Gold  $ 1,387.80 -3.51 -0.25% Volume: 0 May 24, 2013
ABX NYSE  $ 19.55 +0.00 +0% Volume: 12,399,400 May 23, 2013
ABX TSX  $ 20.12 +0.00 +0% Volume: 2,901,900 May 23, 2013
profile
The world's leading gold producer

Barrick is the gold industry leader. The company operates mines and advanced exploration and development projects on four continents, and holds large land positions on some of the most prolific and prospective mineral trends.

Our Strategic Priorities

Capital
Discipline

Disciplined capital allocation drives every decision we make. All investment alternatives compete for capital based on their ability to generate attractive risk-adjusted returns and free cash flow.

Operational
Excellence

Execution is a key component of investor confidence. Barrick has an excellent track record in this area and has met its gold production guidance for 10 years in a row.

Corporate
Responsibility

Our success depends on our ability to develop our resources responsibly and share the benefits of our business with local communities, governments and other stakeholders.

Shareholder
Returns

Our efforts have a common goal — ultimately we are focused on value creation for our shareholders through higher returns.

140.2 million Ounces of gold
 in reserves.
1.05 billion Ounces of silver
 contained within gold reserves.
13.9 billion Pounds of copper
 in reserves.

As of December 31, 2012, Barrick’s proven and probable mineral reserves were 140.2 million ounces of gold, 1.05 billion ounces of silver contained within gold reserves, and 13.9 billion pounds of copper1. We replaced proven and probable gold reserves for the seventh straight year in 2012.

In 2012, Barrick produced 7.4 million ounces of gold at all-in sustaining costs of $918 per ounce2,3 and total cash costs of $558 per ounce2,3. Barrick also produced 468 million pounds of copper in 2012 at C1 cash costs of $2.03 per pound2,3 and C3 fully allocated costs of $2.78 per pound2,3.

Outlook & guidance

Barrick anticipates 2013 gold production to be in the range of 7.0-7.4 million ounces at all-in sustaining costs of $950-$1,050 per ounce2 and total cash costs of $610-$660 per ounce2.

Copper production in 2013 is expected to be to 480-540 million pounds at total C1 cash costs of $2.10-$2.30 per pound2 and C3 fully allocated costs of $2.60-$2.85 per pound2.

 

Disciplined capital allocation

Barrick’s strategy prioritizes shareholder value creation by focusing on maximizing risk-adjusted rates of return and free cash flow. All capital allocation options, including returns to shareholders, organic investment, acquisitions, and other expenditures, are ranked and prioritized under our disciplined capital allocation framework, which includes the following key objectives:

  • Returns to Shareholders: A commitment to pass through to shareholders the benefits and capital inflow as a result of pursuing this model.

  • Returns Driving Production: Production decisions are made based on generating appropriate risk-adjusted rates of return and free cash flow as opposed to 'growth for growth's sake'.

  • Aggressive Cost Management: Our sharp focus on cost reduction is an integral part of our disciplined capital allocation framework.

  • Portfolio Optimization: Scrutinizing our portfolio of assets around the world and divesting those that do not meet specific criteria, including risk-adjusted return thresholds, free cash flow generation, operating performance and reserve life, and investing in assets that do meet these criteria.

  • Reduction of Geopolitical Risk: Focusing on high-return, low cost assets in stable jurisdictions.

 

Responsible mining

Barrick continues to be recognized for its strong corporate responsibility culture. In 2012, the company was listed for the fifth consecutive year on the Dow Jones Sustainability World Index, was ranked among the top 100 sustainable companies in the world by NASDAQ, and was named to Corporate Knights Global 100 list of the most sustainable companies. The company's CSR Advisory Board met twice during 2012 to provide input to Barrick management on our corporate responsibility performance and advice on a broad range of these matters. We also continue to implement global human rights compliance programs aligned with the UN Guiding Principles on Business and Human Rights.

 

Barrick’s vision is to be the world’s best gold mining company by operating in a safe, profitable and responsible manner. Barrick's shares are traded on the Toronto and New York stock exchanges.

Profile
  • First gold pour at Pueblo Viejo, Dominican Republic, in August 2012.
  • The process plant at Pueblo Viejo.
  • The Cortez mine in Nevada exceeded expectations for the third straight year in 2012. The processing facilities are shown in the foreground.
  • The Lagunas Norte mine in Peru has produced more than 50 percent above feasibility expectations and has done so in every year since it entered production.
  • Lab technician Maria Louise Rodriguez works with ionic chromatography equipment at Pueblo Viejo.
  • Pueblo Viejo's state-of-the-art processing facility houses four of the largest autoclaves in the world.
  • Assembly of the grinding building at the Pascua-Lama project in Chile and Argentina; the covered ore stockpile building is shown in the background.
  • A collar for one of the ball mills at Pascua-Lama is inspected prior to installation.
  • Copper cathodes from the Zaldívar mine in Chile are prepared for rail shipment to the port at Antofagasta.
  • The leach pad at Zaldívar is refreshed with ore in a constant cycle of delivery and reclaim.
  • At the Goldrush deposit in Nevada, measured and indicated resources have grown by more than 500 percent to 8.4 million ounces of gold.
  • The Cortez district in Nevada contains substantial exploration opportunities, including a new parallel trend west of Goldrush.
  • Future drilling will focus on expanding the defined resource and testing high quality targets in the Goldrush camp.
  • Over 300 kilometers of drill core has been processed through Lumwana's new core facility in Zambia in under 18 months.
  • Barrick is continuing its efforts to use more renewable energy, building on the success of our Punta Colorada wind farm in Chile and our solar farm in Nevada.
  • During 2012, Barrick reduced its Total Reportable Injury Frequency Rate to 0.76, an 18 percent reduction from 0.92 achieved in 2011. Across the company, more diligent implementation of safety standards is making a difference on the front line.
  • Barrick maintains emergency response teams at all its sites around the world. These highly trained professionals are the first responders to any mine emergency, and often assist communities in times of need.
  • Barrick employees worldwide participate in ethics training, including at the Pascua-Lama project in Argentina.
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  1. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, approximately 1.98 million ounces of reserves at Pueblo Viejo (Barrick’s 60 percent interest) is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 25-35 of Barrick’s Form 40-F.
     
  2. All-in sustaining costs per ounce, gold total cash costs per ounce, C1 cash costs per pound and C3 fully allocated costs per pound are non-GAAP financial performance measures with no standard definition under IFRS. See pages 31-34 of Barrick’s First Quarter 2013 Report.  
     
  3. Barrick adopted IFRIC 20 effective January 1, 2013. As a result, we have restated 2012 cash costs, AISC, C1 cash costs and C3 cash costs to reflect the impact of IFRIC 20 adjustments.  Financial results for 2012 have not been restated to reflect the impact of IFRIC 20 adjustments.