Strong Performance and Strategic Progress in 2020 Still Only the Start for Barrick, Says CEO
March 19 2021 - 7:28AM
In the face of challenges across all regions, notably the Covid-19
pandemic, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) met all its
key performance indicators in 2020 and at the same time made
significant progress towards achieving its key objectives, says
president and chief executive Mark Bristow in the company’s
2020 Annual Report published today.
“The effectiveness of Barrick’s ESG strategy –
which is powered at all levels by a long-established partnership
philosophy and a close relationship with all stakeholders, from
investors to host communities – was a key factor in the past year’s
performance. This was particularly evident in our successful
Covid-19 containment programs, which buffered the impact of the
pandemic on our business and people, and also enabled us to provide
much needed and welcomed support to our host countries,” he
says.
Noting that the merged Barrick’s foundational
objective was to build a business capable of delivering the
industry’s best returns, Bristow says that since the announcement
of the Randgold merger the Barrick share price had grown by 118% by
the end of 2020 against a 92% increase in the GDX. The quarterly
dividend has been trebled and the Board has recommended that an
additional $750 million of surplus cash be returned to shareholders
as a return of capital distribution this year.
“A company that was burdened by net debt of more
than $13 billion as recently as 2013 now has zero net debt, no
significant maturities for the next 10 years and a robust balance
sheet, with strong liquidity consisting of $5.2 billion in cash and
an undrawn $3 billion credit facility,” he says.
“Efficient operations and effective management
enabled us to capitalize fully on the higher gold and copper prices
and to pass the rewards on to our investors as well as our
community stakeholders. These achievements were produced on the
foundation of a solid 10-year plan built on a great asset base, a
fit-for-purpose structure and management teams that more than lived
up to our ‘best people’ mantra.”
Bristow says Barrick is still only at the beginning
of an exciting and rewarding journey but it is well-equipped in
every way to build on what it has and to find and exploit new
opportunities, including any openings offered by the ongoing
dynamics of the gold industry.
Barrick’s 2020 Annual Report, Annual Information
Form and Form 40-F are now available on SEDAR (www.sedar.com) and
EDGAR (www.sec.gov), respectively.
To access the above-mentioned documents, please
visit www.barrick.com. Shareholders may also receive a copy of
Barrick’s audited financial statements without charge upon request
to Barrick’s Investor Relations Department, 161 Bay Street, Suite
3700, Toronto, Ontario, M5J 2S1 or to investor@barrick.com.
Enquiries
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Senior EVP and CFOGraham Shuttleworth+1 647 262
2095+44 779 771 1338
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “objective”, “enable”,
“capitalize”, “build”, “plan”, “opportunities”, “strategy”, and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: Barrick’s objective
to build a business capable of delivering the industry’s best
returns; Barrick’s sustainability performance and engagement with
local communities to manage the Covid-19 pandemic; the benefits of
Barrick’s efficient operations and effective management produced on
the foundation of Barrick’s 10-year plan; future plans, growth
potential, financial strength, investments and overall strategy,
including with respect to our participation in future consolidation
of the gold industry; and expectations regarding future price
assumptions, financial performance and other outlook or
guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation and exploration
successes; diminishing quantities or grades of reserves; operating
or technical difficulties in connection with mining or development
activities; failure to comply with environmental and health and
safety laws and regulations; changes in national and local
government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices;
expropriation or nationalization of property and political or
economic developments in Canada, the United States and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; lack of certainty with respect to
foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; risks associated with new
diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; our ability to
successfully integrate acquisitions or complete divestitures; risks
associated with working with partners in jointly controlled assets;
increased costs and physical risks, including extreme weather
events and resource shortages, related to climate change; and
availability and increased costs associated with mining inputs and
labor. In addition, there are risks and hazards associated with the
business of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion, copper
cathode or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release. We disclaim any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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