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Biodiversity

Biodiversity

Protecting Nature, Strengthening Climate Resilience

Biodiversity is a critical foundation for ecosystem stability, climate resilience and sustainable economic development. When nature is degraded, communities suffer, climate risks intensify and business continuity is threatened.

At Barrick, we actively invest in solutions that protect, restore and enhance nature, ensuring a sustainable future for both our operations and host communities that depend on those ecosystems.
 

Beyond Protection: A Measurable Commitment to Nature-Positive Mining

For decades, mining’s approach to biodiversity was driven by compliance. At Barrick, we’ve always believed in going further, delivering measurable, science-backed biodiversity action. We work to protect nature inside our fence lines, but also beyond and work to restore landscapes, create sustainable livelihoods and support conservation-based economies.

This commitment is codified in our policy and includes the following biodiversity targets:

  • No net loss (NNL) of any Key Biodiversity Features (KBFs) specific to each site.
  • Making measurable conservation gains that enhance biodiversity on a regional scale. 

Conservation that Counts: Measuring Our Biodiversity Impact

Investors increasingly recognize biodiversity as a material business risk, yet most available tools rely on coarse data layers that fail to capture the complexities of interconnected ecosystems. These tools lack real-world precision, making it difficult to differentiate the risk between a degraded site with low biodiversity value and a high-value ecosystem in need of urgent protection. The result is diluted, often misleading data that slows down action rather than informing and enabling it.

At Barrick, we have taken the lead in addressing this challenge. In 2023, we partnered with third- party experts to develop a new biodiversity measurement tool that sets a higher standard for assessing, tracking and improving biodiversity performance across diverse geographies.

This tool:

  • Integrates site-specific biodiversity to measure habitats rather than relying on broad global datasets to measure biodiversity baseline and change over time.
  • Defines a consistent methodology for measuring residual impacts, setting no-net-loss KPIs and tracking gains.
  • Has been piloted at five sites before full implementation to ensure robustness, practicality and transparency.
  • Will be shared publicly to drive collaboration and industry-wide convergence – because biodiversity loss is too urgent for fragmented efforts.

Biodiversity Sustainability Report 2024

Management approach: Biodiversity

Governance and accountability

Our President and CEO is ultimately responsible for environmental management with our Group Sustainability Executive taking the lead in driving the implementation of our environmental policies, the associated procedures and overall performance — including biodiversity.

The Group Sustainability Executive is supported by our Group Sustainability Manager, regional-level environmental leads as well as dedicated site-level environmental teams and at priority sites biodiversity specialists who drive implementation at the operational level.

Policies and procedures

Our approach to biodiversity is codified in our Environment Policy and our standalone Biodiversity Policy and augmented by our group Biodiversity Standard.

These are informed by international best practice, such as the guidelines set by the International Finance Corporation’s (IFC) performance Standards (PS), International Union for the Conservation of Nature (IUCN) and International Council on Mining and Metals, including their Mining and Protected Areas position statement.

Our policies commit us to:

  • A net neutral impact on any Key Biodiversity Features (KBFs) identified at our sites, and
  • A positive contribution to the conservation of high value biodiversity in the regions in which we operate, through the implementation of Measurable Conservation Actions (MCAs).

To fulfil these commitments, we require all our operational sites to develop and implement Biodiversity Action Plans (BAPs). These detail the flora, fauna and habitats on and around the site and outline the strategy we will follow to achieve a net neutral biodiversity impact. They identify areas around the mine that require protection or could benefit from conservation support, as well as existing conservation areas that require additional support and resources.
To achieve these commitments we are developing a roadmap of actions we plan to take now and in the future.  This includes the development of our own tool to measure biodiversity or nature impact.

What is a Biodiversity Action Plan?

BAPs are the cornerstone of our approach to biodiversity management. They document the biodiversity in, or impacted by an operational site, and the actions to be taken to minimize risks and maximize opportunities. We have aligned our approach to BAPs with that of the IFC Performance Standard 6 (PS6), which stipulates that a BAP should address the following:

  • The actions and rationale for how a project’s mitigation strategy will achieve net gain or no net loss of biodiversity;
  • The project’s approach to implementing the mitigation hierarchy; and
  • The roles and responsibilities for internal staff and external partners.

Our BAPs are developed as strategy documents for the achievement of operational biodiversity goals. In keeping with our Biodiversity Policy, the goals are to achieve net neutral biodiversity impact for any ecologically sensitive environment we affect, where practicably possible.
Our understanding of the mitigation hierarchy and our approach to its implementation are set out in our BAPs and the roles and responsibilities for all key players are clearly defined.

BAPs also refer to the operational biodiversity mitigation measures included in the project EMS or biodiversity management plans (BMP).

In line with the IFC PS6 approach, our BAPs differ from BMPs and also include actions for off-site areas (e.g., offsets, additional actions) and involve external partners (e.g., implementing partners, reviewers or advisors). Designed to function as living documents, our BAPs are reviewed on an annual basis and revised every two years. As part of our approach to biodiversity, we emphasize concurrent reclamation and work to keep the overall footprint of our mines to a minimum. We work to restore and rehabilitate areas of the operation during its mine life by returning topsoil as well as planting native and endemic vegetation.

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