Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for standing by, this is the event operator. Welcome to Barrick's Results Presentation for the Fourth Quarter and Full Year of 2022.

Following today's presentation, a question-and-answer session will be conducted. [Operator Instructions] As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, February 15th, 2023.

I would now like to turn you over to Mark Bristow, President and CEO of Barrick. sir. ahead, go Please

Mark Bristow

much, ladies a here and across and very and in good good elsewhere globe. afternoon, gentlemen, the ma'am you very and morning Toronto Thank for those

be you talking XXXX As today. are we going results about quarter four know, our and to

looking background didn't out heralded, of fundamental deterioration, were high anyone past further the of with me. changes year you'll end rates, of era the high money new some global believe, which I'm geopolitical I sure agree the financial in But and back, way inflation, And easy turn interest expected, against landscape, risk. high a our the there the and regime

response price On also it was this, was gold the pick to classes, a in one the see up. and positive good side copper to better and of performing asset

been I has, While world's gold believe, strategic. has most become always metal, most precious copper the its

gold Barrick and owns portfolio. best biggest industry's the

largest steadily ability you difficult the proven are and share producer with strategy and today, United copper States even value deliver I create to times. as our drives our We And long-term increasing and plan the we're to our in in Africa, holdings.

which your our the to draw cautionary be formal on I in reviewed full website. statement, attention can

crowd, fundamental done driven wanted have would a to a and we the what a agreed industry In of stakeholders we would that. by create would do, from of that exactly spent do would leader. XXXX, time we on a that said We designing and when we new John company out stand our Barrick Thornton to I use lot merger the and promise we Randgold, the strategy we

to million pounds have copper. of Gold gold X.X then, and increased have ounces. of Since ounces million produced XX reserves we around XX billion

$X.X have into company. rolling returned significantly our business billion invested the shareholders, time, deleveraged $X plans the at and We XX-year and same to billion

to this resource the copper for critical by exposure our more set future-facing we've has stage XXX% our year-over-year, XXXX, and growing metal. increased in Just than

that Gold venture portfolio annual front, have now joint in the Mines at transformed a have rating million our a which from the we status optimization highest the assets the production AX combined BaaX, achieved $XXX Moody's and Tanzania, of gold credit produced Acacia credit level On with Nevada long-term X as synergies gold at complex. And to legacy upgraded rating a the finally, industry Tier meets stable outlook. mining in a

our Turning to The the of gold and the a results. resources. year in significant busy highlight was increase reserves

that is over said before, the of to our drives profile. more attributes apart growth our of from time our as sustainability peers, one ounces than As sets the our and XX-year we production I've ability us reinforces mine replace the it

Accordingly, also strategy reconstituted we've base In the of world's have year. our largest the line and copper Diq increasing Reko with of we more the exposure our on past quality copper, deposits. than doubled resource over undeveloped in copper-gold work started project our to one highest Pakistan,

Added with project. ounces to in added of and gold the started million Republic Viejo approximately XX commissioning its plant mine our of Dominican the this, Pueblo reserves expansion

permitting a its you potential Barrick's Fourmile work real more our of which value. and at existing our deliver the greenfields the future its front, A intersection tell was around to while assets, about shaft. started exploration on stage third process at target later. And brownfields some standout significant next the Dorothy project, very I'll unlock growth to to Ridge advance our Goldrush continued Turquoise Nevada, In commissioned organic

or ounce guidance our production Ridge infrastructure region, ended expected guidance, Africa the better Despite XXXX, a gold be of at profile, solid and Middle in and some was strong Copper fourth slightly to cost with fix to from below East X% per quarter and mainly at processed usual tonnes due around a production from similar production XXXX slightly expected prices the lower contribution well Cortez. the below levels. and Turquoise within the input to are need

Barrick As strongest billion through At in mining, of XXXX post the Barrick, greatest dividends comes shareholders and I we creation in to pointed and that return share one record balance development. even of out, in another sheets $X.X opportunities after the the from discovery buybacks. value industry believe the

preferred Our real to been there we our find is be strategy have if to to answers, a we buying. should add potential buy, what and future

over annual doubled. success of reserve our delivering continuing I and exploration noted X.X XX%, copper of depletion, million attributable our year-on-year. and the gold we've reserves resources growth At resources to the grown programs, again by same increased Thanks as earlier, time, gold ounces than above the more

continuing the fatalities tragic has lagging leading year-to-date. the by been badly improvement Barrick's in and in blemished record indicators, the Despite and XXXX safety

All of thoroughly we been investigated these the and learned are lessons applied throughout group. being have the

as Significantly, with part interaction ongoing most safety their of partners. and and be of of onboarding by contractors, that these our prioritized have systems our tightened our fatalities we needs were showing oversight our up, which suffered business protocols to

and gentlemen, We to climate communities. to is are managed commitment and the development countries socioeconomic supporting should linked approach loss our risks, and believe on ladies Sustainability, holistically. that host our Barrick's of inextricably be fundamental This and biodiversity business. poverty is based

with decreased our achieved line sources Last our expand X%, emissions gas plan, around million efficiency we more above and target rate to community invested use than greenhouse year, in water $XX our of XX%. continued well energy our by a green in projects,

achievement we Development is and for Delivering And planning UN before stage the Reko sustainability how mine at well mine Diq, the starts mining constructed. at of can the be to Goals. Barrick, show begins Sustainable the plan at the of forefront

in a done growth massive we thousands Chagai and jobs developing expected impoverish a of on the impact Balochistan, of province stimulating projects of have across world. is region economy, local other the to creating in as Pakistan, transformative the our This the project have

as on first scheduled Balochistan of production, its this of of workforce local We've social our production a get return advance ensuring to national first people XXXX, their appointed also province development we've for country share well advanced targeted funds partnership. royalties disbursement new manager. employing that will While recently in is started the an early and Balochistan the and a

our America, as on to the are integration emphasis start Mines new Gold Moving leaderships operational where usual, operational on focusing Nevada effectiveness, the relatively teamwork on region with rapid response review. in particular and and for agility, We'll and North variations. to

Turquoise in As Cortez I ramps Ridge commissioning noted performance impacted third Carlin, were production up. unforeseen – fourth The and some Turquoise is a improved earlier, issues, expected deliver quarter. strong the underground staged to of by shaft operation but continued Ridge some the as comeback

are evident in resource value are Barrick's the map. and becoming on of adding benefits reserve foundation combining of in some new rolling mineral which shown and is form the our and Nevada XX-year NGM of supporting growth to plan, this future the discoveries, assets now conversion

At The Fourmile, this have of Carlin. Robertson along we existing and further and reserve success million achieved potential be strike. a quality with of cannot understated, complex expansion and prospectivity recent declared and X.X ounces deposits at the maiden are we about Robertson, between excited was

drilling the Leeville Leeville Within on controls North grew to last year's the level added is increase inaugural to Turf growth North when potential resource of at the mineralization. base project our we a Leeville, east at new significant expand Carlin, resource and towards is has fault. And showing drain while to ounces understanding Horsham X of continues and million North

of Fourmile impressive a exciting Drill returned have pointing already particularly As some the target meters Dorothy new on, XXX is resource. touched to holes discovery, intersections, I've a a north some Goldrush significantly both extensions mineralized to Fourmile and and trend up reserves date. of – as and the significantly identifying increasing the that as to makes Fourmile well potential further untested resource

drawn like intersections every my best trend ever mineralization. and Fourmile-Goldrush results seen career, before and in focus of geologist the on returned have These they of some high-grade expanding from are will the this what now lives drilling represent for. the exploration zone I steps

would Newmont that the when Nevada As joint at by a of each into a with be joint to XXXX, agree retained vended venture date. a reminder, assets number formed venture company in we later the be company

go resource million that Goldrush like four ounces at asset. at XXX% you certainly, owned so combine if about the in XX deposits, of us, as is you look you moment, relatively big the at And as these all size and they're some of And to Barrick intersections point, look but when looks bring appreciate, in and Fourmile far XX sort well ounces around of million when ounces. the over as you these On potential small, it the – and very the potential, that's go. with two, volume,

we're recent about development. super And so excited this

exploration has and some as as driven The the in years changes two evaluate in with significant strong Investor North well. beyond Day, opportunities mandate, with exploration to the our strategy you expand at a we last American shared team Nevada copper region in

in has which option exploration been near our real in the agreement building Canada, being We Hemlo team restarted new last success a portfolio, and signed quarter. with fifth a Barrick's

results. with which filters. addition the across talk US, further option the Basin business district next, team on also the opportunities returning dedicated already early area evaluating In epithermal the A Western Lane always agreements, actively the strategic in to Great in in has in all about I'll as exciting and Nevada, targets, Arizona new the team is focus in our secured brownfields Walker both three are a continent clear

plant throughput, south Veladero. considering a recovery was a guidance, downtime year Pueblo America, record at year production despite Latin ended to for achievement the the Moving issues required Viejo where the expansion. full within with major

X completed Tier to far to of facility mine's be is state underway. the continues extend Construction permitting and is Meanwhile, will new project into currently as of advance expansion the future. commissioning tailings the storage plant mid-year. And expected around the the

XXXX, as expect of impacted extended latter up but have Andes, recovery, until we the the which are existing recall, facility tailings and still in is with, high end wrestling the new by facility the significantly production of part in which we Veladero, commissioned. handle an improved The by which winter can year. the was time leach you'll low to

the was both to cross-border energy the Chilean will continues carbon mine's to link emissions. on long-awaited power crisis, contractor and and and higher government to engaged costs the December in grid labor well and Veladero effects switched try the its as of And suffer provincial as enduring reduce The federal Argentina's reflected solutions. government in costs. remain find we local currency with the

early-stage continue on portfolio our to of drive presence expand developing our with projects. we progress has in region, a and American team, Latin other our line this in exploration collection Our the hand, to been

Veladero the in district, work with potential to mines Veladero the to targets add on focused the is life. Specifically, geological

target mine some mineralization exciting a being confirmed from portfolio to untested of close strong a have with Escondido has is of surface. We near returned extending the targets the zone drilling Morrow specifically, where results and

mines. prospective looking now we're areas large to a We've also other over been closely target El next looking hosts the which reinterpretation data evaluate at Indio Veladero remaining exercise, and Belt, three completed Having the and the compilation years. significant

Pacific. Asia to continues its progress ownership structure. world restart the across towards Porgera Moving new a under

expect in time XXXX, to We remains outstanding from but reopen matters. the until the as we finalized excluded such agreements asset Porgera guidance and our all have

In studies is a example started tremendous I future more our development in obligations the engagements social value Reko what our essentially sound the costs and by mining Reko baseline large have leading. been Diq paying for a having Diq, today's than inventory Pakistan, with personally acquisition is as environmental -- developing we've created local is be in can fund communities, and rather the common introductory fantastic of then industry. that deposit and to

the usual both mitigating new impact copper within Loulo including Kibali. delivered guidance. The through at region inflationary and energetic projects ongoing battery production solid pressures, Middle management and installation East solar Its its gold and of and performance has team with well been expansion the Africa

liters The it battery expanded fully further and and by reduce power gas heavy will tonnes, ounce emissions improve of a is It's to greenhouse replace plant commissioned. in production fuel costs. per lower continues Loulo-Gounkoto Mali million when solar complex XX XX,XXX at

the Mali the is This district, drilling district the Main Senegal, the strategy for key systems. is Zone happiest prospective the hunting in much long XX-kilometer Bambadji line in Across highly Loulo grounds. of X structures one which testing the trend. to along still We test we've Tier and The defined we targets Shear our with permit, river it of scale call nine Bambadji success. will which our side major in so the has delivered of on be identified

Kibali's Moving change processing by now behind rock a now but is us. Republic that winder to Congo, of impacted was the capacity out, Democratic

and season. power system dry the the storage will renewable mentioned, already planned backup provide As during solar battery

with start the high-grade testing here Kibali's KZ and mineralization confirms long We're being high-grade trend side the zone of which reveal wary could Whilst exciting potential on multiple progressed. are mineralization host potential of to Western targets additional shoots. KCD section deposit, target to about being continues shown the the the the intersected.

derelict introduction, example under level. Tanzania, their the capable pointed took achieving. what X years, the out Tier at two of also where previous is completely is a we production standout Barrick I is rebuilt in we've to operators, three-and-a-half And as point my from a of a over mines combined

We've also most resolved license pioneering Barrick's partnership legacy social challenging a issues in with some and of regained the our government.

results see the efforts can of You here. our

got deliver big one new mines, scheduled on open for underground we'll from to and to quarter made mining plans leverage fleet Gena as commence We've in ramp-up later plans. Bulyanhulu at both the our at the the owner mining, while is continues to new pit transition our investments

in our significant upper mine now our and to study, expansion which a asset Lumwana extensions. team of development bring brand-new forms the revitalized the business plan a The the we've growth transition successfully into another busy portfolio. positioned fleet key for and production owner at The super by with including investment guidance The Zambia end the year's pit the Turning our the XXXX. is has of is of life is copper potential Lumwana well plans. pre-feasibility past expected ongoing new range to mining, our in of part to mine half and a was

Jabal metrics year or performance. life. a reserve Arabia Chile guidance, and Sayid growth depletion, another also Zaldivar to in mine than cost in adding the Saudi were with delivered production together that produced above better consistent within

results at from on Ad Sayid results we're mine of to drilling another reserve strong Ma'aden growth, track support projects, In year while projects. potential within further the South continue Also exploration Lode Saudi presence at are mining Umm expanding the X in two Sayid with to Arabia, lease. exploration deep new Jabal Damar itself, confirm discovery greenfields partnership and with Jabal our the

included commitment out record shareholder million as buybacks. XXXX in I returns, $X.X $XXX payout a pointed to Demonstrating and my strong our introduction, was, in share our billion

to XX We a $X billion have the buyback new for introduced share next of program up months.

not Our at growth, shareholders from be have returns this can to seen organic of expense the been profile. as

generate portfolio, cash future. and over base being to gold of has Since invest means profile. with back are strategy, Barrick line roll provide of the and our with the growth the returns We demonstrates in ensures This of continue in our clear peers a which can delivery merger significant addition delivery privileged on discipline. organic to plans consistent plans, in outperformed invest free XX-year quality case the flow In continue we to of the real and the our operational we Randgold, production in consistently position capital our our in its into able and shareholders. to to our future copper

be portfolio quality operating is in Embedded portfolio believe value, without recognized. an from in time, unlocking I embedded steadily and as in which value are to projects this ability unmatched will existing The pipeline existing that significant have our the differentiator, of our is assets. done buy to in we we having grow a

powerful it has proven mining in strategy. for There our Barrick. other case company all Putting investment that together is presents no long-term the

quality assets, our and our countries. through team our growth license to earned partnerships our our world-class mutually operate Our social with host beneficial projects,

to Our ensure existing and of a team, be it we we is significant the both the banked copper place portfolio with is it in the sustainable making firmly in have further grow and a long-term into terms the ability differentiator plans ability future. already world-class to will contribution

for team and Toronto, happy we'll ladies any gentlemen, take you, we Thank have to And questions. be your in and here a attention.

Operator

you. Thank

first session. We question a ahead. Please [Operator investor. go comes [ph], Tumazos telephone Instructions] John question-and-answer will now begin from The private the

Unidentified Analyst

great much for work. all Thank the you very

in Reko Pueblo from a fruit? you reserves do additions and multi-year XXXX now, as studies those permit XXXX to year-end getting to and anticipate to done additions Lumwana bore ahead Looking comparable resources to Diq, large the which technical year at programs Viejo

Mark Bristow

So thank for you that.

Leeville big it then we I we inventory for get underground. because when is initially, we define we've is And think resource got bank more drill an a focus resource. new really, that. -- to itself. That only now the than reserves. converted mineable REN to particularly sort development inferred current expansion in I out. double drill all got in has and the Nevada to going from of But We're drive excited it Horsham, We think that's resource going as The lumpy, of a underground lot project about we potential more got pointed out development Northern in. its and area, growth

we interesting We've We've The old Twin now, a the some the just in out that some Robertson started Creeks of got between and itself lot Ridge. on drilling project gap fence work BBT corridor. of like again, upside. and areas the Turquoise has the are line coming drilling

we Be is confirmed that BBT because As There, it it and there. Better interest, call for it an stands we've

we're towards So now developing target. that

exploration up across really the in some which in shared mine. new Northern So sharing you Nevada the life that I've projects with around Dominican Republic. ensure exploration we'll extend opened that Americas, be the new Veladero, doing we important us for work We've got exciting. we're is course we've that in is and targets, of which due Americas, to

And Umm then mineralization which the together to that well, on joint high-grade which now deposits. It's is are can deposits, on these got very Ma'aden significant Sayid Damar again, we the that believe, can geological we Jabal connects the And in we VMS copper we've service target. got think venture the in copper that model surface. -- surface, Africa, we real in opportunity a a project, focused Ad with on we're targets

that. Tanzania, And largely you than Our know, excited been so decade, the about more for team has now started industry has consolidating a Tanzania. ground neglected as by in we're again, and

belt Victoria Fields. as – -- part team the big from eastern Kibali African in down well into focused as the copper Gold a Eastern whole the from have also We Central on

product and a us last the quality that you investing and the that's look of four in years if really lifting exploration at So our over of game teams. --

that And we're I today. believe absolutely there

replaced -- we're like year, year. so the and But every this the our can XX into look show of to you of in how plus. reserves going in reserves over we're replace if merger, of million all all but the because Africa, produced history the replace like And we time, we've going XXXX to we not ounces gold, there, we've you to work back it

doesn't And assets So buying my whatever of create back -- my future. acquisition – go invest say, why can repeatedly saying, value building so its only and resort doesn't history Randgold, but it Barrick get work spent Randgold. to the built industry, and organic doing at both go we're that's on And importantly, the to after this value. market. and in entire the of has you to And in last real and bit on in its difference. is been business to That's if the adding drill it did make And you mean the opportunities, Barrick you shy way of which that I've not the career career, M&A. more through then the I've the M&A, significant

now, done we'd opportunity opportunities companies you lined. how but you arrive, has got we difference. to been we've the don't whatever one, And that foundation force value can it, do able on the – haven't done to which at to two it. that's a think because just we look the when to fact We've we and We and still these it. said we a is, we'll So and they really an this gold like, replace good continue deliver we've now but I properly, do memory on to say have

Operator

from ahead. question Veritas Please go with Martin Research. next The comes Pradier Investment

Martin Pradier

in why bigger sales Thanks cost? in the And had X% up wonder versus was given tend which opportunity. QX the I X,XXX QX. usually wonder, on volumes, imply was you I to X,XXX, of that for lower cost

Mark Bristow

going to Graham. to I'm you pass

Graham Shuttleworth

have we really the for there One do have Yeah. do in volumes, then production. quarter. and through to Martin, linked is to of so is, really to comes Shuttleworth Graham you of final annual full then the adjustments driver the depreciation two increased year so we increased hi, depreciation, the that. when And reflect the our when and it's it's the that here. key generally that tie-ins Martin, depreciation there aspects fourth you tend accounts, because purposes financial as some also, some additional was audits,

Martin Pradier

you. Okay. Thank

Operator

The ahead. Please [Operator go comes Instructions] Jakusconek question Scotiabank. next Tanya from with

Tanya Jakusconek

morning, you me? Can Good everyone. hear

Mark Bristow

you? Yes, are Tanya. How Hello.

Tanya Jakusconek

if my you could. Thank Good. three, for you. Thank I I questions. taking have

time. The asked first with do one the about has Porgera. I know to I Porgera all

Mark, about off not can and our we of update an I we on Investor with call are a too from Just, potential end give early on Porgera? startup Day, on as last as know, We're us maybe far there. talked conference where you QX. the

I seen it's about about I wondered this if we've talking how just real? I'm your just in So thinking we the know, slippage, should guidance or not be year? Porgera

Mark Bristow

the two? other And

Tanya Jakusconek

second do Oh, to Sorry. My with health and one is safety.

what Just there's Because and time, what to understand exactly seen like I'm wanted you is quite understand you in what learned this? just a happening? And have what forward on implemented? you to a and of period fatalities changes short have like move very of trying have number to

copper then my from front you see current M&A Mark, side. your last with for have portfolio one Do other And opportunities you you growth, you in do in the your copper or think, in copper? to have do the portfolio enough on what copper is

Mark Bristow

that. So last the I'll Tanya, with question. for thanks start

our So we again, and investment. else by we to focused, the and not it, as we've certainly been about gotten shared but fundamentally with where everyone And visibility got actually Day. again, we've copper, exploration do it's enough And we driven our go. of in while you have talking we've to Investment field, has want

you the government. and particularly Barrick. copper also have DRC focus And in the big strong relationship And and on they're America particularly, the and very we along And Andy's endowment, a long-term South legacy of in as historical United Africa Zambia, Central a well-entrenched Certainly, with Arizona. that's within the States, a significant belt. in then we know, permits are

organically in very we led. us strong we again, and position, a that And puts believe

value and that So that's wanting or creation, are to governments is can cobalt a EV, not we long-term what -- copper, countries arrival with we've gazillion They a it's got miners. promise, in but bring and other sudden can those whether a lot short-term areas any offer to host around the and in very countries. to expertise claims people have their form arriving not fruition these of the value world. they to say, for a see prospective little They're how their

again, if portfolio. said XXX,XXX copper years. at assets, is look the size Tier strategy. as our if continue itself. significantly that in so when we So part to for Nevada two an so very of look our you grow And it, XXXX, put more, together, six integral commitment much, cases, X detract companies doesn't ounces to you Kibali, in from most of XX at we more And ongoing our by gold the way, the beyond speaks and businesses, our

at Then ounces. producing that's you look Tanzania, XXX,XXX two mines

copper Reko Diq. goes X it opportunity then to with as So the our to at, we've share of And a Reko Diq. seven. that has we've And that be production as takes That It's nine. takes then Lumwana Tier that far and as real looking takes got that to big potential asset it eight. as got we're to it

XXX,XXX ounce it's come takes And so plus and see I'll it a to XX, then back to which because -- producer. you Porgera, that

around many add and buy. then our So Tanya, portfolio. are assets chunky not to into know, And our go focus as what those there you is,

those really leaves to to focus. and So be us our able hunt that's it down, challenge the

more question, this a been very a XX-year my for me, good career. as fatalities can all it's I've multiple -- safety, mean, and and in imagine, than experienced It's you Health time. traumatic personally, I the

had team a the team, across looked of as issues. a lot these an executive, we've at as really so, And introspection, as management group, a

this We I we've and spent the is largely contracting materially, what come this challenges yesterday lagging but is come partners. with introduced what the we've working down that through group And indicators my what I had -- our our we've from a and showed, -- very have pickup an sudden point flat in where hour Board that commentary is, as our in with discovered, fatalities, and structure.

As embrace we you local-local. know,

I in projects at traditional drivers the So And local which management our you didn't as thing. partners believe invest host the of we is the capacity to fact Africa. a in in our economy. contractors, same of we Africa, to one changed invest know, country And embraced enough this growth the in the know team that considerably building into that getting we've was time time, the

When you're weight. big you don't flat, have that of corporate sort

And it's are size particularly, got a We've in when basis, in contractors so, in interaction instill that about them. we personal ensure all and to on that international and you capacity. not that bring

engaged the they level that with to And, again, as game and our and spend to we've got ensure that to continue lift see them and changed sure to operate in systems more, we anybody expect have that to look specifically got we that South and we that the that they to the they when they Americas, more North, at to our operations. both time change culture we've invest across our we've have expect induction of have contractors, making their

is time, spent very responsibility. I've to And right from we've spent being a executive has significant group, we've a time And the reinforced the making again, responsibility unsafe this of from moved sure of lot work. I the across personally, the it stop effort just think whole everyone that, really apart to our

some to our pleased responsibility I'm exercising just had people that say, significant we've And recent in the weeks. of examples

person I'm to likes not because control like tangible, this -- absolute and -- So it's it's have and things. a of thing a tough this, very who is

doubt this And a important me it's this to a else, for no So committed been stepped get personally, we challenge team more and I've to got that is we us absolutely big and we've up. sure on as top of than -- making the has team are challenge. anything that

New Porgera, you is, can operate then or one they up operating come you until freely Then if Guinea right, agreements your Papua renewal about in thing get for renegotiation.

quite And you I, intention. a few Probably, worked environment I've a to most in, work in, challenging in worked extremely challenging. It's challenging as know, so environment that's those. and the of our have

have the the with got exploration get go license ownership a we've from transfer end as license. will license. company that the of there communities. part the we've we the the and we've vehicle. process, incorporated The to has start mining B&L, We And which now done new is, vehicle, through up we apply is that will special eventually got that, once to mining the new special the be into consultation Barrick And to for vehicle that can with steps the

landowner representatives, of have consult with the direction. but the but in authority, government are mining still auspices in We and various the agreements and MRA, we've under moving that go -- the to we got

We are employing people.

and as fleet beefing we've the that is sure and spare part make ensured care our that up reviewed have We're and operational. inspected mobile parts. of maintenance We responsibilities, our

We maintenance. are doing some

We’re of processing replace some infrastructure. tanks to in the the going

so add. a management are progressing It's just moving. the company, to and going be running going team start of our good, authorities, big has had these government which for agreements is major with a the the And dead there. again, I change state the our might other mining It's as And we sort is be to not we a a get start. partner,

moving -- with signed. And a in on getting so getting that's helped agreements these lot

you believe, going I myself tell year, are exactly to it's I Prime mine -- can this motivated to be -- it's -- get one So the and I think thing we're equally started. when this is, Minister

there. shortcuts, concerned, take we'll to far as and we're prepared not we're So -- get as but any

Tanya Jakusconek

you. questions. to someone I’ll it ask to leave Thank Okay. else

Mark Bristow

Yes, Tanya thank you,

Operator

concludes no at from this time, the phone lines, this the questions telephone more there session. question-and-answer As are

Mark Bristow

go the to going now, you are ma'am? to room So

Unidentified Analyst

Okay. Two Fantastic. thanks questions. for presentation. Mark, the

one, first buyback. on So the

also That used a Barrick of $XXX Certainly, trading more only a a buyback press and the undervalued You ago, $X at you in was active be case you peers. had headline discount. billion commented year believe Will and XXXX? you earlier, is to though, saw I on it. it it's million that

Mark Bristow

So, Nelson, a it's balance.

So it's capital. about of allocation

motivated the go it. our buybacks. remember, the stop you had ability things, in a do to I'd for short file no we had authority of stock, and XXXX, what to One And on run to us back we that's

when if times trade those we undervalued, at register we tighten year, had the do last year, to we -- And Graham a I we at team, at last by a And fundamentally And the and we and the were at it's started how the We we right time. have We did we right it, believe well. so and we Graham's bit it. and the to you shares, analyzed able little program and very during those the weak we time. bought market look stopped how up bought shares periods. will

believe when is reason without look again, don't it, some run high caught to other we've and that, didn't way unlike at again bought to stock. requested negative And The just who companies a you want low, stop our on we we we a authority be did. buy

of owners' And as manage see value assets. it so a fundamental the tool our to we

way tell spend but under specific, it so that's not the I and I a it's And you we of absolutely what about can it. that we're do time worrying circumstance. we know lot buying why

also And then balance capital allocation own strategy. we our it against long-term

But up used impacted dividend, still buyback last cash sheet. because the as shareholders. back value we we at saw, same you So the time, delivered year, to the on balance that

Graham, that? to you -- add to want anything makes So if that's that do sense.

Graham Shuttleworth

point a capital. took which par, the to the quarter you reiterate in debt is of using back very opportunities that discount buy charges saw, forward. was fourth favorably the just of of all at advantage as it's about we some interest us our saving and to approach one going to Yes, our balanced a And

strong think all a balance very sheet, the So it's through a a end it because all, focused about differentiator. of cycle, at And having we balance. that's we're then the on

reflected rating. And so again, current our in that's

So balance. it's a

Mark Bristow

And as We're business. the balance We a to sheet that. We accordingly, a run the Graham's properly. run we're continue business, treat and this We do people. and whole, point, to and company whole as look it it will at owners. profile we the so fundamentally, business Lawson, we manage business

Unidentified Analyst

issues about at That's Thank address plan then I to of the your point both. Veladero one and countries, just to Veladero. Okay. you those? this if recovery a favorite is and at occurring wanted speak could And just bit fantastic. ask Maybe Argentina to the what you

a into this next deferred number was? deferral further that CapEx comment have being then you from of how the year. And on much a year Do

Mark Bristow

done, year. softer outlook So you -- see, all, a for there's let's of as just first what this we've

the and The did cover we was bottle there rolls. on that treated during bottle this. of had periods some far is rolls reason as right bottle the rigs cover goes, We roll mine of we've there. in of COVID. it, just didn't as and historical get ahead a recovery. both There where we manage So column intersected give we've test, the because leach us been we've way doesn't drill always And the real production that, conservative was we battle – you

of that had in we different best to ore categories and So the estimate, body. ore there's make

call we TX. it TX, Some,

have more them some We of are recoveries. carriers different and lower

last the lot time, pad. – with it's And is no slow, out, manage very on Over more dynamic curve you new through developing get inventory leach. the a flatter. a leach saw we but when winter pad, And the profile a much because in flat this a we we there's a gold the

the rich, recognize body – of We impacts also that the ore which saw silica some is leach. more

or did – – into we it X.X, we've we manpower. are phase shifted the we've the the what is, we've We've got in out second lifted but reducing process delayed the year. enough next capacity, reduced So because of

a being keep along mobilized business. is, – it's and managing the chasing it trucking within to drilling my want we've We've because we At of rigs same ore to mean the know, body. the we're didn't the is I mine. knowing now point distance ore your And we're opportunities them, barreling just exploration around view the – the again, body. whole of you as got without out like time, the

understood, And what that it's impact the to do to Veladero, – long-term no and this reason doing. practice that's that but at we're behind year. So slowdown in we want what that's the get there's good opportunities clearly

seen you've course, is Of PV's picking up. up. Nevada picking

in artificial. So again, the it's And production from in cover career, are lower rate when we exchange my these situations because of completely you're Argentina, that can artificial where out Veladero.

lot of doesn't lot not you're gold sense whole mining of money. make it a when So a making of a pile

what And how And big funds capital what – a around, again, it think Argentina, thing. it's fund have of the approach So is really we as use is, industry, say to development. the and we've our is lot mining a all again, that we've province in And a good Shandong. traditional in with spent. with with projects royalty goes a time we've support is, also of to What employment all come debated spent in considered in it's those done the which we've a agreed outside into province. with with partners a on economic generation we're focus I going to some –

we've So able the covered to period. be basis all around, to manage this

Greg Barnes

between face care would that will -- how of Production you. the TD and open I Greg probably, will investors? well that it’s hall you up if big Mark, they as M&A. And as mind Securities. deal you be about and be there will Newcrest ahead, on goes With the grab Nelson Do be ask become from double globally double share may strategically from the and proposed Barnes about -- lot market Barrick. scale Newmont cap a

Mark Bristow

haven't fit be you logic question by that work, you, it to seen too never got assets. because in I've Well, many used this know, mining, with asked -- doesn't way, that too, you of as the by

doesn't lot the my So with wouldn't that getting a big our whole for make money, big I Certainly like getting sense shareholders of believe me. sake and to of either.

and about is as we are a getting gravitas. with take company and don't can't better strategic for that you in mistake, see big much benefit agree builds given. that growing absolutely with so Growing the that the big you and business growing a we value, obsessed more so focus, We can our just business our

believe In adds fact, it's more I probably risk.

this progresses. at to the watch and going we're So way how that's really we it, look thing with interest

Greg Barnes

to correctly, pick leaning various that would copper you front, think you on you the on world about want side, more is to talking for -- the be where were during your towards focus I or exploration you where if the Is you? listened to focus. And going you M&A of what areas that you be an

Mark Bristow

Both.

copper. the is modern there's point metals, The including to geological are I well, of people point whole and a thing, promotions and your to with made those that new the around mining I quite -- and associated that think thin. earlier knowledge running skill real metals, interesting promoting lot

-- industry, is So comes in the future. industry the bad inventory, when a copper and place equally it invested haven't to in like the gold

in, being find takes time. money results magic made, with and out coming money from can't of now like, big You look all again but deposits. It these you the amounts diversified it take invest these huge that and

working been on four years. it have we for And

consolidated heart positions You'll going country. in year, through with up pop new the elephant see this us of right

acquisition now, we the if way a I preferred the our in arises. right if so business grow it pick up an say but inventory And won't of to rebuilding, organically, that certainly on opportunity -- is because opportunity, doesn't

much And again, we're more as as we -- most miners of as geologists and you skilled know, peers. our

everyone a up it run more be wait is the having long buy options M&A and time And have we then and call tired early so capacity much stuff them. risk a we take and for so project on to produced a better to running and out of

way we our So would the position that's strategy. -- that's really

Greg Barnes

several example. Would further. that that partner. in step projects more South development a question. venture for take They need do? one Just a big Would America, There something Josemaria, would joint Barrick are you be gold copper

Mark Bristow

Yes. But prepared our Destination an again, walk time. assets though to absolutely. not and premium. but certain ongoing we quite asset route, extraordinary because say exercise the team we're Theoretically, opportunities have preferred beyond in seen go to sometimes those absolutely, on Kevin's Even already that's conversations the all from you've important. bankers frustration us is quality away I'd to overrides destination, of

Ralph Profiti

discovery want change which that -- Capital. that push it how then I it change Fourmile Thank that know you. Thanks, Profiti the present discovery there's This this of assets Eight does Dorothy does value on Ralph it into Mark. that Because your does value, a NGM. into you Nevada Mines, rolled back gets little bit, approach up thing? a a sort proposition Newmont? how on How Mark, Is to present and structured from prove thinking the into that right? specific is get rolled to Gold that

Mark Bristow

goes and we open with on on and so formula. in, interesting, it's -- and very But the have these a final and when in simple approach, conversations say a have Newmont things. we goes So it it's it very

of So Fourmile, don't with and quality a formula meet deposits. of the because simple those if formula we that it's

it from roll in we everything we get Once the start, back.

and feasibility split asset value a value, and we recognizing all gambit. market the market of in cost goes that, the the and whole then whole of at in the So that premier

the in developing real there's So not participate joint in interest project to venture. it's anyone the best no because the logic of ultimately, for

We up me. carve I wants to to put opportunity also know opportunity evaluate tell -- value Fourmile. don't The can can why these everyone me, they the see just can deposits -- some We out, in to keep some, whatever.

stretch So of opportunity get ore underground the to fully to comprehensively it's types these evaluate bodies, X.X it a kilometer the to from drill surface. you have because

our access with the So of can it partners. what the in other something from can in or top we we we do, the we from real Goldrush to from in we in expected side, invest again, this under share seeing established and into opportunity materializes projects else what infrastructure to side. infrastructure up on infrastructure these that, to can joint if come agreement venture, evaluate development the And with Fourmile then is, we continue northern -- are we if can continue

we it, right And accessed at out takes underground had roaster. at we in developing haulage the again, we've if learned long a that it smelter with lot a the Goldrush access because

do in it -- still Goldrush, getting the we somewhere. there it out because got transport mountains so you've like And with then to

see -- XX-year plan, and -- production us and whole plan, the our that XX-year up. slug we puts of it end So a everything changes of because gives significantly ability it lifts at our back that it

there this this. go, them, we've days, -- When of it's but early tonne. out they'll you see and It's of for we things significant. this all is around and Carlin and very breccias. there are a -- stuff, me, it's So really is This real two -- -- it's some X,XXX strategically, what got those grams country, hits that's is a

rock, same grade Goldrush. Fourmile but and has big there's metamorphosed the than much the so sort structure, higher a intrusion and is -- Oriole of It's it's brittle. the So it's very

is it the up. breaking mineralization So

breccias. got big these You've

got take to so geologists modeling first deep one. the lost is, where you the to these fact that big And way like and the our think decisions found ahead of drill holes the these we've thing --

this we as week, for continues opens it our down intrusion big across is And big get targets that want halos geothermal ability team's there we're to structure vector is, geologists intrusion last a we've -- what developing. this -- got And some these now other targets, I've of it's and -- up because well then the and been into the does also through. it really it significant that product look the so heart And to our -- because just mineralization. motivate of

So again, for already me, our us, ground as -- large and landholding. you've all consolidating around seen been we've

Nevada excited real paid million X replaced shareholders, since seen time. I we've fundamentally, mean, for about over ounces million a long mined. replace XX that we've mean, exploration you've And us all super So we're -- seen four and ounces $X -- because mined billion there, years. in we the We've the to gold opportunity the -- out I'm hasn't I

the think I So -- And often. we're there's across theme doesn't is, doing. look is common Barrick this that what happen

We have the and given those up. They were given the future. of fix no on when People had -- completely know two them neither haven't to infrastructure. because better We had that assets we a had grade, future had put plan, but Barrick assets had we together, decline. and Newmont's up.

Ralph Profiti

And What What come of in to the of context also you now? you those that. about of because talked out you discussions? How discussions thinking out are I ask the audit. a Mali Papua those anticipate do want jurisdiction? has mining Mali come you and question right to about for New Guinea Thanks on

Mark Bristow

before. delivered your in me, value has country, Morila your said, asset I've whole portfolio? than other XX Mali. more ask always we what's other years, I've in people riskiest jurisdiction any For had any because But said, my Mali

attempt. These Malians. gauge because does I asked has know regime people the people. who Senegal, talk gave so who And been audit we a run really this all the our again, by glitter been from question we professional This Senegal for gold know is by not are is, and the investments, a has That's well. of question. People current out

it's GDP. the so And we're to of XX% certainly, as miners up and us

always core So, actually the Malian finance conversation very every a we the the business budget short, the and of investment. is year, component with are Barrick

regimes, three got of we've their we've everyone's And amounts a we pay the the and of start, military civilian Mali, been in but in right team or a governments, we pile because got so incompetent out all. at either executive and tax, we've come see always large capital in and expatriates Malians. but whisper And don't that mine. view now, And on we our dividends no employ big through

a no you and just -- So, weeks as poor -- what my very part We its question country. quarterly couple that two and of has I bring visit, we if manage look that to about up was ago it anyone, amongst met with and of at is, there that my contribution everyone. encouragement the developing mining done, there's

your because safe one other rules mining money we out code -- haven't because past countries. thing what the to face the the about investment in about investment So, of has it And encourage whether reach Malians keeps Mali to brought the challenges and better the isn't the more in because these is is and or like thinking it's changed actually the coming in shouldn't all revisions the anything. be -- about all considered

measure in a some to a the between and the But certainly, governments rules that mistrust also transactions the and there's civilian the big junta of that and determination regime. were there's past and understand done

good there can was null it's is fundamental, mining this the of good -- something Mali give people which the a any so industry. share And contribution we if reasons, the right will if uncover because it about otherwise, will And the more done administration. it of with it's for thing

Anita Soni

Soni it's CIBC. from Hey, Anita

questions increasingly you, difficult. more So, for Mark, three

the first one, pit. think Lumwana you super I the So, mentioned that

the phrasing just XXXX? Do super you that or XXXX, want-- were was the have that pit online study, mentioned the that by feasibility You by you of of end end the would

Mark Bristow

one. next the for waiting I'm

Anita Soni

too, you declined deferral XXXX November. that I questions the wanted to what from gave Veladero for understand XXXX on instead? next been deferral capital the we just was. The be want I the You what $XXX okay. adding the Veladero, in referred would else? you what something Was guidance into with about million should that majority or number think, have a of was there that, to And

And already has that once. Greg hornet's the kicked last one just kicking nest is that

to there's So, And opportunity your give sort -- respond and I an of conjecture because a of sort what of lot to you role about recent wanted growth in you've and be picture but perspective, just in would been would just kind the on M&A. break view I big of scenarios. wanted things that. any I not be to or you are out speculating taking apart involved whether your understand And people from a think addressed

Mark Bristow

Okay.

the capital, So Graham, first one and Anita, take and the I'll is it. answer most that difficult

Graham Shuttleworth

some Day, then do capital, showed you look we the a we And when as the and with we completed So to and on present XXXX, Can we in actually try I truth capital, bar, there to kind really, the to guide November of pre-feasibility which your ruler you answer need XXXX? of the bit Investor in the your we're detail told, to first then in when is NGM. you a – but more where spend. were which in where which the we some study, the But cut capital easy we of be of at little just question, got took going number. kind one, is going be I at managed areas – end answer to to

your the what lag often a And actually there's between year. a a is, in and with ambition capital reality of get done you bit

anticipate that our so And and try we in guidance.

any but is. just major really we're isn't to our the more give we outcome trying likely clarity little a – target what there change what what real is, to you So on

Anita Soni

cost of So Those question inched side with in from little can was the I a a up just November. the follow-up bit what on equation.

for you could drivers key talk So just about that? the

Graham Shuttleworth

a Again, roundabouts. swings of and little there's bit

lower all-in you costs, would that seen slightly there sustaining slightly costs. have higher cash was So

sustaining bit as we the and roundabouts of costs a moving plans. capital mine there's swings some optimize So operating between little and of

is. mostly that. So driven that's it really all It's by

slightly where model, for example, and we adjusted areas costs the inflationary just optimization. that we Some A&B. of but input latest about for in pressure fuel it's and were we've We've that areas, more some sequencing in lingering prices higher the the some in had still are in got adjusting areas, sort the explosive those

Anita Soni

follow-up on One more that one.

of costs, similar? remember, As is I'm And that XXXX, cost the but the structure. cash similar, we we now to we they using the trying go the remember, to for should were XXXX to into XXXX decline CapEx have sort pretty level or XXXX? set be what I

Graham Shuttleworth

forecasting, in we So our our key declining really have prices. around driven XXXX, that's around and assumptions input in the costs

So it's in around particular energy driven and really process. oil

which So key price around XXXX, actual a for our assumption is is barrel, oil to oil similar very XXXX. the $XX

that for So very XXXX our similar are input prices in XXXX to sense.

oil our increasing cost at brings profile, if it's that we're our drops slightly. that, And of our side In and you on in barrel, a down XXXX, look $XX then down. to forecasting, the so flip assuming

on slightly cost down coming ounces benefit increasing So then per you costs ounce. if a your your you're also are get your and little

Mark Bristow

heavily big investing fact we've brings in And and you a that, could the to energy add that green that remember Anita, saving.

batteries, -- in That's we've grid the learned a So try season. solar through would a during makes – at why been Kibali that, XX% we keep Imagine lot the because we're and it's And on that look really, about to and able there, battery Kibali now, and what season, rainy be the it's hydro like dryer the and Kibali's – local installation to that the the grid. want putting extra solo batteries. one fantastic. it got support we've to is diesel, make

of And -- and so adding across the and we in group. the that we're can stabilize doing grid Loulo. feed if we solar we and the reduced hydro, We're solar amount more with battery the

that also lot the about is, bill hole. managing lot that And with on the of renewable So going down fuel and going have easiest I'm learned a positive grids micro we've impact will forward. energy, not a rabbit our question

Anita Soni

All right. Thank you.

Jackie Przybylowski

Thanks with BMO. very much. It's Jackie Przybylowski

much the the a that or news getting any soon. I But, coming feasibility I think I'm impression or quick a and there come XXXX, other up in events just like know out? at today's Is a I guess, that Diq. most answers. sounds see study from before ask should there's presentation. we been catalysts technical expect or Reko of answered, is study maybe thanks one report and announcements we on moving I'll It that so time you're quickly, with taking have the forward questions fairly for

Mark Bristow

just the Jackie, there, before back we're So the on pre-feas getting this to -- Lumwana I go feasibility, to year. Anita, going finish

and So a with you'll then good XXXX. full into have handle feas

we're rather focused decision-making than on to the So understand really later. sooner able being

time. to got around building infrastructure, of Reko a things; about power, it's -- the -- Diq, we people couple and get got initial we plan, south Infrastructure, rail. year, of strong and by infrastructure the over water which feasibility complete next we the and believe is plan end then is really, we've infrastructure. a north, it's And

basin, map there's the water a and not, is of water, and -- to that plan -- farmers. water the from sort is, the that we're the of, and which poaching basin, we Water, of mindful we've in aquifer being going we're Chagai entire started already, objective lot

to different over deeper And want in the Ultimately, term, so, the systems understand we to move water really long area. long desalination we'll that term.

opportunity there's geothermal for power. an Power, And

where you offer XX/X know, is Reko and So wind. But world headquarters this doesn't place that we where solar as are, for power. Diq is,

drill et very permitting, a speak, volcano, but to mobilizing currently, with cetera. So we we We're gradient, are younger, but strong there which geothermal busy extinct is it. the as a

on are has then And link also although grid business. to the opportunity And stability. the challenges to the and grid, partners, oil gas the our course, in these of

feasibility. And so that's -- we of part the

We on the studies of and we social, focus. really had year. baseline will three And, even so that's course, are environment started well-underway, those we and already last -- the -- that

we're the make we're geomet holes again, globally. on which the it's drilling, DNA, and with finish the the and flotation course, tech of just drilled-out since some of pretty of holes the comfortable right, XXXX On -- got our technology is technical We've to has side trend in and going changed some things, geotech sure, the to to we, resource. materially

And and really and a are much on work versus a looking so things ground swath that and big we at the combination at looking to managing like of recovery test more concentrate. approach modern

Jackie Przybylowski

just of get wondering to on Sorry. if we're any was sort going I that? updates

Mark Bristow

Okay.

as development So somebody already go. we surprises. we'll that update though is, say you don't to really to you those the as if you haven't want with be -- develops we've the as pretty we what a in don't anticipated. looks we But shared development economics far there's would something call XXXX. are something. concept, But and And I scoping intention the news the as that in expect is any bad solid It program, only

Graham Shuttleworth

the pre-feasibility just it's be XXXX, Lumwana just be completed I clarify for that in that to clear. wanted will the to study

Mark Bristow

Any more there's more lunch light easy a difficult questions? some So next questions? Any door, drinks.

So please feel free as team questioning a your this. to stay after continue and

at those everyone. the forward in seeing and in-person back the to We're Thanks, then of through we you BMO Okay. on for PDAC. next conferences. to Thanks look and Thank here Thank call. to you be attending, couple going up you.

we forward with you. look again. So catching to Thanks up

Operator

contact Relations Investor Should you additional event. the Barrick have today's department. questions, This please concludes

may pleasant your disconnect for lines. Thank have day. and a now participating, You you

Barrick Gold (GOLD) 15 Feb 232022 Q4 Earnings call transcript