Commenting on the annual results here today, president and chief executive Mark Bristow said despite picking up the pace in the latter half of the year, Barrick couldn’t quite make up for the challenges it faced in the first half, and gold production fell
TORONTO, February 14, 2024 — A strong finish to 2023
boosted Barrick’s full-year gold production to 4.05 million ounces
and its copper output to 420 million pounds 1 while its Tier One2
gold mines capitalized on a record gold price to deliver a robust
financial performance.
Commenting on the annual results here today, president and
chief executive Mark Bristow said despite picking up the pace
in the latter half of the year, Barrick couldn’t quite make up for
the challenges it faced in the first half, and gold production fell
slightly short of the annual guidance as flagged with the Q3
results. Nevada Gold Mines had a stronger fourth quarter on
the back of higher grades and operational improvements, while
Pueblo Viejo advanced the commissioning of the expansion
plant, addressing most of the equipment failures.
“In true Barrick fashion, we kept our focus, dealt with the
challenges, progressed our long-term strategic plans and
delivered on some of our key objectives. Most significantly, we
have sustained our industry-leading organic growth outlook and
are still projecting a 30% increase in gold equivalent3 production
by the end of this decade,” he said.
The 2023 financial results again demonstrated the ability of
Barrick’s peerless asset portfolio to create value, Bristow said.
Operating cash flows increased year-on-year by 7% to $3.7
billion and free cash flow 4 was up by 50% at $646 million. Net
earnings increased by 200% to $0.72 per share, and adjusted
net earnings5 increased by 12% to $0.84 per share, while the
quarterly dividend was maintained at 10 cents per share. Barrick
has one of the strongest balance sheets in the industry with
almost no net debt.6
Q42023
6 7 8
CORTEZ POISED
FOR GROWTH
INVESTING IN
DIVERSITY
WORLD-CLASS
POTENTIAL AT
LUMWANA
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
VELADERO
BACK FROM THE
BRINK
5
CLEAR STRATEGIES AND STRONG PARTNERSHIPS
SET BARRICK UP TO OUTPERFORM, SAYS BRISTOW
Results
Release
CONTINUED ON PAGE 3
$0.10 PER SHARE DIVIDEND
DECLARED FOR Q4 2023
50% INCREASE* IN FREE CASH FLOW4
TO $646 MILLION FOR 2023
* COMPARED TO 2022
GROUP 2023 RESERVE DEPLETION REPLACEMENT:
109% GOLD, 124% COPPER, 112% GOLD EQUIVALENT OUNCES7
7% INCREASE* IN OPERATING CASH FLOW
TO $3.7 BILLION FOR 2023
* COMPARED TO 2022
MINING AND PROCESSING OPERATIONS
RESUME AT PORGERA
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q4 2023 Q3 2023 2023 2022
Realized gold price1,8
($ per ounce) 1,986 1,928 1,948 1,795
Realized copper price1,8
($ per pound) 3.78 3.78 3.85 3.85
Net earnings9
($ millions) 479 368 1,272 432
Adjusted net earnings5
($ millions) 466 418 1,467 1,326
Net cash provided by
operating activities ($ millions) 997 1,127 3,732 3,481
Free cash flow4
($ millions) 136 359 646 432
Net earnings per share
($) 0.27 0.21 0.72 0.24
Adjusted net earnings
per share5 ($) 0.27 0.24 0.84 0.75
Attributable capital
expenditures10 ($ millions) 660 589 2,363 2,417
Operating Results Q4 2023 Q3 2023 2023 2022
Gold
Production1
(thousands of ounces) 1,054 1,039 4,054 4,141
Cost of sales1,11
($ per ounce) 1,359 1,277 1,334 1,241
Total cash costs1,12
($ per ounce) 982 912 960 862
All-in sustaining costs1,12
($ per ounce) 1,364 1,255 1,335 1,222
Copper
Production1
(millions of pounds) 113 112 420 440
Cost of sales1,11
($ per pound) 2.92 2.68 2.90 2.43
C1 cash costs1,13
($ per pound) 2.17 2.05 2.28 1.89
All-in sustaining costs1,13
($ per pound) 3.12 3.23 3.21 3.18
Financial Position As at
12/31/23
As at
9/30/23
As at
12/31/23
As at
12/31/22
Debt (current and long-
term) ($ millions) 4,726 4,775 4,726 4,782
Cash and equivalents
($ millions) 4,148 4,261 4,148 4,440
Debt, net of cash
($ millions) 578 514 578 342
Best Assets
▪ Group 2023 reserve depletion replacement: 109%
gold, 124% copper, 112% gold equivalent ounces7
▪ Since 2019, Barrick has added almost 29 million
ounces of attributable proven and probable gold
reserves (44 million ounces on a 100% basis
across Barrick managed assets)14
▪ Mining and processing operations resume at
Porgera, with first gold production targeted in Q1
2024
▪ Higher Q4 gold production delivers full year gold
production of 4.05 million ounces1
▪ Highest annual production for Cortez in last four
years
▪ Annual production at Turquoise Ridge 12% higher
versus 2022 on the back of improved underground
and plant availability and recoveries
▪ Veladero delivers a strong full-year performance,
beating production and cost guidance
▪ Another strong quarter for copper production results
in full year copper production of 420 million pounds1
▪ Africa & Middle East region delivers on guidance for
fifth consecutive year
Leader in Sustainability
▪ Year-on-year improvement in LTIFR (21%) and
TRIFR (12%)15
▪ Exceeded water efficiency target (recycling and
reuse) for the year
▪ Annual reclamation and rehabilitation targets
exceeded
▪ Pueblo Viejo supports local communities following
devastating 1-in-500-year tropical storm event
▪ Reko Diq delivers on its commitment to responsible
development of the mega-project, hitting its first-
year Community Development targets
Delivering Value
▪ 7% increase in operating cash flow versus 2022 to
$3.7 billion for the year
▪ Free cash flow4 higher by 50% to $646 million for
2023
▪ Increase in net earnings per share and adjusted net
earnings per share5 to $0.27 for the quarter
▪ $0.10 per share dividend declared
BARRICK YEAR-END 2023 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Barrick also maintained its record of substantial reserve
growth, replacing 109% of its gold reserve depletion and
124% of copper depletion. Since 2019, the continuing success
of its brownfields exploration programs has added almost 29
million ounces of attributable proven and probable gold
reserves. On a 100% basis across all Barrick-managed
properties, this represents an addition of 44 million reserve
ounces.14
And importantly, just before the end of the year, Nevada’s
Cortez received the U.S. government’s Record of Decision for
the Goldrush project and immediately started work on its
surface infrastructure accesses. Goldrush is forecast to
produce approximately 130,000 ounces of gold this year,
rising to 400,000 by 2028. 16 The adjoining Barrick-owned
Fourmile project is also believed to have Tier One potential
with more work and drilling scheduled to advance this project
to a PFS decision by the end of 2024.
In the Dominican Republic, the commissioning of the Pueblo
Viejo expansion project is on track to be ramped up in Q2
2024 after reconstruction of the feed conveyor. The project is
designed to transform Pueblo Viejo into a mine capable of
sustaining average annual gold production of more than
800,000 ounces beyond 2040. 17 Feasibility work advanced on
the giant Reko Diq copper-gold project in Pakistan and the
Lumwana Super Pit project in Zambia—both targeting
production in 2028. These projects will rank among the world’s
largest copper mines, significantly advancing Barrick’s
strategic objective of increasing the size and enhancing the
quality of its growing copper portfolio.
“If you revisit the strategy we published at the time of the
merger five years ago, it’s clear that we’ve met all the targets
we set ourselves under the three main headings of asset
quality, operational excellence and sustainable profitability.
The mining industry is now entering a new era dominated by
the demand for the so-called critical minerals and metals,
often led by promoters rather than by responsible miners. To
survive and grow in this new dynamic will need clear
strategies and strong partnerships—both core to Barrick. That
is why I believe we’ll continue to demonstrate that our long-
term vision differentiates us from our peers and sets us up to
outperform them,” Bristow said.
Q4 and Full Year 2023 Results Presentation
Webinar and Conference Call
Mark Bristow will host a live presentation today at 11:00 AM
ET, with an interactive webinar linked to a conference call.
Participants will be able to ask questions.
The webinar and presentation materials will be available on
Barrick’s website at www.barrick.com a nd the we binar will
remain on the website for later viewing.
Barrick Declares Q4 Dividend
Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2023.
The d ividend is c onsistent w ith the Com pany’s Performance
Dividend Policy announced at the start of 2022.
The Q4 202 3 divide nd will b e p aid o n M arch 1 5, 2 024 t o
shareholders of record at the close of b usiness on Febr uary
29, 2024.
“The performance of our business and the continued strength
of our balance sheet allowed us to maintain the distribution of
a rob ust d ividend t o o ur shar eholders i n 2 023, w hilst s till
ensuring B arrick h as a dequate liquidity to invest in our
significant gr owth p rojects,” s aid sen ior e xecutive vice-
president and chief financial officer Graham Shuttleworth.
Barrick Announces New Share Buyback Program
Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its
common shares.
Barrick’s Board of Directors has authorized a new program for
the rep urchase of u p to $1.0 billi on of th e Com pany’s
outstanding com mon s hares over t he n ext 1 2 months at
prevailing market prices in accordance with applicable law. In
connection with t he new sha re r epurchase pro gram, B arrick
has terminated the share repurchase program announced by
the Com pany o n F ebruary 1 5, 20 23. T he Com pany d id no t
repurchase a ny c ommon sh ares unde r i ts 2 023 sh are
repurchase p rogram. B arrick r epurchased $4 24 m illion in
common shares under its 2022 share repurchase program.
Under the p rogram, r epurchases c an be ma de f rom t ime to
time through published markets in the United States such as
the New Yor k S tock E xchange u sing a v ariety o f m ethods,
including o pen ma rket pur chases, a s we ll a s b y a ny o ther
means p ermitted u nder t he rules of the U .S. S ecurities a nd
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 shares
that may be purchased, if any, and the timing of such
purchases, will be determined by Barrick based on a number
of factors, including the Company’s financial performance, 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.
BARRICK YEAR-END 2023 3 PRESS RELEASE
Meeting Two Needs With One Deed
Barrick’s holistic and integrated approach to sustainability management is underpinned by the knowledge
that sustainability aspects are interconnected and that the challenges of fighting poverty, climate change
and biodiversity loss are deeply connected and we have no option but to tackle them together.
This approach is not only based on science , but links to the
objectives of the U nited N ations’ S ustainable D evelopment
Goals ( SDGs) and s eeks to d eliver o utcomes w hich ar e
achievable, demonstrable, and align with g lobal sustainability
priorities.
Grant B eringer, g roup s ustainability execu tive, point s to
Barrick’s o ngoing w ork i n Tan zania a s pr oof o f th e
effectiveness of t his strategy where the now-closed Buzwagi
mine is undergoing environmental rehabilitation while l ooking
for a n ew lease on life as a Special Econo mic Zone that will
continue t o e nhance t he liveliho ods o f t he su rrounding
communities for years to come.
Beringer says that Bar rick a chieved and exce eded i ts
reclamation target in 2023 with 985ha of disturbed land being
rehabilitated. “ This a chievement high lights the im portance of
developing 5-year reclamation plans for each site, focusing on
rehabilitating m ines while t hey a re s till op erational an d
reducing our closure liabilities,” he says.
At Buzwagi, a feasibility study commissioned in 2021 showed
that th e c reation o f a Sp ecial Econo mic Zon e h ad t he
potential to r eplace the mine as t he region’s economic driver
and c ould sustainab ly c reate 3 ,000 j obs annua lly, g enerate
more th an $ 150,000 each y ear fr om s ervice levies f or the
local mu nicipality and d eliver a pproximately $4.5 milli on in
employment taxes each year.
Additionally, Barrick has invested $1.3 million in the KUWASA
Water Sup ply Pr oject w here an ad ditional 8 .5km of pipeline
will be connected to the existing KUWASA line and will supply
approximately 34 litres of water per second to approximately
335,000 people living in the Buzwagi area.
Addressing the potable water needs for communities near
North Mara is another example of how Barrick’s approach to
sustainability can meet more than one need at once. Barrick
invested $65 million in water treatment plants to ensure the
mine’s tailings storage facility was managed within its
designed capacity. However, once it achieved that objective, a
portion of the water treatment plants are being used to
provide potable water for over 35,000 residents in the area.
“Mining, if done well, is a powerful force for good in the global
drive for social and economic development. North Mara now
has a total of 172 local and regional suppliers, representing a
200% increase from 58 suppliers in 2019. This is in addition to
our ongoing investment in schools and education in Tanzania
as well as our continued engagement with a number of NGOs
on longstanding legacy issues,” Beringer says.
On the environmental front, Beringer says Barrick is
developing a bespoke biodiversity impact measurement tool
that will standardize biodiversity metrics and track progress
against each site’s stated biodiversity action plans (BAPs.
The tool is expected to be completed by Q2 and will be piloted
at five sites before the end of the year. “Every BAP includes a
social dimension to ensure communities also benefit from our
biodiversity projects, such as the expected increase in eco-
tourism to the DRC’s Garamba National Park following the
reintroduction of white rhino there,” he says.
BARRICK YEAR-END 2023 4 PRESS RELEASE
Kibali in the DRC derives most of its energy from its three hydropower stations and also
provides electricity for some of the most remote communities on the African continent.
At the closed Buzwagi mine in Tanzania, a new airport terminal at its Kahama airstrip ,
built by Barrick and the Tanzania Airport Authority, is leaving a lasting legacy.
Veladero: Back from the Brink and Going Strong
At the time of the merger in 2019 the Veladero gold mine in Argentina was seen as a liability rather than an
asset: its performance was at best lackluster, it had a checkered environmental record, a shaky grip on its
geology and difficult relationships with its stakeholders.
Argentina’s c ontinuing finan cial c risis comp ounded t hese
problems, setting up 2023 as a very challenging year for the
mine. Yet in the face of all these odds, Veladero comfortably
exceeded i ts pr oduction g uidance and b eat i ts gu idance on
costs. What changed?
Following the merger, Barrick set out to revitalize Veladero by
reinterpreting i ts geolog y, c omprehensively r eviewing its
business plan a nd ado pting the Bar rick app roach to
partnering with communities and authorities.
Execution of th e r evival str ategy r equired discipline d
execution by t he new lead ership t eam, a gile, business-
orientated decision-making and tackling t he in-country issues
head-on. I t also called fo r the ri ghtsizing of th e c ost base,
which meant deferring some projects.
The conse quent pe rformance imp rovement in 2 023 was
supported b y t he Li bertadores p owerline’s fir st f ull y ear of
operation. T he lin e sup plies r enewable p ower f rom
neighbouring Chile’s national grid, reducing GHG emissions
and adding cost efficiencies.
The previously deferred Phase 7B of the leach pad will now
be completed this year and planning has started for Phase 8.
These will support the foundation for another year of delivery
in 2024 and extend the mine’s life by two to 10 years at an
annual average production rate of approximately 400,000
ounces.
Mark Hill, chief operating officer of Barrick’s Latin America and
Asia Pacific region, says that recent changes to Argentina’s
government have also improved Veladero’s prospects.
“We are optimistic that the new administration intends to
promote mining investment with a stable regulatory and
economic framework. We will continue to work closely with
both federal and local governments, employing the Barrick
partnership model that has served us so well in other
jurisdictions,” he says.
BARRICK YEAR-END 2023 5 PRESS RELEASE
2023 was the first full year of operation of the Libertadores powerline, supplying renewable power from neighboring Chile’s national grid, reducing GHG emissions and adding cost efficiencies.
Goldrush ROD In Hand, Cortez is Poised for Growth
Cortez received the long-anticipated Record of Decision (ROD) for the Goldrush project on 8 December and
immediately s tarted work on the sur face inf rastructure ac cesses. The mine ca n now com plete t he
construction of t he f irst v entilation r aise, a lleviating current v entilation c onstraints and a llowing the
expansion of the mining and development areas.
The upgrade to p ower supply and s urface infrastructure, and
development a nd i nstallation o f the s urface dewate ring
infrastructure can now also commence.
Goldrush Und erground is f orecast to pr oduce a pproximately
130,000 o unces o f gold t his year, r eaching com mercial
production in 2 026 an d gr owing to a pproximately 400 ,000
ounces by 2028.16 The mine is a nticipated to create 500 jobs
during the construction and 570 jobs during operations.
Nevada Gold M ines’ ( NGM) e xecutive m anaging d irector
Peter R ichardson sa id tha t NGM ’s str ong so cial license to
operate and the many partnerships it has cultivated in Nevada
were instrumental in the government’s approval of the ROD.
“Our teams worked tirelessly to show the many benefits of the
Goldrush pr oject t o all the s takeholders th rough num erous
community an d go vernment en gagements, inclu ding se veral
mine tou rs. We h osted t wo t ours s pecifically f or N ative
Americans and the pr oject was ultimately unopposed by their
tribal governments,” he said. NGM met with the state’s wildlife
agency and th e Bu reau o f L and Ma nagement (B LM) and
identified i mprovements to str engthen p rotections fo r s age-
grouse, a s ensitive s pecies in the We stern U .S. T hese
protections were implemented in addition to NGM’s work
restoring habitat for the sage-grouse on more than 40,000
acres degraded by wildfire and invasive plant species near
the Cortez mining district and were included in the Final
Environmental Impact Statement for the mine.
“NGM is the largest economic driver in Northern Nevada. The
governor and the federal legislative delegation all understand
the value we bring to Nevada through taxes paid, strong
employment and meaningful socio-economic support for our
local communities. When the Goldrush permitting was held up
in Washington, the governor and a bi-partisan group of
regulators succeeded in progressing the process by stressing
the project’s economic and employment benefits to the
Department of the Interior and the BLM.”
Richardson said the permitting experience NGM has gained
through Cortez will help drive its next growth projects at
Robertson and Fourmile. Robertson already makes a major
contribution to Cortez’s reserve base and has the potential for
continued growth through near-mine extensions. The Barrick-
owned Fourmile is the highest-grade undeveloped gold
deposit in North America. The now-completed Goldrush
permits allow access to the Fourmile orebody, but the project
team continues to assess the mining and access options.
BARRICK YEAR-END 2023 6 PRESS RELEASE
The permitting experience Nevada Gold Mines has gained through Cortez will help drive its next growth projects at Robertson (pictured) and Fourmile.
Investing in Diversity Pays Off for Barrick
Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to
a changing world. Its diverse workforce is the product of Barrick’s strategy of local employment and
stakeholder recognition in the countries in which it operates: 96% of its workforce are host country or
community hires, as are 78% of its management.
This is achieved through a variety of career and development
opportunities through promotions, secondments, employee
exchange programs, on-the-job training and leadership
programs.
At the same time, it acknowledges and encourages the
important role women should be playing in this traditionally
male-dominated business. “There’s a strong commercial as
well as a moral motivation to make gender diversity part of our
human resource strategy. The communities in which we
operate include large numbers of capable and committed
women who just need an opportunity to show what they can
contribute,” says Darian Rich, Barrick’s human resource
executive.
In the Dominican Republic, for example, 50% of new hires
were women in the fourth quarter and the gender balance
there has increased to 25% of the total Dominican workforce.
“Local employment at our Pueblo Viejo mine increased to
54% in the fourth quarter while our national employment
remained steady at 98%,” says Rich.
Additionally, Pueblo Viejo’s Apprentices and Job Ready
Programs which provides training in diesel technology,
electricity and instrumentation, industrial maintenance,
mechanical maintenance and welding, saw 194 participants
graduate with 85% of these sourced from the local community
and 76% were women. As a result of the program, 84% of the
graduates were hired in permanent roles, of which 78% were
women.
In Tanzania Barrick launched a program to train 10 women as
truck operators, all of whom successfully completed the
course in November 2023 and received a Certificate of
Competence. They are now undergoing on-the-job shadow
training.
“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 the local community, in
particular women, we are building a new generation workforce
to take Barrick into the future,” says Rich.
A year of accolades
Barrick’s c ommitment t o g ender equ ality a nd w orld-class
employment pra ctices w as acknowledg ed globa lly i n 2 023
through the following awards:
Dominican Republic
• T he prestigious Igualando Republica Dominicana Stamp
for Ge nder E quality P ractices (P latinum Lev el) – f or
achieving the Gold Level for three consecutive years. This
award is organized by the National Ministry of Women and
the D evelopment Pro gram o f t he Un ited Na tions a nd
recognizes the top Dominican companies that lead gender
inclusion a nd pro mote s ocial a nd e conomic auton omy for
Dominican w omen. Pueb lo Viejo was on e o f o nly f ive
companies t o receive th is r ecognition a nd t he first m ining
company to receive the Platinum Level award.
• Soraya Madera, Pueblo Viejo mine superintendent was
recognized as Golden Woman by Women in Mining Central
America.
Côte d’Ivoire
• Tongo n w as re cognized as the Best L ocal J ob-creating
Company in the Poro region by Agence Emploi Journes.
Tanzania
• North Mara received the Employer of t he Y ear A ward
from the Association of Tanzania Employers for cultivating
a f avourable w ork envir onment a nd a dvocating for
progressive, inclusive busin ess p ractices and establishin g
decent work standards. At the same ceremony, North Mara
also s cooped th e Best C orporate S ocial R esponsibility
Award, Best Large Organization Employer of th e Year
Award and Overall, Best in P rivate Sect or A ward.
Bulyanhulu, m eanwhile picke d up t he Best a t
Management During Crisis Award.
• B arrick Tanzan ia w as nam ed the Top Em ployer i n
Tanzania by the Top Em ployer I nstitute and w as also
recognized by the G ender Desk of t he Tan zania Police
Force for its contr ibution t o F ighting Gend er-Based
Violence and Violence Against Children.
Saudi Arabia
• M a’aden B arrick C opper Com pany r eceived the Saudi
Labour Award in the industrial, energy and mining sector
from t he Mi nistry of Hum an R esources a nd S ocial
Development.
B
ARRICK YEAR-END 2023 7 PRESS RELEASE
How Barrick Turned a Struggling Lumwana
Into an Asset With World-Class Potential
Since Barrick refocused its strategy in 2019, the once struggling Lumwana mine has been restructured and
re-engineered into a significant potential contributor to Barrick’s expanding copper portfolio.
For n early a decad e, Lum wana showe d poor pr oduction
performance and efficiencies, with rising costs causing record
losses a nd ul timately i mpairments. The m ine w as l eft
financially unsustainable following years of high-grade mining
and lack of reinvestment.
Today, p lant t hroughput h as in creased 2 3% t o clo se t o a
record 27 million tonnes per annum in 2023 while mining has
increased by 5 3% a nd w ill c ontinue t o gr ow as th e mine
ramps up i n preparation for the Super Pit e xpansion that has
now b een a ccelerated with f irst p roduction sch eduled f or
2028. A dditionally, mining c osts h ave com e down by 3 5%
following the reinvestment in an Ultra Fleet and the transition
to owner mining. General and administrative expenses have
been redu ced by 2 4% d espite the r amp up i n c ertain
departments in anticipation of the expansion project. This has
all be en ach ieved by a 99 %-Zambian labo ur f orce, w hich
carried a significant expatriate contingent before 2019.
The de velopment of the S uper Pit w ill tr ansform L umwana
into on e of th e wor ld’s m ajor c opper mines, w ith pr ojected
annual production of around 240,000 tonnes per year over a
+30-year life. 18 It is a key component of the Zambian
government’s drive to revive the country’s copper industry
over the next 10 years. The estimated cost of the project is
almost $2 billion and construction is scheduled to start
towards the end of this year.
Since 2019, Barrick has contributed almost $3 billion to the
Zambian economy in the form of royalties, taxes, salaries and
the procurement of goods and services from local businesses.
Local procurement of $472 million in 2023 made up more than
81% of total spend for Lumwana. Barrick has also launched a
Business Accelerator Program designed to build the business
capacity of the Zambian contractors in its supply chain,
equipping them to grow and diversify their enterprises and
remain sustainable beyond Lumwana’s life of mine.
In line with the Company’s partnership philosophy, Barrick’s
REDD+ initiative will uplift communities through conservation
of the natural forest surrounding the mine. Resources have
already been allocated and engagement with the communities
is underway.
BARRICK YEAR-END 2023 8 PRESS RELEASE
The development of the Super Pit at Lumwana will transform it into one of the world’s major copper mines.