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Barrick(GOLD) - 2023 Q2 - Earnings Call Transcript
2023-08-08 21:31
Mark Bristow - President & Chief Executive Officer Graham Shuttleworth - Senior Executive Vice-President & Chief Financial Officer Operator Mark Bristow And so, otherwise, all we're going to do is create a future where the rich continue to get richer and the poor get even poorer. And so, we held a mining summit in Islamabad last weekend. And it was very interesting for me to see the realization from Pakistan that things needed to change. And there were comments about, it's been 70 years of mistakes and this ...
Barrick(GOLD) - 2023 Q2 - Quarterly Report
2023-08-07 16:00
Exhibit 99.2 Management's Discussion and Analysis ("MD&A") Quarterly Report on the Second Quarter of 2023 This portion of the Quarterly Report provides management's discussion and analysis ("MD&A") of the financial condition and results of operations, to enable a reader to assess material changes in financial condition and results of operations as at, and for the three and six month periods ended June 30, 2023, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader un ...
Barrick(GOLD) - 2023 Q1 - Earnings Call Presentation
2023-05-04 08:53
New global safety program 'Journey to Zero' launched 2022 Sustainability Report highlights Barrick's contribution to achievement of United Nations Sustainable Development Goals 3 Cost of sales ($/oz)4 1,378 1,324 1,190 Attributable production (mlbs) 88 96 101 On track to achieve 2023 guidance of 4.2 to 4.6Moz gold and 420 to 470Mlb copper Completed on time and on budget Stronger performance expected in H2 2023: Steady ramp-up of throughput at Pueblo Viejo Group financial results… Tax Contribution Report for ...
Barrick(GOLD) - 2023 Q1 - Earnings Call Transcript
2023-05-03 21:10
Barrick Gold Corporation (NYSE:GOLD) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Mark Bristow - President & Chief Executive Officer Graham Shuttleworth - Senior Executive Vice-President & Chief Financial Officer Conference Call Participants Lawson Winder - Bank of America Greg Barnes - TD Securities Cleve Rueckert - UBS Tanya Jakusconek - Scotiabank Martin Pradier - Veritas Investment Research Mike Parkin - National Bank Financial Operator Ladies and gentlemen, thank you fo ...
Barrick(GOLD) - 2023 Q1 - Quarterly Report
2023-05-02 16:00
Production Performance - Barrick Gold Corporation reported a significant increase in gold production, achieving 1.2 million ounces in Q1 2023, a 10% increase compared to Q1 2022[1] - The company has set a production guidance of 4.6 million ounces of gold for the full year 2023, maintaining a stable outlook despite market fluctuations[1] - Gold production decreased by 15% to 952,000 ounces compared to Q4 2022, and by 4% compared to Q1 2022[19] - Gold production for Q1 2023 was 952 thousand ounces, a decrease of 15% from Q4 2022, with total cash costs rising by 14% to $986 per ounce[106] - The company expects 2023 gold production to be in the range of 4.2 to 4.6 million ounces, with stronger performance anticipated from Cortez, Pueblo Viejo, and Turquoise Ridge[91] Financial Performance - Barrick's net earnings for Q1 2023 were $300 million, representing a 15% increase from the previous year, driven by higher gold prices and operational efficiencies[1] - Revenues for Q1 2023 were $2,643 million, a decrease of 5% from Q4 2022 and a 7% decline from Q1 2022[19] - Net earnings for Q1 2023 were $120 million, a significant recovery from a loss of $735 million in the previous quarter, but down 73% from $438 million in the same period last year[27] - Adjusted net earnings for Q1 2023 were $247 million, up 12% from the previous quarter but down 47% year-over-year[19] - Free cash flow for Q1 2023 was $88 million, a significant improvement from negative free cash flow of $96 million in the previous quarter[33] Cost Management - The total cash costs per ounce of gold sold were $1,200, reflecting a 5% decrease year-over-year, contributing to improved profit margins[1] - Gold total cash costs per ounce rose by 14% to $986 in Q1 2023, compared to $868 in Q4 2022[19] - The cost of sales for gold in Q1 2023 was $1,378 per ounce, reflecting a 4% increase compared to Q4 2022[107] - Total cash costs per ounce for gold increased by 19% to $1,074 in Q1 2023 compared to $906 in Q4 2022[116] Capital Expenditures and Investments - Barrick is advancing its Goldrush Project, with an estimated capital expenditure of $150 million planned for 2023, aimed at enhancing production capacity[1] - Total consolidated capital expenditures for Q1 2023 were $688 million, a decrease of 23% from Q4 2022[19] - The capital expenditures increase of $77 million was attributed to investments in the new owner mining fleet at Lumwana and the solar plant expansion at Loulo-Gounkoto[38] - Capital expenditures for Q1 2023 were 4% higher compared to the same prior year period, due to projects related to processing facilities[133] Environmental and Social Governance - Barrick is committed to reducing greenhouse gas emissions by 30% by 2030, aligning with its environmental and social governance (ESG) goals[1] - The interim GHG emissions reduction target is set for a minimum 30% reduction by 2030 against a 2018 baseline of 7,541 kt CO2-e[79] - Total Scope 1 and 2 GHG emissions for Q1 2023 were 1,552 kt CO2-e, approximately 1% lower than the same period in 2022[81] - The company invested over $5.8 million in local community development projects during Q1 2023, with a focus on planning community investments for the year ahead[66] Operational Challenges - The company expects to update its guidance following the execution of definitive agreements related to the reopening of the Porgera mine, which is currently excluded from the 2023 guidance[46] - Major maintenance at Zaldívar is scheduled for Q3 2023, which may impact copper production[95] - Gold production for Q1 2023 was 28% lower than the same prior year period, impacted by an 18-day planned maintenance at the Goldstrike roaster and lower underground ore tonnes[130] Safety and Performance Metrics - The company's LTIFR was 0.21 and TRIFR increased to 1.65 in Q1 2023, indicating a need for improved safety performance[59] - The recovery rate for the autoclave process improved to 81% in Q1 2023 from 72% in Q4 2022[116] - Total tonnes mined in Q1 2023 were 21% higher compared to the prior quarter, driven by open pit sequencing, despite record snow levels impacting operations[126]
Barrick Gold (GOLD) Presents At The BMO Global Metals, Mining & Critical Minerals Conference,
2023-03-02 18:18
2 To be world class you have to be global Four year average gold reserve replacement ratei of 116% (Dec 31, 2018 to 2022) 1,800 The Most Tier One Assets Operates the Biggest Mines Percent Change in Gold Reserve Grade from YE2018 to YE2022i Largest portfolio of Tier One and world-class gold and copper assets that is unmatched in the industry BARRICK BARRICK The BMO Global Metals, Mining & Critical Minerals Conference, February 2023 Certain information contained or incorporated by reference in this presentati ...
Barrick(GOLD) - 2022 Q4 - Earnings Call Transcript
2023-02-15 18:00
Barrick Gold Corporation (NYSE:GOLD) Q4 2022 Earnings Conference Call February 15, 2023 11:00 AM ET Company Participants Mark Bristow - President & Chief Executive Officer Graham Shuttleworth - Senior Executive Vice-President & Chief Financial Officer Conference Call Participants Martin Pradier - Veritas Investment Research Tanya Jakusconek – Scotiabank Greg Barnes - TD Securities Ralph Profiti - Eight Capital Anita Soni - CIBC Jackie Przybylowski - BMO Operator Ladies and gentlemen, thank you for standin ...
Barrick(GOLD) - 2022 Q4 - Earnings Call Presentation
2023-02-15 16:16
>95% of drilling along BMSZ has been focused within top 150m of vertical depth – many holes have returned anomalous to oregrade gold intercepts +5Moz Deposit Kibali…operating results DRC Building the target pipeline along the Kibali KZ Zone… North Mara beats 2022 production guidance Mining of Gena pit expected to start in Q1 2023 New fleet enabled a step-up in development productivity in 2022 required to sustain the long-term profile 27 Production was in the upper half of the 2022 guidance range | --- | --- ...
Barrick(GOLD) - 2022 Q4 - Annual Report
2023-02-14 16:00
Financial Performance - Barrick Gold Corporation reported adjusted net earnings for the full year 2022 of $1.5 billion, representing a decrease of 20% compared to 2021[1] - The company generated free cash flow of $1.2 billion in 2022, down from $1.5 billion in 2021, reflecting a decrease of 20%[1] - Revenue for Q4 2022 was $2,774 million, a 10% increase from Q3 2022, but an 8% decrease compared to Q4 2021[24] - Net loss for Q4 2022 was $735 million, a significant decline from net earnings of $241 million in Q3 2022, and a decrease of 79% from $2,022 million in Q4 2021[24] - Adjusted EBITDA for the year ended December 31, 2022, was $5,613 million, down 23% from $7,258 million in 2021[24] - Free cash flow for the year was $432 million, a decrease of 78% from $1,943 million in 2021[24] - For the year ended December 31, 2022, net earnings were $432 million, down from $2,022 million in 2021, with adjusted net earnings of $1,326 million, a decrease of $739 million year-over-year[40] Production and Costs - Barrick's gold production for 2022 was 4.5 million ounces, a slight decrease from 4.8 million ounces in 2021[1] - Total cash costs per ounce of gold produced were $1,200, while all-in sustaining costs were reported at $1,500 per ounce[1] - Gold production in Q4 2022 was 1,120 thousand ounces, a 13% increase from Q3 2022, but a 7% decrease compared to Q4 2021[24] - The company anticipates gold production in 2023 to be between 4.2 million and 4.6 million ounces, with total cash costs expected to be between $1,100 and $1,200 per ounce[1] - The company reported a gold all-in sustaining cost of $1,242 per ounce for Q4 2022, a 2% decrease from Q3 2022[24] - The total cash costs for gold production in 2022 were $862 per ounce, with 2023 forecasted costs ranging from $820 to $880 per ounce[79] - Cost of sales for gold is projected to be between $1,170 and $1,250 per ounce in 2023, compared to $1,241 per ounce in 2022[91] Capital Expenditures and Investments - Barrick plans to invest approximately $1.5 billion in capital expenditures in 2023, focusing on growth projects and sustaining capital[1] - Total consolidated capital expenditures for the year were $3,049 million, a 25% increase from $2,435 million in 2021[24] - The company repurchased $424 million of shares in 2022 and authorized a new buyback program for up to $1 billion over the next 12 months[54] - Total attributable gold and copper capital expenditure for 2023 is projected to be between $2,200 million and $2,600 million, compared to $2,417 million in 2022[104] Environmental and Social Governance - Barrick's commitment to environmental and social governance includes targets for reducing greenhouse gas emissions by 30% by 2030[1] - The company established sustainability-linked metrics in its $3.0 billion revolving credit facility, which includes performance targets for greenhouse gas emissions and water use efficiency[49] - Barrick's total Scope 1 and 2 GHG emissions for 2022 were approximately 2% below the prior year, totaling 1,890 kt CO₂-e[149] - The company aims for a minimum 30% reduction in GHG emissions by 2030 against a 2018 baseline of 7,541 kt CO₂-e[147] - The company invested over $13 million in local community development projects during Q4 2022 and $35 million for the full year 2022[133] Exploration and Resource Management - Barrick is actively pursuing opportunities for exploration and development in the Redhill mining zone, with a focus on resource conversion[1] - Barrick's proven and probable gold reserves increased to 76 million ounces in 2022, up from 69 million ounces in 2021, representing a year-over-year growth of 6.7 million ounces[174] - The Africa and Middle East region converted a net of 2.4 million ounces to attributable proven and probable reserves in 2022, with contributions from Kibali, Loulo-Gounkoto, North Mara, Bulyanhulu, and Tongon[175] - The Latin America & Asia Pacific region converted a net of 7.3 million ounces to attributable proven and probable reserves, primarily from Pueblo Viejo, which added 6.5 million ounces[176] - The North America region converted a net of 1.8 million ounces to attributable proven and probable reserves, driven by pre-feasibility studies for the Robertson open pit project at Cortez[178] Future Outlook - The company aims to optimize free cash flow and manage risks to create long-term value for shareholders[19] - The company plans to update guidance for Porgera following the execution of definitive agreements and a timeline for resuming operations[88] - Major maintenance at Zaldívar is scheduled for the first and third quarters of 2023, impacting copper production[96] - The expected effective income tax rate for 2023 is between 27% and 32%, unchanged from 2022[107] - Gold price sensitivity is projected at $1,650/oz with a hypothetical change of +/- $100/oz impacting EBITDA by +/- $590 million[108]
Barrick(GOLD) - 2022 Q3 - Earnings Call Transcript
2022-11-03 19:25
Barrick Gold Corporation (NYSE:GOLD) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Mark Bristow - President and CEO Graham Shuttleworth - Senior EVP and CFO Conference Call Participants Tanya Jakusconek - Scotiabank Cleve Rueckert - UBS Operator Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2022 Third Quarter Results Conference Call. During the presentation, all participants are in a listen-only mode. Following t ...