Barrick’s Sustainability Strategy Delivers Real Value to Stakeholders

Rhea-AI Summary

Barrick Gold (NYSE:GOLD) announced in its 2023 Sustainability Report that almost $12 billion in economic value generated from its mines remained in the operating countries. The report highlights Barrick's commitment to sustainable development, aligning with the UN's Sustainable Development Goals. In 2023, 97% of Barrick’s employees were host country nationals, and $43 million was invested in Community Development Committees for various local initiatives. Safety improvements were noted with a 21% reduction in Lost Time Injury Frequency Rate and a 33% decrease in malaria incidence. Barrick achieved its 2025 target for reducing greenhouse gas emissions by 15%, already surpassing it with a 16% reduction from the 2018 baseline. The company also recycled 84% of its water usage and continues to focus on biodiversity conservation, exemplified by the successful reintroduction of white rhinos in the Democratic Republic of Congo.

Positive

• Almost $12 billion of economic value generated remained in host countries.
• 97% of employees were host country nationals in 2023.
• $43 million invested in community development for education, healthcare, and local economy.
• 21% year-on-year improvement in Lost Time Injury Frequency Rate.
• 33% year-on-year decrease in malaria incidence rate.
• Achieved 2025 target of reducing greenhouse gas emissions by 15%, with a 16% reduction from 2018 baseline.
• 84% of water used in operations was recycled, with 85% recycle rate at water-stressed sites.
• Contributions to biodiversity conservation, including the reintroduction of white rhinos.

Negative

• No immediate, direct financial benefits or increased revenue from sustainability efforts presented.
• Long-term goals for Net Zero by 2050 may face challenges and require significant ongoing investment.

All amounts expressed in US dollars

TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Almost $12 billion of economic value generated by Barrick’s mines last year remained in the countries in which it operates, according to the company’s 2023 Sustainability Report published today.

Barrick president and chief executive Mark Bristow says real, tangible sustainability can only be achieved through a holistic approach aligned to the United Nation’s Sustainable Development Goals. Barrick’s conformance with ESG standards is a natural by-product of its sustainable business philosophy and not its driver.

“Barrick’s distinctive approach to sustainability has evolved over many years, guided by the operational experience gained at its worldwide operations, the partnership philosophy at the heart of its business and the company’s belief that all stakeholders should benefit from the value it creates,” he says. In 2023, 97% of its employees were host country nationals and $43 million has been invested by the company’s pioneering Community Development Committees (CDCs) in education, healthcare, food security, the environment, infrastructure and local economic development.

On the safety front, there was a 21% year-on-year improvement in Barrick’s Lost Time Injury Frequency Rate with total injuries reducing from 2022. The company also recorded its lowest malaria incidence rate, a 33% year-on-year decrease from 17.86% in 2022 to 11.35% in 2023. “Our safety performance has been given additional focused attention with the establishment of new groupwide safety protocols to drive fatal risks down and achieve the zero target we have set ourselves,” Bristow says.

Also in 2023, Barrick achieved the target it set for itself for 2025 of reducing its greenhouse gas emissions by 15%. Its Scope 1 and 2 greenhouse gas emissions have now been reduced by 16% against its 2018 baseline. Barrick will continue to reduce these emissions, with the long-term goal to be Net Zero by 2050. At the same time, it remains on track to achieve its Scope 3 emissions reduction targets which were set in consultation with its suppliers and service providers. Barrick also re-used or recycled 84% of the water it used in its operations, with an 85% recycle rate achieved at its water-stressed sites.

Barrick is also targeting no net loss on any Key Biodiversity Features (KBFs) identified at its sites and is contributing positively to the conservation of high-risk biodiversity features. “This is best illustrated by the successful, and ongoing, reintroduction of white rhinos to the Garamba National Park in the Democratic Republic of Congo. Today, these rhinos are safely roaming a park previously considered lost to poachers and nomad herders. Its restoration means that the surrounding communities can look forward to a secure future and one that holds the promise of eco-tourism’s economic awards,” says Bristow.

Enquiries

Investor and Media Relations Kathy du Plessis +44 20 7557 7738 Email: barrick@dpapr.com

Website: www.barrick.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “committed”, “vision”, “strategy”, “target”, “roadmap”, “strive”, “objective”, “goals”, “seeks”, “will”, “can” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s sustainability strategy and vision; Barrick climate strategy and approach to managing climate risks; Barrick’s greenhouse gas emission reduction targets and ultimate aim to achieve net zero emissions by 2050, including by implementing the projects set out in its 2023 Sustainability Report; and Barrick’s environmental, health and safety, corporate social responsibility and human rights programs, policies and performance, including regarding local community relations, economic contributions and education and employment initiatives.

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 press 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: failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; non-renewal of key licences by governmental authorities; 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; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; the impact of inflation, including global energy cost increases following the invasion of Ukraine by Russia and conflicts in the Middle East; litigation and administrative proceedings; 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 employee relations including loss of key employees. 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 press 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 press release.

We disclaim 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.

 

FAQ

How much economic value did Barrick Gold generate in 2023?

Barrick Gold generated almost $12 billion in economic value from its mines in 2023.

What percentage of Barrick's employees were host country nationals in 2023?

97% of Barrick's employees were host country nationals in 2023.

How much did Barrick Gold invest in community development in 2023?

Barrick Gold invested $43 million in community development in 2023.

What was the improvement in Barrick's Lost Time Injury Frequency Rate in 2023?

Barrick achieved a 21% year-on-year improvement in its Lost Time Injury Frequency Rate in 2023.

By how much did Barrick Gold reduce its greenhouse gas emissions by 2023?

Barrick Gold reduced its greenhouse gas emissions by 16% against its 2018 baseline by 2023.

How much water did Barrick recycle in its operations in 2023?

Barrick recycled 84% of the water used in its operations in 2023.

What biodiversity conservation efforts did Barrick Gold undertake in 2023?

Barrick Gold contributed to the reintroduction of white rhinos in the Garamba National Park in the Democratic Republic of Congo in 2023.