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.