Barrick Gold Corporation (GOLD) Gold Forum Americas 2023 Conference (Transcript)

Barrick Gold Corporation Conference Call Summary Company Overview - Company: Barrick Gold Corporation (NYSE:GOLD) - Event: Gold Forum Americas 2023 Conference Call - Date: September 19, 2023 - Key Participants: Mark Bristow (President and CEO), Jackie Przybylowski (BMO Capital Markets) Core Industry Insights - Focus on Gold and Copper: Barrick aims to build a leading gold and copper business with a focus on Tier One assets and sustainable profitability [2][3] - Long-term Vision: Emphasis on long-term investments and recognizing value as core to the business model [4][6] - Copper Business Growth: Significant focus on expanding the copper business, with Reko Diq and Lumwana expected to be among the largest copper mines globally [4][5] Financial Performance and Strategy - Strong Balance Sheet: Barrick claims to have the strongest balance sheet in the industry, allowing for sustainable profitability and growth [3] - Production Growth: Aiming for a 30% increase in production by the end of the decade, supported by a sustainable 10-year base plan [4] - Reserve Replacement: Focus on building future reserves internally rather than acquiring them at a premium, which sets Barrick apart from competitors [7] Market Position and Valuation - Valuation Gaps: There are significant valuation gaps in the market, particularly concerning assets like Fourmile and Reko Diq, which are not fully reflected in consensus valuations [9][10] - Investor Engagement: Plans to enhance engagement with U.S. investors, leveraging the company's full listing on the New York Stock Exchange [14][15] Exploration and Future Projects - Exploration in Saudi Arabia: Barrick has expanded its partnership with Saudi Arabia through a joint venture, securing new concessions in a highly prospective area [22][23] - Reko Diq Project: Feasibility study expected to be completed by the end of next year, with first concentrate anticipated in 2028 [27] Additional Insights - Copper Exposure: Barrick's copper assets are expected to contribute significantly to the bottom line, with projections of 20% to 30% depending on commodity prices [25] - Market Strategy: The company aims to grow through quality assets rather than relying solely on mergers and acquisitions [18][19] This summary encapsulates the key points discussed during the Barrick Gold Corporation conference call, highlighting the company's strategic focus, financial health, and future growth opportunities in the gold and copper sectors.