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.
In 2016, we produced 5.52 million ounces of gold at a cost of sales of $798 per ounce, and all-in sustaining costs1 of $730 per ounce. 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).
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.
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, increasingly 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.
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.
Maximize Free Cash Flow
Generate free cash flow at $1,000/oz
Optimize portfolio, progress Frontera district, advance projects and exploration
Reduce total debt to $5 billion by end of 2018, targeting $1.5 billion reduction in 2017
Unify Nevada, embed and accelerate digital transformation and innovation
Upgrade talent and develop next generation of industry leaders
Production and Cost Outlook
For 2017, we expect to produce 5.6-5.9 million ounces of gold at a cost of sales of $780-$820 per ounce, and all-in sustaining costs1 of $720-$770 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
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.