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About Barrick Gold Corporation

Our vision is the generation of wealth through responsible mining—wealth for our owners, our people, and the countries and communities with which we partner.

Our ultimate objective is to grow our free cash flow per share over the long term. We will do so by: maintaining and growing industry-leading margins, driven by innovation and our digital transformation; managing our portfolio and allocating capital with discipline and rigor; and leveraging our distinctive partnership culture as a competitive advantage.

More than 75% of our gold production comes from the Americas region, including Argentina, Canada, Dominican Republic, Peru and the United States. The Company also has mining operations and projects in Australia, Chile, Papua New Guinea, Saudi Arabia, and Zambia. At the end of 2016, Barrick had proven and probable gold reserves of 85.9 million ounces (2.0 billion tonnes, grading 1.33 grams per tonne).

A Company of Owners

Disciplined Capital Allocation

Focus on Talent Management

We aim to cultivate a high-performance culture defined by the following principles: a deep commitment to partnership, consistent execution, operational excellence, disciplined capital allocation, and continual self-improvement. We are obsessed with talent, and seek out fresh perspectives from other industries, challenging ourselves to think differently as we transform Barrick into a leading 21st century company.

We are guided by John Templeton’s words, "If you want superior performance, you must be different." We agree. It is part of Barrick’s DNA to be intentionally different. Today we are embodying that DNA in a way that is all the more relevant by embracing innovation and making the best use of technology and data, embedding it into every fiber of our business. This will make us faster, safer, and more efficient, and will allow us to be more transparent with our partners than ever before. In the end, we want to be among the very best 21st century companies, not just in our industry, but in any industry.

Barrick was founded in 1983 by Canadian entrepreneur and philanthropist Peter Munk, and is headquartered in Toronto. The Company’s shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ABX.

2017 Priorities

Maximize Free Cash Flow
Generate free cash flow at $1,000/oz
Disciplined Investment
Optimize portfolio, progress Frontera district, advance projects and exploration
Balance Sheet
Reduce total debt to $5 billion by end of 2018, targeting $1.5 billion reduction in 2017
Operational Excellence
Unify Nevada, embed and accelerate digital transformation and innovation
Talent Development
Upgrade talent and develop next generation of industry leaders

Production and Cost Outlook

For 2017, we expect to produce 5.3-5.6 million ounces of gold at a cost of sales of $780-$820 per ounce, and all-in sustaining costs1 of $650-$700 per ounce. Copper production guidance is 400-450 million pounds, at a cost of sales of $1.50-$1.70 per pound, and all-in sustaining costs2 of $2.10-$2.40 per pound.

More on production and cost outlook

We produced 5.52 million ounces of gold in 2016, at a cost of sales of $798 per ounce, and all-in sustaining costs1 of $730 per ounce.

Our five core mines in the Americas are expected to account for about 70% of our total production in 2017, at a cost of sales applicable to gold of $770-$810 per ounce, and all-in sustaining costs1 of $650-$710 per ounce. With an average reserve grade of 1.84 grams per tonne—more than double that of our peer group average—they are among the most attractive assets in the entire gold industry.

Our gold production guidance for 2018 is 4.8-5.3 million ounces, at a cost of sales of $790-$840 per ounce, and all-in sustaining costs1 of $710-$770 per ounce. For 2019, our gold production guidance is 4.6-5.1 million ounces, at a cost of sales of $800-$870 per ounce, and all-in sustaining costs1 of $700-$770 per ounce.

 

Peter Munk, Founder and Chairman Emeritus

Peter Munk is the Founder and Chairman Emeritus of Barrick Gold Corporation. Mr. Munk founded Barrick in 1983, building it into the world’s largest gold mining company, and one of Canada’s leading global corporations.

More on Peter Munk

Peter Munk

Under Mr. Munk’s leadership, Barrick grew rapidly, achieving an industry leading position in just 25 years. His entrepreneurial spirit, combined with conservative fiscal management and strong technical expertise, are core elements of the Company’s original DNA.

As a business leader and philanthropist, Mr. Munk supports a range of charitable causes. He has made significant contributions to support world-class education, improve health care facilities, and advance public policy. These include funding to establish a leading centre for international studies at the Munk School of Global Affairs at the University of Toronto, the Peter Munk Cardiac Centre in Toronto, and the Centre for Research, Innovation and Technology at Technion University in Israel.

Mr. Munk was made an Officer of the Order of Canada in 1993, and was promoted to Companion of the Order of Canada in 2009, the country’s highest civilian honour. In 2002, he was presented with the Woodrow Wilson Award for Corporate Citizenship, becoming the first Canadian to receive this prestigious award. Mr. Munk is a member of both the Canadian Mining Hall of Fame and the Canadian Business Hall of Fame, and was a recipient of the Queen Elizabeth II Diamond Jubilee Medal in 2012. Mr. Munk has lived in Toronto, Canada for most of his life, having graduated in Electrical Engineering from the University of Toronto in 1952.

 

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January 1, 2013 files/design/bodybg/profile.jpg
Company > About Us

Footnotes

  1. “All-in sustaining costs” per ounce of gold is a non-GAAP financial performance measure. “All-in sustaining costs” per ounce begins with cost of sales less, among other items, the impact of depreciation, and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, and minesite exploration and evaluation costs. Barrick believes that the use of “all-in sustaining costs” per ounce will assist investors, analysts, and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations, and to generate free cash flow on an overall Company basis. “All-in sustaining costs” per ounce is intended to provide additional information only, and does not have any standardized meaning under IFRS. Although a standardized definition of “all-in sustaining costs” was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on this non-GAAP measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

  2. “All-in sustaining costs” per pound is a non-GAAP financial performance measure. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of “all-in sustaining costs” per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. "All-in sustaining costs" per pound is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. This measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

  3. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Complete mineral reserve and mineral resource data for all mines and projects referenced on this website, including tonnes, grades, and ounces, can be found on pages 88-93 of Barrick’s Fourth Quarter and Year-End 2016 Report.
Gold  $ Volume:
ABX NYSE  $ 16.24 -0.43 -2.58% Volume: 9,896,438 October 16, 2017
ABX TSX  $ 20.35 -0.45 -2.16% Volume: 1,944,416 October 16, 2017
Gold  $ Volume:

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

World Gold Council MemberMember of ICMM

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