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About Us

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.

Founded in 1983 and headquartered in Toronto, Canada, Barrick has 11,000 employees, with mining operations and projects in 10 countries.

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 2017, Barrick has proven and probable gold reserves of 64.4 million ounes.1

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.

Owners

Barrick’s early leaders, led by Peter Munk, worked together as a team and trusted each other. They shared responsibility and accountability for the Company’s successes and failures. They lived and breathed Barrick because their personal wealth was tied to the Company’s fortunes. At Barrick today, we’re all owners

A Company of Owners

At Barrick today, we are all owners. This means our people have the emotional and financial investment of an owner—an interest in the Company that goes deeper than mere employment. Ownership demands courage, conviction, and commitment. Courage to speak out, even when you know you are going to face stiff resistance. Conviction to voice your ideas and see them through. Commitment to the excellence of a leading twenty-first century Company, and the wherewithal to change whenever change is required.

This is the standard of ownership to which we aspire; a recognition that everything we do—every decision, every action, or failure to act—affects not only our performance, but our collective ability to generate wealth for our shareholders.

In late 2016, we created a program to make all of our people, from the rock face to the head office, owners of the company. Every year our people now receive a grant of common shares, determined based on Company performance. These shares must be held until retirement. In addition, the Company has created a program to match share purchases by our people, up to $4,000 per year.

Meet our Management

More on Governance

Vision & Values

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. We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and operating high quality assets through disciplined allocation of human and financial capital and operational excellence.

Our values underpin our daily actions and drive the work that will achieve our near-term priorities and our long-term goals.

People

Attract and develop strong people who act with integrity, are tireless in their pursuit of excellence, and inspire others to be their best.

Urgency

Act with urgency. Seek out opportunities and determine how to capitalize on them.

Responsibility and Accountability

Act as an owner. Take initiative. Own up to mistakes and learn from them. Drive change. Always look for ways to make things better.

Partnership

Earn trust and create transparency to build enduring partnerships between our people and with the countries and communities in which we operate.

Operational Excellence

Lead the industry in safety and environmental practices—all while unleashing the full potential of all our assets through ingenuity, drive, and innovation.

Shareholder Value

Allocate money and people to opportunities which grow our free cash flow per share while maximizing our net asset value.

Execution

Do what we say we are going to do.

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Our values in action
Meet the team at Pueblo Viejo in the Dominican Republic

Production & Cost Outlook

For 2018, we expect to produce 4.50-5.00 million ounces of gold at a cost of sales applicable to gold2 of $810-$850 per ounce, and all-in sustaining costs3 of $765-$815 per ounce. Copper production guidance is 385-450 million pounds, at a cost of sales applicable to copper2 of $1.80-$2.10 per pound, and all-in sustaining costs4 of $2.30-$2.60 per pound.

We produced 5.32 million ounces of gold in 2017, at a cost of sales applicable to gold2 of $794 per ounce, and all-in sustaining costs3 of $750 per ounce. Copper production in 2017 was 413 million pounds, at a cost of sales2 of $1.77 per pound, and all-in sustaining costs4 of $2.34 per pound.

Based on our current asset mix, from 2019 to 2022 we expect average annual gold production to be between 4.2-4.6 million ounces, at an average cost of sales3 of $850-$980 per ounce, and average all-in sustaining costs4 of $750-$875 per ounce, representing a stable base case for our business.

Peter Munk, Founder & Chairman Emeritus
1927-2018

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 supported 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 2008—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 was 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 lived in Toronto for most of his life, having graduated in Electrical Engineering from the University of Toronto in 1952.

More about the life of Peter Munk

Peter Munk

  1. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2017, unless otherwise noted. Proven reserves of 398.3 million tonnes grading 1.91 g/t, representing 24.5 million ounces of gold, and 170.7 million tonnes grading 0.556%, representing 2.095 billion pounds of copper. Probable reserves of 0.9 billion tonnes grading 1.39 g/t, representing 40.1 million ounces of gold, and 456.7 million tonnes grading 0.592%, representing 5.956 billion pounds of copper. Measured resources of 400.2 million tonnes grading 0.92 g/t, representing 11.8 million ounces of gold, and 90.9 million tonnes grading 0.401%, representing 803.1 million pounds of copper. Indicated resources of 1.6 billion tonnes grading 1.54 g/t, representing 76.9 million ounces of gold, and 581.2 million tonnes grading 0.506%, representing 6.484 billion pounds of copper. Inferred resources of 795.4 million tonnes grading 1.21 g/t, representing 30.8 million ounces of gold, and 125.4 million tonnes grading 0.482%, representing 1.331 billion pounds of copper. Pascua-Lama measured resources of 42.8 million tonnes grading 1.86 g/t representing 2.6 million ounces of gold, and indicated resources of 391.7 million tonnes grading 1.49 g/t, representing 18.8 million ounces of gold. Goldrush probable reserves of 5.7 million tonnes grading 8.12 g/t, representing 1.5 million ounces of gold. Donlin Gold measured resources of 3.9 million tonnes grading 2.52 g/t (50 percent basis) representing 0.3 million ounces of gold (50 percent basis), and indicated resources of 266.8 million tonnes grading 2.24 g/t (50 percent basis), representing 19.2 million ounces of gold (50 percent basis). Alturas inferred resources of 211 million tonnes grading 1.0 g/t, representing 6.8 million ounces of gold. Norte Abierto proven reserves of 114.9 million tonnes grading 0.65 g/t (50 percent basis) representing 2.4 million ounces of gold (50 percent basis), and probable reserves of 484.0 million tonnes grading 0.59 g/t (50 percent basis), representing 9.2 million ounces of gold (50 percent basis). Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found on pages 86-91 of Barrick’s Fourth Quarter and Year-End 2017 Report.
  2. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).
  3. “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Cash costs” per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of “cash costs” per ounce and “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. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do 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 23 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures 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.
  4. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. “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 “C1 cash costs” per pound and “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. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures 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.