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Best Assets + Best People = Best Returns

Download the Annual Report 2019 (PDF 10mb)

On January 1, 2019, a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources.

The merger created a sector-leading gold company which owned five of the industry’s Top 10 Tier One ? A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000oz of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. gold assets  Cortez and Goldstrike in Nevada USA (both 100%), Loulo-Gounkoto in Mali (80%), Kibali in the Democratic Republic of Congo (45%) and Pueblo Viejo in the Dominican Republic (60%)  as well as two with Tier One potential  Turquoise Ridge and the Goldrush/Fourmile project, both in Nevada USA.

On July 1, 2019, Barrick combined its Nevada assets with those of Newmont to create Nevada Gold Mines (61.5% owned and operated by Barrick) resulting in Turquoise Ridge becoming the sixth Tier One mine in the Barrick portfolio. And in September it bought out the minority shareholders in Acacia and took over the management of its Tanzanian assets.

2019: A YEAR OF DELIVERY

On January 1, the merger between Barrick Gold Corporation and Randgold Resources became official. Shares in the new company start trading on the NYSE under the symbol GOLD and remain on the TSX as ABX.
The restructuring process starts. The corporate office is downsized and management decentralized. Regional executive teams and site mineral resource management established.
An inaugural resource estimate for Fourmile was declared, demonstrating the prospectivity and continuing growth potential of the Cortez property.
In a historic accord, Barrick and Newmont agree to merge their Nevada assets. Previous negotiations over two decades to capture synergies had all failed to achieve this.
Executive chairman John L Thornton and newly elected Democratic Republic of Congo president Felix Tshisekedi meet in Washington and confirm their mutual commitment to developing the country’s mineral potential.
The new Barrick’s strong start is reflected in its Q1 results — a trend which will continue though the following three quarters.
Barrick presents a proposal for a buy-out of the minority shareholders in Acacia, to end the long and paralyzing dispute between that company and the Tanzanian government.
President and chief executive Mark Bristow meets Papua New Guinea’s new prime minister James Marape to discuss a 20-year extension to Porgera’s special mining lease.
Nevada Gold Mines is launched. The world’s largest gold production complex is majority-owned and operated by Barrick.
Mark Bristow meets Senegalese president Macky Sall to negotiate a joint approach to bringing the Massawa project to account. Also on this day, US Secretary of the Interior David Bernhardt visits Nevada Gold Mines.
Barrick and Acacia’s boards agree on the acquisition by Barrick of the Acacia minority shareholder interest.
The Acacia deal becomes effective and Barrick teams immediately move into Tanzania to restore its license to operate. On the same day, Barrick announces a major discovery at Fourmile in Nevada.
Barrick and the government of Tanzania announce that all past disputes between the two parties have been resolved. A jointly owned company, Twiga Minerals, is formed to manage the mines.
Dividend per share for Q3 2019 increased by 25% to $0.05, followed by a 40% increase to $0.07 for Q4 2019.
The disposal of non-core assets starts with the sale of Barrick’s stake in the Kalgoorlie mine in Australia for $750 million.
Barrick and its Senegalese JV partner agree to a transaction to combine the Massawa gold project with Teranga Gold Corporation’s Sabodala gold mine. The transaction closed in Q1 2020.
Barrick announces that the Quisqueya 1 power plant for Pueblo Viejo will receive its first natural gas shipment in Q1 2020, lowering costs, in line with its clean and efficient energy strategy.

BEST ASSETS

Barrick already operates six Tier One gold assets. Continuing brownfields exploration is designed to support and where possible to extend the production rate as well as the Life of Mine.

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BEST PEOPLE

Barrick’s policy of employing host country nationals and upskilling them to world-class operational and managerial standards has equipped the company with a workforce and management team ranking among the finest in the global mining industry.

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BEST RETURNS

Since the announcement of the merger with Randgold Resources, Barrick’s share price increased by 78% — outperforming its peers, comparable indices and spot gold. At the same time, Barrick has improved its cashflow, increased its dividend three times in 2019 and almost halved its net debt.

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John L Thornton

MESSAGE FROM THE EXECUTIVE CHAIRMAN

I am very pleased to report that under the leadership of Mark Bristow, the new Barrick has made enormous progress in a year of intense activity.

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MESSAGE FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER

It is gratifying to report not only that we have delivered a strong, expectation-exceeding performance, but also that we have made significant progress towards our goal of becoming the world’s most valued gold company.

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Mark Bristow
Graham Shuttleworth

FINANCIAL REVIEW

Four quarters of consistently solid operational performance resulted in a strong set of financial results for the year in every respect.

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GOLD MARKET OVERVIEW

The gold price had a strong and sustained positive performance in 2019 on the back of increasing investor interest.

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Gold bars
North America

NORTH AMERICA

The formation, integration and operational delivery at Nevada Gold Mines was the crowning achievement for North America in 2019.

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LATIN AMERICA & ASIA PACIFIC

2019 was a transformational year in the newly formed region, where Barrick’s new operating model was implemented with immediate positive results.

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Latin America and Asia Pacific
Africa and Middle East

AFRICA & MIDDLE EAST

Africa is the world’s largest gold producer with 22% of global production and Barrick’s assets on the continent continue to be a significant contributor to its free cash flow.

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RESERVES & RESOURCES

Barrick’s reserves and resources for 2019 shows an attributable gold mineral reserve increase of approximately 15% in ounces at a 8% higher grade after depletion from mining.

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Reserves & Resources
John L. Thornton

EXPLORATION

Successful exploration is the lifeline to any mining company, being to mining what R&D is to the pharmaceutical industry.

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SUSTAINABILITY REVIEW

We recognize that we must be a trusted long-term partner to be sustainable — and we must be sustainable to be successful.

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Sustainability Review

Shareholders may receive a copy of Barrick’s audited financial statements without charge, upon request, to Barrick’s Investor Relations Department, Brookfield Place, TD Canada Trust Tower, 161 Bay St., Suite 3700, Toronto, Ontario, Canada M5J 2S1 or to investor@barrick.com.