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Town Hall With John L. Thornton

At our mid-year town hall, Barrick Executive Chairman John L. Thornton provided an update on the Company’s strategic framework and priorities. The discussion, summarized in a series of video clips below, covered seven core strategic dimensions of our business: our partnership culture; our decentralized business model; tier one and strategic assets; allocation of human and financial capital; operational excellence; growth; and China.

For a transcript of the remarks, click here. A copy of the slides can be downloaded here.

Partnership Culture

  • Trust based: currency is transparency
  • Belief that the whole greater than sum of the parts
  • Individuals prefer to work in that culture
  • Partnership culture is an ownership culture
    • Financial and emotional
  • External partnership an organic extension of internal, applies to all
    • Maximize benefits, mitigate risks

Decentralized Business Model

  • Most important: small, high-quality head office with specific functions
    • Allocates human/financial capital, sets strategy, and holds people running businesses to account
  • All else delegated to CEOs (General Managers + Executive Directors)
  • CEOs empowered and accountable
  • Nothing between head office and the business


Tier 1 and Strategic Assets

  • Tier 1 asset is large, long-life, and low-cost
    • Jurisdiction agnostic
  • 500,000 ounces, >10 years, better half of cost curve
  • Strategic asset: not tier 1 but has distinct long-term value


Capital Allocation: Human and Financial


  • Assess talent rigorously on values (partnership, ownership & business model) and effectiveness (ability & record of execution)
  • Marry person and position


  • Superior per share returns over long-term — 10-15% ROIC through the cycle
  • Investment hurdle rate of 15% @ $1,200/oz
  • Allocation priorities balance between:
    • Strong balance sheet
    • Disciplined reinvestment in operations, organic growth and exploration
    • Reliable dividend and buybacks
    • Acquisitions


Operational Excellence

  • Benchmark vs industry best-in-class, data driven
  • Realize full potential of every asset in every respect
  • Master technology
    • This is the 21st century



  • Growth equals free cash flow per share and margins, not ounces
  • Preference for organic projects, geology led
  • Consistent investment in exploration replenishes pipeline
  • Acquisitions and divestments to upgrade quality, deliver strategic benefits



  • Distinctive, strategic partnership for the 21st century
Categories: Press Releases



You are attempting to enter the area of this website that is designated for the publication of documents and information in connection with the offer by Barrick Gold Corporation (Barrick) for Randgold Resources Limited (Randgold) to be implemented by means of a scheme of arrangement under the Companies (Jersey) Law of 1991 (the Merger). The information contained in this website is made available in good faith and for information purposes only and is subject to the terms and conditions set out below. In particular, the information contained in this website does not constitute an offer to sell or otherwise dispose of or any invitation or solicitation of any offer to purchase or subscribe for any securities pursuant to the Merger or otherwise in any jurisdiction in which such offer or solicitation is unlawful.

The full terms and conditions of the Merger will be set out in the formal Scheme Document.  In deciding whether or not to vote in favour of the Merger, shareholders of Randgold should rely only on the information contained and procedures described in the formal Scheme Document.

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In accordance with normal UK practice, Barrick or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, Randgold shares outside of the United States, other than pursuant to the Merger, until the date on which the Merger becomes effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the UK, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at

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Canadian investors should note that the Merger relates to the securities of a Jersey company whose shares are admitted to trading on the Main Market of the London Stock Exchange. As such, the Merger will principally be subject to disclosure requirements and practices in the United Kingdom (which are different from those applicable in Canada) and is proposed to be implemented under a scheme of arrangement under Jersey company law.  The conduct of the Merger will not be subject to the provisions of Canadian provincial securities laws.

Forward-Looking Information

This area of the website contains “forward-looking information” within the meaning of applicable Canadian securities legislation relating to: (i) the future growth, results of operations, performance, business prospects and opportunities of Barrick and Randgold; (ii) the Merger; (iii) the integration of Randgold’s business with the existing operations of Barrick; (iv) the impact of the Merger on the financial position of Barrick and Randgold; (v) the outlook for Barrick’s and Randgold’s respective businesses and the gold mining industry generally based on information currently available; and (vi) the continuance of Barrick from Ontario to British Columbia (the Continuance). These expectations may not be appropriate for other purposes. Often, but not always, forward-looking information can be identified by the use of words such as “believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “intend”, “project”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could”, “would”, or similar expressions. In particular, but without limitation, this area of the website contains or may contain forward-looking statements pertaining to:

  • expectations regarding whether the Merger will be completed, including whether the conditions to completion of the Merger will be satisfied, and the anticipated timing for completion;
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  • expectations regarding the value and nature of the consideration payable to Randgold shareholders as a result of the Merger;
  • the anticipated mineral reserves of Barrick following completion of the Merger;
  • the governance and management structure of Barrick following the Merger;
  • the expenses of the Merger;
  • the potential for Strategic Assets to become Tier One Gold Assets;
  • the expectation that the New Barrick Shares will be listed on the Toronto Stock Exchange and the New York Stock Exchange upon completion of the Merger;
  • the intention of Barrick and Randgold to seek the approval of their respective shareholders in connection with the Merger;
  • the expected treatment and costs associated with Randgold’s share incentive plans as a result of the Merger;
  • the expectation that Acacia will not exercise its pre-emption right in connection with the Merger;
  • the expectation that Barrick will be able to make arrangements to ensure that the relationship agreement between Barrick and Acacia does not impair the future growth of Barrick’s African gold operations following the Merger;
  • the expectation that Barrick will retain key Barrick and Randgold employees following the Merger;
  • the expectation that Randgold will cease to be a public company following the Merger and will have its ordinary shares delisted from the London Stock Exchange and its American Depositary Shares (ADSs) delisted from Nasdaq Stock Market following the Merger;
  • the expectation that New Barrick common shares issuable to Randgold ADS holders will be distributed to such holders and that the Randgold ADS program will be terminated at completion; and
  • the relocation of the registered and records office of Barrick as a result of the Continuance.

These statements are based on the reasonable assumptions, estimates, analysis, and opinions of management made in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors that management considers to be relevant and reasonable at the date that such statements are made. Forward-looking information involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of Barrick, as applicable, to be materially different from those anticipated, estimated, or intended. These risks, uncertainties and assumptions include, without limitation:

  • the risk that the conditions to completion of the Merger will not be satisfied;
  • the risk that any relevant shareholder approval of the Merger will not be obtained from the relevant shareholders
  • the risk that any shareholder resolution required for the Continuance will not be approved;
  • the risk that required regulatory and third party approvals necessary to complete the Merger will not be obtained, or that conditions will be imposed in connection with such approvals that will increase the costs associated with the Merger or have other negative implications for Barrick on a consolidated basis following the Merger;
  • the risk that litigation relating to the Merger may be commenced which may prevent, delay or give rise to significant costs or liabilities on the part of Barrick or Randgold;
  • the risk that Acacia will exercise or attempt to exercise its pre-emption right in connection with the Merger;
  • the risk that the relationship agreement between Barrick and Acacia will impair the future growth of Barrick’s African gold operations following the Merger;
  • the risk that Barrick will discover previously undisclosed liabilities of Randgold following completion of the Merger;
  • the risk that Barrick may be required to make a break fee payment to Randgold, under the terms of the Cooperation Agreement in certain circumstances if the Merger is not completed;
  • regulatory risks, including the risk of future changes to mining or tax laws in countries where Barrick or Randgold operate or have development or exploration projects;
  • the risk that the focus of management’s time and attention on the Merger may detract from other aspects of the respective businesses of Barrick and Randgold;
  • the risk that the anticipated benefits and value creation from the Merger will not be realized, or may not be realized in the expected timeframes;
  • the risk that a material decrease in the trading price of the Barrick common shares may occur which could result in a failure of the Merger or could be sustained following completion of the Merger;
  • the risk that there may be competing offers for Barrick or Randgold which arise as a result of or in connection with the Merger;
  • the risk that litigation against Barrick, Randgold or both may be commenced in connection with the Merger and may have a material negative impact on the companies;
  • the risk that Randgold may not be integrated successfully following the Merger;
  • the risk that Barrick may not be able to retain key employees of Barrick or Randgold;
  • risks relating to certain of the jurisdictions in which Barrick or Randgold operates, in respect of which there have been recent changes and/or proposed changes in mining laws and/or tax laws and where governments may seek a greater share of mineral wealth;
  • risks relating to political instability in certain of the jurisdictions in which Randgold operates;
  • risks that any failure by Randgold to comply with applicable laws prior to the Merger could subject Barrick to penalties and other adverse consequences following the Merger;
  • risks relating to Randgold operations near communities that may regard its operations as being detrimental to them;
  • risks relating to disruption of supply routes which may cause delays in construction and mining activities at Randgold’s more remote properties;
  • risks relating to fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity), and the availability and increased costs associated with mining inputs and labour;
  • risks related to increased costs, delays, suspensions and technical challenges associated with the construction of capital projects;
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  • risks related to the failure to comply with environmental and health and safety laws and regulations, and the timing of receipt of, or failure to comply with, necessary permits and approvals;
  • risk of loss due to acts of war, terrorism, sabotage and civil disturbances;
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  • risks associated with working with partners in jointly controlled assets; and
  • increased costs and physical risks, including extreme weather events and resource shortages, related to climate change.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Forward-looking information contained in this website is given as of the date the relevant information or document is published on this area of the website (or any other date that may be specified in the relevant information or document), and Barrick disclaims any obligation or intention to update any forward-looking information, whether as a result of new information, future events, or results or otherwise unless so required by applicable securities laws.

For additional information relating to Barrick’s risk factors and risk factors relating to the Merger, the failure to complete the Merger and the post-Merger business of Barrick, reference should be made to Barrick’s continuous disclosure materials filed from time to time under its issuer profile on SEDAR at and on EDGAR at and to the particular risk factors, if any, described in the documents included in this area of the website.


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