Barrick Mining (ABX) Investor Day 2024 summary

Strategic direction and future plans

• Targeting a 30% increase in gold equivalent production by 2030, driven by organic growth and major copper projects such as Reko Diq and Lumwana coming online.

• Focus on long-life, Tier One gold and copper assets, with six Tier One gold mines and a robust pipeline of growth projects across multiple continents.

• Major growth projects include Pueblo Viejo, Porgera, Reko Diq, and Lumwana, with feasibility studies nearing completion and first Reko Diq production targeted for 2028.

• Ongoing optimization and reinvestment in North American operations, especially Nevada Gold Mines, to extend mine life and improve efficiencies.

• Emphasis on sustainability, local partnerships, and workforce development, including Barrick Academy and expanded training initiatives.

Financial guidance and capital allocation

• Since 2019, $23 billion in operating cash flow generated, with $15 billion reinvested in ore bodies, infrastructure, and growth projects.

• Over $5.4 billion returned to shareholders since 2018 through dividends, share buybacks, and return of capital.

• Net debt reduced by nearly $4 billion since 2018, supporting financial flexibility for growth and returns.

• Capital spend will be elevated through 2027 due to simultaneous construction of Reko Diq and Lumwana, then tapering off as projects reach steady state.

• Reko Diq phase I CapEx updated to $5.5–$6 billion, with project financing to reduce equity needs and risk.

Sustainability, partnerships, and social impact

• Holistic sustainability strategy aligned with UN SDGs, emphasizing real-world impact, local employment, and community development.

• Renewable energy projects, GHG reduction, and biodiversity programs are central to reducing environmental impact.

• Local content and supplier development programs are expanding, with over 70% local spend in key regions.

• Community investments in education, health, and economic development are integral to social license.

• Workforce diversity and local talent development are prioritized, with increased female representation and graduate programs.