government guidelines. In North
America we sought to stimulate local economies, for example by
donating vouchers to employees that are only redeemable at
stores and service providers in the local community. NGM has
also established a fund to help local businesses impacted by the
pandemic,” he says.
“The commitments our sites made to community investment and
development prior to the Covid-19 outbreak remain intact and
are being fulfilled in conjunction with our pandemic support
programs. These include major projects such as the Durba road
in the DRC and the shift to local contractors and suppliers in
Tanzania.”
At the group level, all Barrick’s significant expansion projects
remain on track, with internal teams having been trained to
lessen reliance on external contractors. Among these are the
solar power programs in West Africa and Nevada, the expansion
of Pueblo Viejo in the Dominican Republic, the Bulyanhulu
underground project in Tanzania, and the Goldrush and
Turquoise Ridge developments in Nevada.
BARRICK SECOND QUARTER 2020 4 PRESS RELEASE
TANZANIA MINES FOCUS ON SOCIAL LICENSE
AND REBUILDING MINING OPERATIONS
When Barrick took over the Acacia assets in Tanzania in September last year, it was faced with a clean-
up of Herculean proportions:
▪ Relations between the former management and the
government as well as the community had broken down
completely.
▪ North Mara had been closed under an environmental
protection order.
▪ Bulyanhulu had been overrun by some 20,000 illegal miners
and was no longer operating.
▪ The government had frozen all concentrate sales as well as
the concentrate containers held under court order at port.
▪ There were hundreds of longstanding grievances, property
disputes and accusations of human rights abuses at the
mines.
▪ No geological block modelling, mineral resource
management or mine planning had been done at the mines.
▪ Survey data was significantly incorrect, and capital
allocation as well as executive decision-making were
haphazard at best.
The first priority of Africa and Middle East chief operating officer
Willem Jacobs and his team was to regain the trust of the
government, which they did so successfully that the framework
agreement which had been in limbo for years, was swiftly
finalized and signed at a ceremony attended by Tanzanian
president John Magufuli and Barrick president and chief
executive Mark Bristow. This was followed by the establishment
of Twiga Minerals Corporation, a joint venture between Barrick
and the government designed to oversee the management of the
mines as well as the equal sharing of the economic benefits they
create.
Greatly assisted by the Twiga board, Barrick and the affected
communities soon agreed on a way forward to settle all the
legacy land claims at North Mara.
Barrick’s DNA was infused into Tanzania with the introduction of
key staff from its Mali operations, after the change of all but two
members of the former management.
Operationally, the team developed and implemented a new
tailings and water management plan for North Mara. The mine
could then resume production and the ban on doré sales was
lifted. Getting to grips with the geology, a new block model that
confirmed the acquisition assumptions and upside, was
completed. Ten new exploration permits around North Mara have
also been awarded by the government.
A study on restarting the Bulyanhulu mine projected the
resumption of underground mining activities at the end of 2020,
in line with guidance. Work on the structural integrity of the
metallurgical plant commenced upon completion of the Acacia
transaction, and refurbishment of the shaft is scheduled to start
in August.
Another study to determine extensions at Buzwagi is underway
and a local content plan has been submitted to the government.
Mark Bristow says enormous progress has been made in fixing
the Tanzanian situation, not least by concentrating on Barrick’s
stakeholder engagement and community relations, with a focus
on building a real social license at what were badly neglected but
world-class assets.
“The foundation has been laid for delivery, and I can see North
Mara and Bulyanhulu together eventually ranking as a Tier One12
complex, with annual production in excess of 500,000 ounces at
a cost in the lower half of the industry curve, well beyond
10 years,” he says.
Face masks provided to employees and stakeholders across our Africa
and Middle East operations have been sourced from local communities.
CORTEZ LEADS THE WAY IN NEVADA
Cortez continues to produce higher than planned ounces at a lower cost, confirming its status as
Nevada Gold Mines’ flagship as well as the leader in the general move from lower grade open pit
operations to higher grade underground mining.
Its outperformance is being driven by the underground operation,
where improved efficiencies supported mining at higher
production rates. On the back of this performance, the mineral
resource management team has stepped up their game to test
BARRICK SECOND QUARTER 2020 5 PRESS RELEASE
for geological extensions and the potential feeders of the known
mineralization which could significantly extend the Life of Mine,
enabling it to maintain its Tier One status without the assistance
of Goldrush.
During the past quarter, the Goldrush project team was
integrated into the Cortez organization. Development of the
Goldrush declines is ahead of plan and the transition from
contractor to owner operation has been brought forward to 2020.
The underground management team is currently developing
operational readiness for the acceleration of the project,
scheduled to expose first ore in the first half of 2021. Permits are
expected in late 2021, paving the way for the start of final
construction activities which Greg Walker, executive general
manager, explains will further ensure the Cortez operations
remains a long life, Tier One complex, one of three such
operations in the Nevada Gold Mines portfolio.
In the meantime, Barrick’s nearby Fourmile project, which has
not yet been included in the Nevada Gold Mines portfolio, has
reported very significant drill results confirming the impressive
high-grade of the mineralization as well as its exciting future
potential.
EXPLORATION MAINTAINS BARRICK’S
FOCUS ON THE FUTURE
There were significant drill results from all regions during the past quarter.
Despite the challenges presented by the Covid-19 pandemic, Barrick’s exploration teams have
continued to add to the mineral inventory that is needed to sustain a profitable mining enterprise.
During the past quarter, there were significant drill results from
all regions. In Nevada, these included the high-grade intercepts
at the Fourmile project, the highest grade ever intercept at North
Leeville and the thick intercepts at Deep Post.
At Pueblo Viejo, in Dominican Republic, the first structural model
and state-of-the-art geophysics have unlocked a new generation
of targets, and at Loulo 3, in Mali, new intersections have
confirmed that high-grade mineralization is still open down
plunge. Also at Loulo, the high-grade Yalea transfer zone has
been extended 480 metres beyond the 2019 block model and is
still open down plunge. A greater than one-kilometre-long
mineralized trend has been confirmed south of the Gounkoto
open pit, also in Mali.
During the quarter, the exploration teams in Africa and the
Middle East (AME) as well as Latin America (LATAM) were
strengthened with the appointment of senior managers, Aoife
McGrath as vice president exploration for AME and
Leandro Sastre as vice president exploration for LATAM.
McGrath has worked with and led exploration teams in Africa,
North and South America and Europe, and her experience spans
the full spectrum of company size and exploration stages.
Named as one of the ‘Global 100 Inspirational Women in Mining’,
she has been involved in a number of major discoveries and
brings strong commercial skills to her new role.
Sastre was previously mine operations and technical services
manager at Veladero. His wide skills base ranges from
exploration through ore control to resource modelling. He was
closely involved with Exeter’s discovery and delineation of the
Caspiche orebody in Chile, now part of our Norte Abierto project,
and the Cerro Moro orebody in Argentina, which is now an
operating mine.
BARRICK SECOND QUARTER 2020 6 PRESS RELEASE
RECRUITING AND DEVELOPING A NEW
GENERATION OF LEADERS
Janet Camilo (left), the Dominican Republic’s Minister of Women, and Inka Mattila (right), UNDP resident representative, present the Gold Seal of
Igualando RD to Juana Barceló (centre), Pueblo Viejo President, at a ceremony lauding the mine’s commitment to and progress in advancing gender
equality in the workplace.
Barrick employs more than 20,000 people along with another 21,000 contractors in 12 countries across the world,
and its recruitment and development policies are designed to ensure that they can be the best of the best.
The company has a strong tradition of hiring locally for
operational as well as management roles. In its Africa and
Middle East (AME) region, 76% of management positions are
occupied by host country nationals. In North America (NA) that
figure is 88% and in Latin America and Asia Pacific (LATAM &
AP) it is 51%. Last quarter, only 10 foreign nationals were hired
into management positions across all three regions.
To ensure that its people profile is aligned to societal and
technological changes, Barrick is also driving the employment of
younger candidates as well as women. In the year to date, new
hire percentages under 30 years of age were 50% in AME, 46%
in NA and 42% in LATAM & AP.
Mining is traditionally a male-dominated industry and Barrick is
making a determined effort to recruit more women through
targeted campaigns. In NA, 15% of employees are women, and
25% of new hires so far this year were women. In LATAM & AP,
where 11% of all positions are held by women, hiring rates were
18% in Q1 and 33% in Q2, reflecting the region’s improving
ability to source and employ women candidates. The AME region
has cultural obstacles to the employment of women, but there
too the position is improving, with new placements up to 10%
from a 6% base.
Each region has identified high-potential women for further
career development at all levels of the business. Barrick also has
partnered with leading universities to customize development
programs designed to meet its specific needs.
In NA, 40% of the current participants in Barrick’s Greenfields
Talent Program are women, who spend 12 months working in an
operational environment, then lead a crew for six months as
relief supervisor before taking up their technical positions with
Nevada Gold Mines. The company’s Compass Development
Program offers cross-functional modules ranging from geology
through production to health and safety. Of the current group of
participants in this program, 36% are women. Across AME,
Barrick offers apprentice training leading to artisan status, and in
NA, Nevada Gold Mines is the leading participant in the
maintenance training cooperative program with Great Basin
College.
“We want to have the right skills in the right jobs, but we also
want to make sure that we have an appropriately diverse
workforce, and that by investing in young people, we are building
a new generation of leaders to take Barrick into the future,” says
president and chief executive Mark Bristow.
PUEBLO VIEJO AWARDED GOLD SEAL FOR
GENDER EQUALITY
The Gold Seal is the highest level of a new gender equality
certification and it was awarded to Pueblo Viejo (PV) following a
meticulous review by the Dominican Institute for Quality
(INDOCAL), the Dominican Republic’s Ministry of Women and
the United Nations Development Program (UNDP). At the same
time, PV was also awarded the Nordom 775 certification for best
practice in gender equality and equity.
The certifications reflect PV’s commitment to equal rights,
benefits and opportunities for all employees, regardless of
gender, and confirm that its workplace policies align with the
United Nation’s Sustainable Development Goals and the
Dominican Republic’s National Development Strategy with
regard to reducing the gender pay gap and advancing women’s
representation in leadership positions.
BARRICK SECOND QUARTER 2020 7 PRESS RELEASE
Appendix 1
2020 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2020 forecast
attributable production
(000s oz)
2020 forecast cost
of sales15 ($/oz)
2020 forecast total
cash costs8 ($/oz)
2020 forecast all-in
sustaining costs8 ($/oz)
Carlin (61.5%)16 1,000 - 1,050 920 - 970 760 - 810 1,000 - 1,050
Cortez (61.5%) 450 - 480 980 - 1,030 640 - 690 910 - 960
Turquoise Ridge (61.5%) 430 - 460 900 - 950 540 - 590 690 - 740
Phoenix (61.5%) 100 - 120 1,850 - 1,900 700 - 750 920 - 970
Long Canyon (61.5%) 130 - 150 910 - 960 240 - 290 450 - 500
Nevada Gold Mines (61.5%) 2,100 - 2,250 970 - 1,020 660 - 710 880 - 930
Hemlo 200 - 220 960 - 1,010 800 - 850 1,200 - 1,250
North America 2,300 - 2,450 970 - 1,020 660 - 710 900 - 950
Pueblo Viejo (60%) 530 - 580 840 - 890 520 - 570 720 - 770
Veladero (50%) 240 - 270 1,220 - 1,270 670 - 720 1,250 - 1,300
Porgera (47.5%)17
Latin America & Asia Pacific 800 - 900 930 - 980 610 - 660 890 - 940
Loulo-Gounkoto (80%) 500 - 540 1,050 - 1,100 620 - 670 970 - 1,020
Kibali (45%) 340 - 370 1,030 - 1,080 600 - 650 790 - 840
North Mara (84%)18 240 - 270 750 - 800 570 - 620 830 - 880
Tongon (89.7%) 240 - 260 1,390 - 1,440 680 - 730 740 - 790
Bulyanhulu (84%)18 30 - 50 1,210 - 1,260 790 - 840 1,110 - 1,160
Buzwagi (84%)18 80 - 100 850 - 900 820 - 870 850 - 900
Africa & Middle East 1,450 - 1,600 1,040 - 1,090 640 - 690 870 - 920
Total Attributable to Barrick18,19,20 4,600 - 5,000 980 - 1,030 650 - 700 920 - 970
COPPER PRODUCTION AND COSTS
2020 forecast
attributable production
(Mlbs)
2020 forecast cost
of sales15 ($/lb)
2020 forecast C1
cash costs11 ($/lb)
2020 forecast all-in
sustaining costs11 ($/lb)
Lumwana 250 - 280 2.20 - 2.40 1.50 - 1.70 2.30 - 2.60
Zaldívar (50%) 120 - 135 2.40 - 2.70 1.65 - 1.85 2.30 - 2.60
Jabal Sayid (50%) 60 - 70 1.75 - 2.00 1.40 - 1.60 1.50 - 1.70
Total Copper21 440 - 500 2.10 - 2.40 1.50 - 1.80 2.20 - 2.50
ATTRIBUTABLE CAPITAL EXPENDITURES
($ millions)
Attributable minesite sustaining 1,300 - 1,500
Attributable project 300 - 400
Total attributable capital expenditures22 1,600 - 1,900
2020 Outlook Assumptions and Economic Sensitivity Analysis23
2020 Guidance
Assumption Hypothetical Change
Impact on EBITDA
(millions)24 Impact on AISC8,11
Gold revenue, net of royalties25 $1,350/oz +$100/oz +$655 +$4/oz
$1,350/oz -$100/oz -$652 -$4/oz
Copper revenue, net of royalties $2.75/lb +/- $0.50/lb +/-$125 +/- $0.02/lb
BARRICK SECOND QUARTER 2020 8 PRESS RELEASE