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Barrick Gold Corporation

Cash-flush Barrick Gold funding reintroduction of white rhinos to DRC national park – by Martin Creamer (MiningWeekly.com – May 5, 2022)

https://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Gold mining company Barrick Gold, which has just reported an outstanding set of first quarter financial results, is funding the reintroduction of white rhinos to the Democratic Republic of Congo (DRC), where it mines at Kibali gold mine.

Since agreement on the repatriation of revenue from Kibali was reached with the DRC last year, Kibali has delivered $1.2-billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

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Barrick CEO Bristow rules out Kinross acquisition, says many of its mines are ‘marginal’ – by Niall McGee (Globe and Mail – May 5, 2022)

https://www.theglobeandmail.com/

Mark Bristow, the chief executive officer of Barrick Gold Corp., says he has no intention of buying Kinross Gold Corp., putting an end to speculation that the big Canadian gold miner was poised to pounce on its struggling competitor.

Over the past few months, analysts have speculated that Toronto-based Barrick was in prime position to scoop-up Kinross at a bargain. Kinross shares have taken a beating since late last year, after the company unveiled the acquisition of Great Bear Resources Ltd., and after it was forced to sell its Russian mines in a hurry at a discount after the invasion of Ukraine.

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Barrick’s massive Donlin gold project in Alaska faces pushback from Indigenous groups – by Nial McGee (Globe and Mail – May 3, 2022)

https://www.theglobeandmail.com/

Barrick Gold Corp. is facing pushback from Indigenous stakeholders in Alaska who are concerned about the environmental damage the massive Donlin gold mine could cause if it gets the go ahead.

Toronto-based Barrick, the world’s second biggest gold producer, held its annual shareholder meeting on Wednesday and two of the three questions asked by stakeholders revolved around Donlin’s potentially negative impact on the ecosystem.

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Hemlo Explorers stock jumps 53% as Barrick weighs Ontario project earn-in – by Henry Lazenby (Mining.com – April 4, 2022)

https://www.mining.com/

The Toronto-quoted equity of Hemlo Explorers Inc. (TSXV: HMLO) jumped more than 53% on Monday after the company revealed it had entered a binding term sheet with Barrick Gold Corporation (TSX: ABX; NYSE: GOLD) that will give Barrick a right to earn up to 80% of the Pic project in Ontario.

Located 25 kilometres west of Barrick’s Hemlo mine, Barrick will have to deliver to Hemlo Explorers a pre-feasibility study within six years of signing the definitive agreement. Under the terms of the deal, Barrick will commit to spending at least $800,000 on the project in the first 12 months, followed by an annual commitment of at least C$1 million ($800,000).

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Barrick to restart Reko Diq gold and copper project in Pakistan (Mining Technology – March 21, 2022)

https://www.mining-technology.com/

Canada’s Barrick Gold has agreed to restart the Reko Diq gold and copper mining project in Pakistan, following ten years of legal battles and negotiations. An agreement has now been signed by the Canadian mining firm with the governments of Pakistan and Balochistan province on a framework, which enables recommencement of the project.

Claimed to host one of the largest undeveloped open-pit copper-gold porphyry deposits in the world, the Reko Diq mine was suspended in 2011 following the rejection of a development licence by the Pakistani Government to project partners Barrick and Antofagasta.

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Barrick Gold near Pueblo Viejo tailings decision – by Cecilia Jamasmie (Mining.com – February 17, 2022)

https://www.mining.com/

Barrick Gold (TSX: ABX)(NYSE: GOLD) is close to reaching an agreement with the government of the Dominican Republic on where to build a new tailings storage facility (TSF) for its $1.3 billion Pueblo Viejo gold mine.

The world’s second largest gold producer had warned last year that production at the mine would have to end in 2030 without a new mining waste depository. Building a new dam is part of the planned expansion for Pueblo Viejo, which will extend its productive life beyond 2040.

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Barrick CEO suggests miners overpaying for assets amid higher gold prices – by Gabriel Friedman (Financial Post – February 16, 2022)

https://financialpost.com/

Barrick is committed to not paying premiums, Mark Bristow says

Shares in Toronto-based Barrick Gold Corp. spiked eight per cent on Wednesday as the company reported higher fourth-quarter earnings and announced a new US$1-billion share buyback program.

Chief executive Mark Bristow said the company is implementing the program because the market is not adequately valuing Barrick. Although gold prices are up 15 per cent, and inflation, normally a trigger for higher gold prices, is reaching its highest point in decades, many gold mining executives say they are not benefiting.

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Barrick launches tailings reprocessing project at closed US gold mine (Mining Technology – February 14, 2022)

https://www.mining-technology.com/

The new project is expected to remove potential water pollution from the Golden Sunlight Mine.

Mining firm Barrick has commissioned the tailings reprocessing project at the shuttered Golden Sunlight Mine in Jefferson County, Montana, US.

Over the next decade, the new project is expected to provide tax revenue worth ‘tens of millions of dollars’ for the state while removing potential water pollution from the mine site.

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Barrick Gold grows net reserves to 69moz at improved grade – by Staff (Mining.com – February 10, 2022)

https://www.mining.com/

Barrick Gold (TSX: ABX; NYSE: GOLD) says it has succeeded in replacing its global gold reserve base by 150% before accounting for acquisition and equity changes at its South Arturo mine in Nevada and Porgera mine in Papua New Guinea.

The gold major says the improving reserve base comes with a 3% improved group reserve grade in 2021. Barrick reported that at $1,200/oz, attributable proven and probable reserves now stood at 69 million ounces at 1.71 grams per tonne, rising from 68 million ounces at 1.66 grams per tonne in 2020.

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Barrick’s previously ailing Tanzanian gold mines declared tier one assets – by Darren Parker (MiningWeekly.com – January 25, 2022)

https://www.miningweekly.com/

Gold mining group Barrick Gold’s North Mara and Bulyanhulu gold mines, in Tanzania, have both been declared as tier-one assets, Barrick said in a statement on January 25.

A tier one gold asset has a reserve potential to deliver a minimum ten-year life, production of at least 500 000 oz/y of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

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Barrick passed on acquiring Kirkland Lake because it didn’t see value – by Niall McGee (Globe and Mail – November 5, 2021)

https://www.theglobeandmail.com/

Barrick Gold Corp. considered buying Kirkland Lake Gold Ltd. but says it ultimately passed because the big Canadian gold miner didn’t meet its standards for investment returns.

Agnico Eagle Mines Ltd. in September reached a friendly agreement to acquire Kirkland Lake in an all-stock, no-premium acquisition worth more than $13-billion. The deal will see Toronto-based Agnico increase its footprint significantly in Canada and Australia, two of the most stable mining jurisdictions in the world.

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Bristow won’t “feed ducks quacking in the market” when quizzed on Barrick share price – by Brendan Ryan (MiningMX.com – October 8, 2021)

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BARRICK Gold would “ultimately prevail” because it was building a long-term, investable business for all its stakeholders and not just the few that were demanding “instant gratification”.

That’s according to Barrick CEO, Mark Bristow who was responding to a question at the Financial Times Mining Summit over why the Barrick share price was down 19% this year compared with only a 9% drop for Newmont Corporation.

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Barrick options South Uchi project from Kenorland Minerals – by Jackson Chen (Northern Miner – September 20, 2021)

https://www.northernminer.com/

Kenorland Minerals (TSXV: KLD) announced that it has entered into a property option agreement with Barrick Gold (TSX: ABX; NYSE: GOLD) with respect to the company’s South Uchi project in Ontario.

Under the option agreement, Barrick can earn an initial 70% interest in the project by spending a total of $6 million on mineral exploration within six years, of which $3 million are guaranteed expenditures within the first three years.

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Barrick eyes new mines, not deals, for future growth – by Ernest Scheyder (Yahoo/Reuters – September 13, 2021)

https://www.yahoo.com/

LAS VEGAS (Reuters) – Barrick Gold Corp Chief Executive Mark Bristow spent years burnishing his reputation as an aggressive dealmaker, but he says now he is focused on new mines that he hopes will boost profit and the company’s sagging stock price.

The strategy eschews the acquisition appetite that made Barrick what it is today and instead pins the company’s growth on exploration projects in Egypt, Nevada, Guyana and elsewhere.

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Barrick Gold’s CEO is stuck: He would love to acquire, but promised investors some discipline – by Tim Kiladze (Globe and Mail – August 10, 2021)

https://www.theglobeandmail.com/

Two and a half years into his tenure as Barrick Gold Corp.’s chief executive, Mark Bristow is sticking to the party line, reassuring investors that miners have learned from past mistakes and will not overpay for deals.

“We blew our brains out over the last big bull market,” he said in an interview Monday. After enduring billions of dollars of writedowns and adding boatloads of debt, he has a new mantra for Barrick: “We’re not putting our balance sheet at risk.”

But Mr. Bristow is a conflicted man, because in almost the same breath he acknowledges that he would love for Barrick to get bigger. After all, this is a man who, without hesitation, publicly floated merging with giants Newmont Mining and Freeport-McMoRan in the past, only to be rebuffed.

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