Barrick operates mines and advanced exploration and development projects on five continents, and holds large land positions on some of the most prolific and prospective mineral trends. Our vision is to be the world’s best gold mining company by operating in a safe, profitable and responsible manner.
As at December 31, 2013, Barrick’s proven and probable mineral reserves were 104.1 million ounces of gold1, 888 million ounces of silver contained within gold reserves1, and 14.0 billion pounds of copper1.
Barrick produced 7.17 million ounces of gold in 2013 at all-in sustaining costs of $915 per ounce2 and adjusted operating costs of $566 per ounce2. Copper production in 2013 was 539 million pounds at C1 cash costs of $1.92 per pound2 and C3 fully allocated costs of $2.42 per pound2.
Outlook & guidance
For 2014, Barrick expects to produce 6.1-6.4 million equity ounces at all-in sustaining costs and adjusted operating costs of $880-$920 per ounce2 and $580-$630 per ounce2, respectively — the lowest cost guidance of its peer group. About 60% of 2014 production is expected to be generated by our five core mines at average all-in sustaining costs of $730-$780 per ounce2.
Copper production in 2014 is expected to be to 440-460 million pounds at C1 cash costs of $1.90-$2.00 per pound2.
Responsible, modern mining
Barrick continues to be recognized for its strong corporate responsibility culture. We have been listed on the Dow Jones Sustainability World Index for seven consecutive years, ranked most recently as the top performer in the mining industry category.
Our CSR Advisory Board provides 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.
In 2015 we're proud to be the exclusive provider of gold, silver and bronze for the athlete medals at the Toronto Pan Am and Parapan Am Games.
- First gold pour at Pueblo Viejo, Dominican Republic, in August 2012.
- The process plant at Pueblo Viejo.
- The processing facilities at Cortez, Nevada.
- 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.
- Since acquiring Pueblo Viejo, Barrick has revegetated 3,500 hectares of land. Concurrent reclamation uses biodegradable coconut fiber mats from a local women's cooperative to control soil erosion.
- The dramatic operational turnaround at Lumwana is a major accomplishment for the copper group. The team assessed a number of options to improve cash flow and ultimately implemented a new mine plan which enabled the elimination of a large mining contractor. Contractor costs were further reduced by using in-house maintenance. Production has increased and costs have declined substantially since the first quarter of 2013.
- Copper cathodes from the Zaldívar mine in Chile are prepared for rail shipment to the port at Antofagasta.
- Barrick's Goldrush project in Nevada was the recipient of PDAC's prestigious Thayer Lindsley award for an international mineral discovery. A pre-feasibility study is expected to be completed by mid-2015.
- 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.
Making history in the gold industry for 30 years
Barrick was first listed on the Toronto Stock Exchange on May 2, 1983. By 1985, it was one of North America’s top gold producers, pursuing an aggressive growth strategy. A year later, the purchase of the Goldstrike Mine in Nevada set the company on a trajectory to international expansion, acquiring mines in South America, Africa and the Australia Pacific region to become the world’s largest gold producer.
FOUNDER & CHAIRMAN EMERITUS
Peter Munk is the Founder and Chairman Emeritus of Barrick Gold Corporation. A well-known Canadian business leader and philanthropist, Mr. Munk has built several enterprises that have achieved outstanding performances.
Starting in 1983, Mr. Munk and his management team developed Barrick into one of the world's most successful gold producers. Peter Munk's business strengths are evident in Barrick's sound financial management, entrepreneurial character and solid balance sheet.
Mr. Munk graduated in Electrical Engineering from the University of Toronto in 1952. Among numerous other public honors, he is a Companion of the Order of Canada, the country's highest honor for a private citizen.