Barrick Gold is celebrating a strong 2023, with increased gold reserves hitting 77 million ounces.
President and chief executive Mark Bristow said Barrick’s growth was directed by a proven strategy and supported by a broad spectrum of skills.
“Discovery and development are the true drivers of value and our strong focus on exploration is evident in our widespread hunt for new discoveries with Tier One potential as well as reserve replenishment opportunities,” he said.
“Our proven ability to replace the ounces of gold and pounds of copper we mine, and the organic growth opportunities embedded in our business, give us the confidence to believe that we can deliver on and continue to extend our 10-year gold and copper production forecast without dilutionary acquisitions.
“As a result of this, we also continue to forecast an increase of more than 30 per cent in gold equivalent production by the end of this decade.”
Barrick has seen a year-on-year operating cash flow increase of seven per cent, a free cash flow growth of 50 per cent and an adjusted net earnings rise at 12 per cent.
“Barrick’s commitment to real sustainability has long been the bedrock of the business and integrates all aspects of environmental and community responsibilities,” Bristow said.
“This strategy is based on sharing the benefits of our operations with all our stakeholders and is fundamental to our social licence to operate.”
Barrick chairman John Thornton said the company’s 2019 merger with Randgold saw that “best assets would be run by the best people to deliver the best returns”.
“Barrick’s focus on Tier One assets and the results they are producing show unquestionably that its management ranks in the forefront of the industry’s leadership,” he said.
“Through continuing investment in human capital, Barrick is recruiting and developing its next generation of high achievers.”
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