Skip to main content
01|21|2019
Barrick Reports Preliminary Full Year and Fourth Quarter Production Results

Press Release

TORONTO — Today Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) announced preliminary full year gold production of 4.53 million ounces for 2018, in line with the Company’s guidance of 4.5-5.0 million ounces, and preliminary full year gold sales of 4.54 million ounces. Preliminary fourth quarter gold production was 1.26 million ounces, and preliminary fourth quarter gold sales were 1.23 million ounces. The average market price for gold in the fourth quarter was $1,226 per ounce. Fourth quarter gold cost of sales per ounce1 are expected to be approximately 15-17 percent higher than third quarter results, primarily as a result of a non-cash inventory impairment on Lagunas Norte’s long-term stockpiles. Fourth quarter cash costs per ounce2 are expected to be in line with the third quarter results and all-in sustaining costs per ounce2 approximately 3-5 percent higher as compared to third quarter results. As the merger between Barrick and Randgold Resources Limited (“Randgold”) was effective on January 1, 2019, these preliminary results exclude production and sales from Randgold (refer to the section below for Randgold’s preliminary results).

Preliminary full year copper production was 383 million pounds, which was in line with the Company’s guidance of 345-410 million pounds for 2018, and preliminary full year copper sales were 382 million pounds. Preliminary copper production in the fourth quarter was 109 million pounds, and preliminary copper sales in the fourth quarter were 109 million pounds. The average market price for copper in the fourth quarter was $2.80 per pound. We expect quarter-over-quarter increases in our consolidated copper cost of sales per pound1 of approximately 30 percent (primarily driven by an adjustment to depreciation), C1 cash costs per pound2 of approximately 1-3 percent and all-in sustaining costs per pound2 of approximately 9-11 percent, as compared to third quarter results.

We now expect our full year 2018 effective tax rate to be approximately 52-56 percent, an increase from our previous range of 48-50 percent. The increase is primarily due to lower-than-anticipated sales from operations in lower-tax jurisdictions, and higher-than-anticipated sales in higher-tax jurisdictions.

Barrick will provide additional discussion and analysis regarding fourth quarter production and sales when the Company reports quarterly results before markets open on February 13, 2019, followed by a live presentation by President and CEO Mark Bristow at its offices in Toronto on February 13 at 11:00 EST, linked to a conference call and webcast. The following table includes preliminary gold and copper production and sales results from our operations:

Three months ended
December 31, 2018
Year ended
December 31, 2018
ProductionSalesProductionSales
Gold (equity ounces (000s))
Barrick Nevada3 620 595 2,100 2,097
Pueblo Viejo (60%) 166 170 581 590
Lagunas Norte 50 50 245 251
Veladero (50%) 77 74 278 280
Turquoise Ridge (75%) 74 66 268 262
Acacia (63.9%) 84 86 334 333
Kalgoorlie (50%) 58 61 314 320
Porgera (47.5%) 70 72 204 213
Hemlo 52 48 171 168
Golden Sunlight 11 10 32 30
Total Gold1,2621,2324,5274,544
Copper (equity pounds (millions))
Lumwana6565224222
Zaldívar (50%)2930104103
Jabal Sayid (50%)15145557
Total Copper109109383382

Randgold Resources Limited

The following information relates to production and sales of Randgold prior to the merger between Barrick and Randgold, which became effective on January 1, 2019. Randgold production and sales prior to the effective date of the merger is not attributable to Barrick and is included for information purposes only.

Randgold’s preliminary full year group gold production was 1.28 million ounces for 2018, one percent below Randgold’s guidance of 1.30-1.35 million ounces as a result of a week of industrial action at Loulo-Gounkoto. Preliminary full year group gold sales were 1.30 million ounces. Preliminary fourth quarter group gold production was 375 thousand ounces, and preliminary fourth quarter group gold sales were 376 thousand ounces.

Three months ended
December 31, 2018
Year ended
December 31, 2018
ProductionSalesProductionSales
Gold (ounces (000s)) *
Loulo-Gounkoto192192660667
Morila (40%)873030
Tongon8179230229
Kibali (45%)9498363370
Randgold Total3753761,2831,296

* Randgold presents the production and sales figures for Loulo-Gounkoto and Tongon on a 100% basis, although it owns 80% and 89.7%, respectively. Randgold presents its 40% and 45% equity share of Morila and Kibali, respectively.

 

Enquiries

Group investor & media relations
Kathy du Plessis
Tel/mobile: +44 20 7557 7738
Barrick@dpapr.com

Senior VP, Investor Relations
Deni Nicoski
Tel +1 416 307-7410
DNicoski@barrick.com

Website: www.barrick.com

 

Technical Information

The scientific and technical information contained in this news release has been reviewed and approved by: Geoffrey Locke, P. Eng., manager, metallurgy of Barrick; and Simon Bottoms, mineral resources manager: Africa and Middle East of Barrick — each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

 

Fourth Quarter 2018 Results

Barrick will release its Fourth Quarter 2018 Results before markets open on February 13, 2019, followed by a live presentation by President and CEO Mark Bristow on February 13 at 11:00 EST, linked to a conference call and webcast.

U.S. and Canada (toll-free): 1 800 319-4610
UK (toll-free): 0808 101 2791
International (toll): +1 416 915-3239

The presentation and webcast materials will be available on Barrick’s website. The conference call will be available for replay by phone at 1 855 669-9658 (U.S. and Canada toll-free), and +1 604 674-8052 (international), access code 2852.

 

Endnote 1

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). Cost of sales includes depreciation.

 

Endnote 2

Cash costs per ounce and all-in sustaining costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council (“WGC”) (a market development organization for the gold industry comprised of and funded by 24 gold mining companies from around the world, including Barrick). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.

Cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales, and includes by-product credits. All-in sustaining costs start with cash costs and include sustaining capital expenditures, general and administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.

We believe that our use of cash costs and all-in sustaining costs will assist analysts, investors, and other stakeholders of Barrick 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. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine, and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs, or dividend payments. These measures do not include depreciation or amortization.

Cash costs per ounce and all-in sustaining costs are intended to provide additional information only, and do not have standardized definitions under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.

C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, corporate general and administrative costs, minesite exploration and evaluation costs, royalties, environmental rehabilitation costs, and write-downs taken on inventory to net realizable value.

Barrick will provide a full reconciliation of our final non-GAAP financial measures when the Company reports its quarterly results on February 13, 2019.

 

Endnote 3

Includes our 60% equity share of South Arturo.

 

Cautionary Statements Regarding Preliminary Full Year and Fourth Quarter Production, Sales, and Costs for 2018, and Forward-Looking Information

Barrick cautions that, whether or not expressly stated, all full year and fourth quarter figures contained in this news release including, without limitation, production levels and sales and associated costs (including costs of sales per ounce for gold and per pound for copper, all-in sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound) are preliminary, and reflect our expected full year and fourth quarter results as of the date of this news release. Actual reported full year and fourth quarter production levels and sales and associated costs are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its full year and fourth quarter production levels and sales and associated costs when it reports actual results on February 13, 2019. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s full year and fourth quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained herein.

Finally, Barrick cautions that this news release contains forward-looking statements with respect to: (i) Barrick’s production; (ii) estimates of cost of sales per ounce for gold and per pound for copper, all-in sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; and (iii) estimates of effective tax rates.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this news release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; the duration of the Tanzanian ban on mineral concentrate exports; the ultimate terms of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating to the imposition of the concentrate export ban and allegations by the Government of Tanzania that Acacia under-declared the metal content of concentrate exports from Tanzania and related matters; whether Acacia will approve the terms of any final agreement reached between Barrick and the Government of Tanzania with respect to the dispute between Acacia and the Government of Tanzania; the benefits expected from recent transactions being realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. 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).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this news release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Categories: Press Releases

DISCLAIMER

ACCESS TO THIS AREA OF THE WEBSITE MAY BE RESTRICTED UNDER SECURITIES LAWS IN CERTAIN JURISDICTIONS. THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS (INCLUDING THAT YOU ARE NOT RESIDENT IN SUCH A JURISDICTION), BEFORE YOU MAY OBTAIN ACCESS TO THE INFORMATION ON THIS AREA OF THE WEBSITE.  THESE MATERIALS ARE NOT DIRECTED AT OR TO BE ACCESSED BY PERSONS RESIDENT IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION OR WOULD RESULT IN A REQUIREMENT TO COMPLY WITH CONSENT OR OTHER FORMALITY WHICH BARRICK REGARDS AS UNDULY ONEROUS.

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.

Terms used in this notice but not defined in this notice shall have the same meanings given to them in the announcement of the Merger dated 24 September 2018.

Access to the Website

If you would like to view this area of the website, please read this notice carefully. This notice applies to all persons who view this area of the website and, depending on where you are located, may affect your rights or responsibilities. Barrick reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit this area of the website. In addition, the contents of this area of the website may be amended at any time in whole or in part at the sole discretion of Barrick.

Overseas Persons

As a consequence of legal restrictions, the release, publication or distribution of information contained on this area of the website in certain jurisdictions or to certain persons may be restricted or unlawful. All persons resident or located outside Jersey, Canada, the United Kingdom or the United States who wish to view this area of the website must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. If you are resident or located in a country that renders the accessing of this area of the website or parts thereof illegal, whether or not subject to making certain notifications or taking other action, you should not view this area of the website.

It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. If you are in any doubt, you should not continue to seek to access this area of the website.

You should not forward, transmit or show the announcements, information or documents contained in this area of the website to any person (other than your professional advisers). In particular, you should not forward or transmit the announcements, information or documents contained therein to any jurisdiction where it would be unlawful to do so.

Notice to US investors

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 www.londonstockexchange.com.

Notice to Canadian investors

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;
  • the combined company’s future plans, business prospects and performance, growth potential, financial strength, market profile, revenues, working capital, capital expenditures, investment valuations, income, margins, access to capital and overall strategy;
  • expectations regarding the receipt of all necessary regulatory and third party approvals and the expiration of all relevant waiting periods;
  • the anticipated number of Barrick common shares to be issued as consideration for the Merger, the expected total capitalization of Barrick on a consolidated basis following the Merger and the ratio of the Barrick common shares to be held by Barrick shareholders and Randgold shareholders, respectively, following the Merger;
  • the anticipated benefits of the Merger;
  • the re-rating potential of Barrick post-Merger;
  • 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;
  • the risk of operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems;
  • 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;
  • risks related to litigation and contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure;
  • 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 www.sedar.com and on EDGAR at www.sec.gov and to the particular risk factors, if any, described in the documents included in this area of the website.

Responsibility

In relation to any document, announcement or information contained in this area of the website, the only responsibility accepted by the chief financial officer and the directors of Barrick (the Barrick Responsible Persons) is for the correctness and fairness of its reproduction or presentation, unless the responsibility statement in any relevant document expressly provides otherwise.

None of the Barrick Responsible Persons, Barrick or its affiliated companies have reviewed and none of them is responsible for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.

The documents included in this area of the website speak only at the date specified in the relevant document and neither Barrick nor any of its affiliated companies has or accepts any responsibility or duty to update such documents (other than to the extent such duty arises as a matter of law).

If you are in any doubt about the contents of this area of the website or the action you should take, you should seek your own financial advice from an independent financial adviser authorised under the Financial Services and Markets Act 2000 or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

THE DOCUMENTS IN THIS AREA OF THE WEBSITE MAY NOT BE DOWNLOADED, FORWARDED, TRANSMITTED OR SHARED WITH ANY OTHER PERSON EITHER IN WHOLE OR IN PART WHERE TO DO SO WOULD OR MAY CONSTITUTE A BREACH OF ANY APPLICABLE LOCAL LAWS OR REGULATIONS.

Electronic versions of these materials are not directed at or accessible by persons resident in any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

Confirmation of Understanding and Acceptance of Disclaimer

  • I certify that I am not (nor do I act on behalf of someone who is) resident in any country that renders the accessing of this area of the website or parts thereof illegal.
  • I agree that I will not forward, transfer or distribute (by any means including by electronic transmission) any documents included in this area of the website either in whole or in part to any person in any jurisdiction where such distribution may be restricted by applicable law or regulation.
  • I represent and warrant to Barrick that I intend to access this area of the website for information purposes only, that I have read and understood this notice and that I understand that it may affect my rights or responsibilities.
  • I agree to be bound by the terms of this notice.