Barrick President and CEO Mark Bristow highlights Barrick's strategy to build a standout value-focused gold and copper mining and exploration company. He discusses Barrick's growth projects, industry-leading balance sheet, commitment to sustainability, and why the company is currently undervalued compared to its peers.
NYSE: GOLD, TSX: ABX
Barrick's Strategy and Growth
- Barrick aims to build a standout value-focused gold and copper mining and exploration business.
- Barrick has a 5-year gold production profile with near-term growth, driven by the ramp-up of long-life mines like Pueblo Viejo and Goldrush.
- Barrick has a series of world-class growth projects in gold and copper, providing 30% organic growth by the end of the decade.
- Barrick leads the industry in all-in replacement of gold and copper reserves, adding reserves at the same or better grade than what was mined.
Financial and Management Strength
- Barrick has built an industry-leading balance sheet, reducing net debt by $3.5 billion and returning $4.9 billion to shareholders.
- Barrick's management team are all owners, with a requirement for senior management to own five times their base salary in Barrick shares.
Commitment to Sustainability
- Sustainability is deeply embedded in Barrick's DNA, granting the company a critical social license to operate.
- Barrick is making steady progress on its transition to clean energy, aiming for a 30% reduction in greenhouse gas emissions by 2030.
- Barrick has initiatives to minimize its environmental impact and support biodiversity, such as the Gamba National Park and sage grouse protection in Nevada.
Undervalued Opportunity
- Despite its strong performance, Barrick is trading at a discount to consensus net asset value and lower cash flow multiples compared to its peers.
- Barrick's copper business is a significant contributor and is positioned for further growth, similar to Anglo American's portfolio that attracted a recent BHP bid.
- Barrick is the most undervalued major gold and copper mining company in the industry, offering an attractive investment opportunity as it delivers on its operational plans and growth projects.
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