For Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), sustainability
is not just a corporate function. It is entrenched in the company’s
DNA and integrated in its decision-making processes, said president
and chief executive Mark Bristow at the company’s annual
Sustainability Update presentation to investors, from its Pueblo
Viejo gold mine in the Dominican Republic today.
Since the transformational merger with Randgold
Resources three and a half years ago, Barrick has combined the
sustainability best practices from both companies to develop a
comprehensive, industry-leading approach, characterized by tangible
on-the-ground actions and measurable results. This was based on
four key drivers: creating economic benefits, protecting health and
safety, respecting human rights, and minimizing environmental
impacts.
In 2021, Barrick completed the certification of all
its sites to ISO 45001 and ISO 14001, implemented biodiversity
action plans at all sites, completed 10 independent tailings
reviews, spent $5.5 billion with host country suppliers and
committed over $850 million to decarbonization projects. Host
country nationals comprise 96% of its global workforce.1 Its Lost
Time Injury Frequency Rate has decreased by 24% since 2019 and the
Total Recordable Injury Frequency Rate has dropped 13%
year-on-year.2
In its annual Sustainability Report for 2021, which
includes a scorecard rating its performance against a wide range of
metrics and its peers, Barrick achieved a B, saying that while it
continued to make progress, there was still some way to go. The
sustainability scorecard is an industry first and is used to drive
performance as well as to benchmark Barrick against its peers.
On the environmental front, Barrick is committed to
reducing emissions by at least 30% by 2030 against the 2018
baseline and to be Net Zero by 2050 while maintaining a steady
production profile. Projects to help achieve these milestones are
listed in a comprehensive greenhouse gas emissions reduction
roadmap and involve transitioning from coal and heavy fuels to
cleaner-burning natural gas as well as integrating renewable energy
sources into its grids. Barrick’s total emissions in 2021 were
7,105kt of CO2e, a decrease of more than 5% when compared with its
total 2018 baseline emissions of 7,541kt of CO2e.
“Sustainability, or ESG, is commonly divided into
and dealt with through its individual components, Environmental,
Social and Governance management. At Barrick we believe that
approach to be one-dimensional. Instead, we recognise the
interlinks between each and apply holistic thinking when dealing
with this complex challenge. This means when we talk about climate
change, we don’t just talk about reducing our emissions. Rather, we
talk and think about tackling poverty, building community
resilience and ensuring that action on climate change does not come
at the cost of development. It also means we don’t just think about
clean fuels and renewable power, we also consider biodiversity and
the nature-based solutions available to tackling the problem,” said
Bristow.
The Sustainability update presentation with audio
is available on the Barrick website at
https://www.barrick.com/English/investors/presentations/event-details/2022/annual-sustainability-update/default.aspx.
Enquiries:
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
As of December 31, 2021
Endnote 2
Lost time injury frequency rate (“LTIFR”) is a
ratio calculated as follows: number of lost time injuries x
1,000,000 hours divided by the total number of hours worked. Total
reportable incident frequency rate (“TRIFR”) is a ratio calculated
as follows: number of reportable injuries x 1,000,000 hours divided
by the total number of hours worked. Reportable injuries include
fatalities, lost time injuries, restricted duty injuries, and
medically treated injuries.
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 “commitment, “vision”,
“target”, “roadmap”, “aim”, “outline”, “plans”, “strive”,
“improvement”, “objective”, “will”, “can” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: Barrick’s sustainability strategy and
vision; Barrick climate strategy and approach to managing climate
risks; Barrick’s greenhouse gas emission reduction targets and
ultimate aim to achieve net zero emissions by 2050, Barrick’s
environmental, health and safety, corporate social responsibility
and human rights programs, policies and performance; and Barrick’s
sustainability scorecard and 2021 sustainability performance.
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: failure to comply with
environmental and health and safety laws and regulations;
non-renewal of key licences by governmental authorities; 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; timing of receipt of, or
failure to comply with, necessary permits and approvals; lack of
certainty with respect to foreign legal systems, corruption and
other factors that are inconsistent with the rule of law; risks
associated with illegal and artisanal mining; risks associated with
new diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; damage to the
Company’s reputation due to the actual or perceived occurrence of
any number of events, including negative publicity with respect to
the Company’s handling of environmental matters or dealings with
community groups, whether true or not; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; litigation and
administrative proceedings; contests over title to properties,
particularly title to undeveloped properties, or over access to
water, power and other required infrastructure; risks associated
with working with partners in jointly controlled assets; employee
relations including loss of key employees; and increased costs and
physical risks, including extreme weather events and resource
shortages, related to climate change. Barrick also cautions that
its 2022 guidance may be impacted by the unprecedented business and
social disruption caused by the spread of Covid-19. 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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