Barrick Gold (GOLD) 4 May 222022 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2022 First Quarter Results Conference Call.

During the presentation, all participants are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. Instructions]. [Operator

like this available being today, Chief on XXXX. would reminder, replay and May Executive call conference I be the ahead, will Barrick's now Officer. conference Please a Mark sir. recorded, is a X, over go As to turn Bristow, to website later

the any oil worst in in is everyone on generation. morning, Meanwhile, time way, geopolitical expected dependent that period greatest order. ambitions of social and All and a challenges COVID radical Thank war all, a good out. afternoon, and and and in supply and Ukraine but the are it's and it's larger you, and a gentlemen. facing ladies it Europe, settled more many has having to facing could of who its of map behind painful environment. breaking redraw was experienced turn also no logistics disruption has worldwide a us. change going back on who on inflation economic on dispelling the This over are good of rising permanently gas, Russia's thought the is already very knows The a industries down impact than world countries today pandemic what economic, serious come how in big China, in nation a Russian one the was

ones. prepared planning all case is scenario reviews of concerned, is Barrick including they regular as however, outcomes, the reasonably and for important far us an strategic As our conceivable keep worst part

asset salient sheet in our widely is the also are of and management means gives past presence quarter. which the website. to the statement, on of base, the features our cautionary strength Please navigate ability risks Barrick global confidence turbulence. Our take this our and available of are us our These balance our note the spread that

explain later. reasons the was As previous softer production quarters than we I'll for messaged,

we be meet planned, the keep expect year will track As half annual to second our should of which on stronger, guidance. that the us

permitting with results. copper exceptionally for X believe in-principle good Our assets Also project, of ounces was highlights the a with Diq important is will transform Reko progress which life what as which agreement measure. generally mine Pueblo the XX reserves. new its to performed a much well X be include we best than facility, to Tier made tailing the of the we asset by of Loulo-Gounkoto storage and Viejo's process the adding the as million with gold Pakistan new already the more quarter years X delivering restart by Other will any Tier

new net we to senior expand we we East greenhouse which of expected, we transition globally, what Sustainability, appointments has our through ESG, management roadmap facilitated last to and approach officers chief team X. and the for management's the fourth planning high and our for continue the operating remains highlighted as on And As North American importance smooth a our and strengthen our call we updated reduction succession effective African sustainability report, number to published integrated gas regions. of our journey annual priorities. month, Middle

the report report well the you it's seen seen if read. would suggest haven't yet, I that -- We haven't worth the

operating We the over our and net noting by to also the with driven from of dividend, global over Kibali potentially on billion that may end the base a we BBB+ quarter's energy distributions The $X.XX the due we the a that costs. base global remain performance will as share worth provided of and BBB outlook. of And So year. locked-up XXX% stable declaration position upgraded inflationary credit cash arising again to of was from performance cash around at positions And on cash backlog gold country. turning and position with Kibali the the Robust the sale from recent track under on worth gold net equity from to a long-term a strengthened the pressures another flow inaugural steadily within adding corporate guidance million across increases in and the higher on $X.X improved It's of X% prices as financial Cost assets. well effect effectively royalties. non-core doubles the of our flow the new year, which chain cash the higher supported monetization free Barrick's about guidance. now dividend. cash range, XXXX price by is a of X%. production costs production the paid in that The of noting during in see guided rating prices, the out a this and cleaning the policy supply a to has our copper free and sheet last of be $X the billion cash to Also numbers. of basis flows increase mainly operating $XXX side, which the balance $X.XX improve per our the At past months, start course deliver S&P quarter, of received X $XXX the million. with continuing

contributions first economies standalone the highlights make our operate. we Tax countries we Contribution where published significant Report, the which to also and We

fatalities record to sadly harm quarter. an We was otherwise safety journey zero continue health by but our X marked and during the credible

would these do of fully vaccinated end these visibility on-site expect, take that leadership again. workforce entire operational other you been we were had extremely cases on there few across ensure to happen of the increased our By very the XX% quarter, and the not seriously. events have the And sites group. and of active among As initiatives, engagement we

however, recent shown, afford we our As drop to can't guard. events have

efficiency, incidents Class was XX% the the and decreased ahead we're quarter-on-quarter. protocols them use improved on gas place of during environmental which XX%. Greenhouse we And were quarter, annual basis. at a X our of keeping also emissions There again by so in updating target and our water X% regular no

community real treated to are provided these climate biodiversity development ESG Group's We only that for not management. initiatives, elsewhere as able will global spent isolation. challenges and Gold that water approach them it's evolving broadband to Nevada a the in should to million It inextricably by a Group, many the crisis, we X As holistically such projects. earlier of be service poverty, and across recognizes $X.X provision And million on a towns. sustainability that integrating change, be The has approaching loss community the Mines believe and our surrounding access details difference. linked make Internet $XX I they've loan the to of report mentioned

addition, Our of X XXXX the and standard again, key the a a firsts, our This and public updates sustainability again biodiversity our roadmap net a gas year's course industry. It report to range a which policy. alignment with of greenhouse metrics. that legacy metrics emissions to on reduction progress the performance not features our and updates across ESG And on the for scorecard report standards also was rates sustainability XXXX number Scope our roadmap, social reporting frameworks, of a disclosure zero resolving scorecard, the of issues. the plots water we're the spent wide first making dollars guidance various aligned and

where honest the our many there region, we as many we Gold we report drilling improvements, future our not At B of Donlin grade, our drive operating grow be an and the are in still North to start Nevada search as to fatalities continue acceptable, home Gold Nevada to acknowledgment work progress regards Mines. a with an results operational third well same overall the X American is zero intense harm. lot mines Americas. done to that project prospects. Tier more noting for the more phase We as achieved with the are the X business of our with While of interesting to These Alaska to giant the our winter in opportunities time, for is

performance third the continue was Results track from the support closely mill developed to Ridge's gold modeling be are repaired. production make transforming of highlight this of ore will changes and drilling the quarter record being huge additional year, strike following Turquoise to resources high -- there. for lower are for ensure completion our projects for was Corridor ounces, stockpiled while potential in expected, by expanded. to between monitored and being across highlighted within the the area, exploration. are As Turquoise the the this this grade we processing KPIs year In Twin which the continue X is that the Turquoise met. to and the of the place driven new to improvements indicating operations guidance systems on Drilling operational geological potential with are full results Ridge models Ridge, continue Creeks BBT will meantime, of shaft early understanding Nevada with is the targets as At South significant implications early these drill opportunity. to and legacy are which and Plans

drilling end grow later Resource potential maiden have the the maiden test to JB out expanding has additional of of strongest high-grade the year, at million XXX,XXX drilling have ounces Leeville remains opportunity. year. Mineralization the resource remains in highest project our the between is North the Corona anomalies on and ounces identified line Nevada. ounces, is of confirmed Zone a deposit. near-mine continued around for we Corridors. in step drilling and the in open One of defining we one at shallow is inferred but untested REN resource operations year. JB progress recent geochemical been define resource fence the expand declared target district to further another both planned whilst the the results to is X.X to open to only X and the at And core boundary of satellites in deeper drilling a delineation continues model, of South. North Leeville extensions not as around vectors the structures declared the Last last legacy

made to legislation following the significant having passing mine design projects. closer to reopening to parameters progress fiscal of ventilation which part we America Latin agreed growth initiated parliament the studies In the its and arrangements. our ended Over get continue PNG, We have to mining various Asia quarter this mine. the necessary the now and for on by with Pacific, geotechnical dewatering optimally of

path production facility, upgrade absenteeism operation. COVID-related regarding filed is development part to of key to The transformational on application the new second partially future the expansion in expected a phase the for which We restart X. final costs record expected of agreements And our and to the on quarter. in more year. next by expect mine outstanding delivered earlier, January quarter pad to the on planned delayed indicated production X I as is in Viejo, the advance remaining despite that solid which X in quarter continuing with Tier of to quarter, being Pueblo down impacted mine the by storage be the for also a performance delivered be with the planned track long-term remains project the quarter back of the Construction below lower well XXXX on leach Phase a and asset, throughput, to the plan bodes ESIA the X guidance. remains of complete this the meet track tailings the is expected commence midyear Veladero, a and

of restart the wings project the and than will an also agreement which province for It's Reko Balochistan the waiting our more You of government announcement in been have to reconstitute decade. a process. deposits up significant in the copper with best Pakistan gold the this of Diq is Since exciting but seen best Project, to has the extremely with there with the the a a and added there not of impact has of negatively the government the been agreement expected attraction was endowment. change signed, Pakistan, of and

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be this mine could to X Diq a years, short-term size. a Reko in -- short for such, X production very timeframe of As in

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gold economic prices with noting by it's geopolitical and remaining So the X fears, Barrick. leverage gold Tier gives our driven global portfolio mines high, of unparalleled X worth

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Instructions]. [Operator

Greg first from is Our question TD Barnes with Securities.

Mark, I understand Viejo. want of around the the timing to permitting tailings the facility at just new Pueblo

said QX. going you're to file ESIA in You an

expansion, you've suggest change, was to to how the you've would picked How or to the site. cost picked, that a be depending up much on that wondering So site. then the it's site which I the significant CapEx the government PV in pick. you do there will approve going capital the long is side delta for down? going take And potentially

and the audit through, the an you got government government. -- really city, our X Just as sites. more assessments, for lot shortened with as we've independent but way this engineering We've X a we think final selection and it used process we through to than our you back down agreement then before. sites, of the then announced, shared selection sites. to on that We a firms reached our been we reviewed all have And passed criteria, I forward down to a sites, government consequence, of to we the around and take pass XX evaluated

environmental and the any invasive we of don't the we is risk it have making that doing -- we collected decision. will basis, with And data, the that should will forecasting this And are of both a And foundations the information whether on be ready have to we alongside government the at and matter to looking at -- technical ready And moment, put -- is And our we're aquifers for all have that material that We the final might provinces storage government. And to -- will sure line mine key working the the work the we X we in file make permit. the or already to make not. that QX. early which open file for it's are at we that same the in do and walls course, located. evaluation the also of are with that so application the -- currently we're application then a process. that sites

any permit in year, it see -- that, we -- be a continue won't year quarters. approved next the And that and now should might position the -- of that that And in plan the so it's get of that end determine has of early don't couple change this final our be year we to that the reason last is certainly process we that, project is continuing process. this but exactly end won't the or when towards even as doesn't

So now of that's in part And are your we consultation. engage the first question.

of We a couple have to infrastructure finalize.

belt. The one a material going conveyor first on moving to be we're the is

we're requires a that as consulting be affected communities that originally, then, that indicated buffer And also as final so infrastructure. as the are evaluation, might people again, And that And we of impacted decision. part by at will we looking might by also our of -- zone. course, the be with far as consultation

So decision we've relocation. also the done that the which final first of there are is, matter some consultation common what involve will round basis. areas on And no

odd On and then to expansion the side, between [$XXX infrastructure. that the $X.X $XXX]. the tailings million the dam, and And think cost the $XXX looking around costs for is the original plant billion, the I estimate of -- associated rest

designs final $XXX] wall. dam foundation the So designs was they're for estimates on got [$XXX and final once come the The storage. we've with drilling done earmarked will and advanced or particularly more waste tailings between the rock the

Llagal be has wall a know, you it's area. seismic As like to wall, current the this

the It the some. We have certainly beginning. we XXXX wall current in highly of infrastructure. we forecast we life cover The build wall don't will facilities complete and as beyond the So that the clear, to bit shortlisted a it's also, right engineered just build go. it make

the And so the around I'm capital -- walking estimate.

infrastructure. we that design, there update estimate the start particularly at. the as at scope least will wall got some And offsets some looking finalizing We that that we're capital long-term are are of the immediately cost. one other the there sites, opportunities number or to to cost would adjacent materially create a And impact of quarries the influences. We've of the within -- and

I think support we're estimates very on that we costs comfortable the do our a relocation the broad-based with we've chosen. have very currently for and sites

currently prioritized, I So would add. we've

where are produce They So and today. this got we asset don't the cost, -- conceivable that's significant. really but we passes it And on Greg, Pueblo test. don't stage $X,XXX capital the returns at in XX% are Viejo, this it We based $X.XX meet our any return we've of copper, gold in certainly copper.

It's original this it Pueblo XX project years very Viejo a about ago. really very we're comfortable significant realizes So investment the back and project.

So sites be how far approximately. how away and are from people have to relocated the X many plant the

comment the all to Grant, you on of They're do that? closest the want sites.

Yes.

numbers the said, as something So the to get on start facility the grips far mine surveys. not to in the those of itself. to existing mean from resettlement, fairly and ground too you I terms the with still are that's and tailings we and get close to around need doing sites the

in clearer months. the So the and that's we'll underway at exact of the next picture of numbers a couple have moment,

And as it, got soon this is we've a Greg, as process.

the immediately. to market As have agreements, we'll as soon we framework share definitive

is next from UBS. Cleve with Rueckert question The

I on like I bit means. what wanted picture kind out a big little the and of to think zoom just guidance

reason were think, prices, you and free in about I the than wouldn't second there little maybe to cost of they're fall. was prices higher some you get cash QX. should think they flow rising copper that there it gold production a any the sort and costs absorption bit and in talked be where line first quarter quarter? with in tracking higher think about, sequentially Is I what Mark, in

you that. But observation. pass pay me let he'll fair to through and is when tax I'll Graham, -- on it impacted a take tax. That's this Sure. all by we

Yes, right, quarter It's the that's flow X factors. to lowest that's important second by our very is Mark. And note, traditionally quarter. driven key cash

on And we quarter the That's The first generally quarter. most then that the payment. that's so quarter bonds pay make semiannually, is second highest the payments. cash interest second significant we also our fourth when has our tax and

So when some will from distributions the lower. noticeably internal we first part flow, the Kibali That cash cash of we in benefits that look forecast the own came for some quarter at our second said, through X of is see quarter.

So that but it flow assist, quarter. our will generally cash lowest is

just theme, you Okay. helpful That's allocation back right. X All taking of the then any QX. And to sticking on step I capital buy understand. guess, in that further, sort didn't stock

I think very in pace dividend going at the you're to of up of sort quickly be graduated framework. level the going, you're top the

that share think the to back about think we to Or get would the price? the start sort you where where as of is top it? -- you opportunistic mean dividend If maybe more stock? that dividend level to out, should I you point would about performance buy raising the the special relative buyback is maxed

first, level, there. manage we'll question problem, The to that when get first -- it we a and is get we your last and part if that's high-class of that

to caught key got where buy think last market. I the the stop back the about ability year, was we that

would Our and share We up price been in with have really too we a it buy had and stock shorts. many just deal shorts to and the stock that. great significantly got we go our undervalued off the burn tool and realized have to didn't

buy we very it, and know, values definitely situation, is it we is you basis, people and price on the impacting that is on we'll that's available. almost a The course, a exactly as we intervention it's relative are basis. impacting there's tool And investment and now so a when underperforming for daily of or that situation, have what market monitoring back stock. our strategies stock And feel the current and equity that sort of fluid

just tuned We'll dividend. Okay. on stay the

do that. You

next from Matthew question is Barclays. The Murphy with

Just the one higher to had end. now guidance, on the unit headed $XXX cost $XXX gold to

high half the the if down call Just energy an I'm of drivers, ounce can breakdown break would end, I from like of go assumption? the your some guess, you that be to kind wondering midpoint price about. of That's you $XX if it, wondering the

want this unit So point we pass I going just quarter Graham cost But temper the that I'm get granular guidance, also back lower answer. lift to production to on as the to profile. to we'll production the out, this Matt,

So not pick perspective. again, on the want you base just this give on which some to on to to is detail? do work it Graham, the But

Yes.

given and driver on that so that chunk increase So the right. total you're very for cash of barrel about where our us gives energy in both we're price cost prices, change is that X% The Matt, much guiding biggest diesel oil, sensitivities effectively on We that a $X gas. previously of every and costs.

to seeing bit top same are increase as had specific related look sort that cyanide, you're drivers seeing rest on the a markets the more suppliers, were And the underlying available. commodities energy from impacted petrochemical movement specifically the you therefore, crisis industry are looking sort of when on a where in we And of nitrate, lot you've would at therefore, or diesel I then those they no Ukraine the So it squeeze of at that areas. of or either that, And sort as you price. ammonia of of of and like over can steel a where in Russia through Ukraine is they're previously balls, that those see gas been those $XXX, say, and longer have biggest up now well. really, makes where and then pressure, we're $XX prices chunk things price

So those changes. biggest are the

Got it.

then I saw to hire you're Goldrush. Okay. And for trying

these you're how labor seeing wondering market Just the days. Nevada

for Sorry, per said just X%, change but correction. just clear. the thing, $XX meant $X Matt, every in ounce a I barrel, to just be one I

whole at we've high of our -- from labor the more at on and last the so finished We tightness a right we we our also, and -- replaced Matt, think market people much the employed areas management supervision at across our been very Graham. And in base -- education, the technical out -- operations school just about because our engagement whilst executive structures, of we've Human skills we've we with year -- commitment organization, both progressing the levels Nevada, I to all retained. Resource, deeper just looking forma-based into of a So taking is have upskilling so flatter global levels, vision teams restructuring the accountability there educating had globe. Barrick we I've XX% big a want the reach

So higher on again, the more than or the resignations slightly leaving. -- as we employment we're the of than this turnover. we've significantly what our base, year-to-date, But replaced change profile

the And done we it's for give what that So more position, look are plans general managers, up or in our amount and a time. with our skills for appointed employ oh, investing and pay to have more, done that vision Latin way in more of much promotion without our continuity people a my within enormous more operations. work really at waiting progress And has focus retiring as transition is mining. pressure, mine as aligned And so got I ensure senior we've and my of executives, and the to Hill good we're We've call in to people in to We've of America. external we from that that and you'll position. I again, to we been through efforts opportunity it's we dividends. beef Mark and that on But our significant we've see it challenge. were to been has accountability, under modern fill the big particularly how in extremely having those. pay important succession out say, paying of same able team an so think sources. And as people succession some me, to time, both a -- well pay. Africa We've are we more we we and senior, Nevada, do pointed how differently done the presentation, well.

for we us so, I some redefine across time, is of it have as structures manage to Group. leadership the At in a our market. and an opportunity point And that said, management the to it's the same

with Soni is CIBC. next from question The Anita

I cost on number. little clarity a just of bit wanted get to that

a higher the You about to $XXX said as $XXX think I prices. headed of X% of X% oil said it's to order result end And guidance of moving range. the higher you towards to the

towards $XXX X% midrange over or and the the So that's out is to you is X% of just X% $XXX. getting the that the that X% to

a magic is. data the and all platform, need that finished it's synergies efficiencies. It there's latter, -- platform just the it is we've point The no with what I inflation. But rolling to global we've And got some focused latter. new managing out out in bolt-ons. We've still on our been really

real-time And technology real-time managers have from other and access to plans data. mine the can We ore latest, camp that's we've process operators there's develop And -- we're is have and that that. to to that that platform. data. -- we used all our latest bodies mining done and So no

very helpful. that's So

to As Anita, numbers very about our and going. ability know, obsessed And we're agile team that's respond and where our to the is changes. you intra-day

that again adjusted mitigate inflation seen, but on pressures, keep got to synergy very and upward that So focus it yes, continued manage also opportunities inflation we've But this we've help as opportunities how will going a at -- improvements we've got you've we're that. sharp presentation and we pressure. and inflationary

That's the to second the then a question regards And good with answer. CapEx. Okay. was

spent -- $XXX I X.X. guys, So million think And think to this X.X had I you guide you I was the quarter.

a of it's which So actually on done, underspending. else has run everyone quarterly of what trend kind over been rate, and a it's bucking the little has

we the sustained? of that. X.X that level this or work do to could problem people you -- if X.X spending revert that the of But finding you're a that see you'll do that's can't towards good back the So to does because different guidance mean

the we're #X projects think to ongoing big it's coming also some of end our And No, PV I remember, the big expansion. projects capital, are. and of where shaft -- the and the we're

So it's just spending we the way you it's the capital. recognize that I'm profiled. And glad are

be efficiency important on deliver of that's those business projects. benefits many to able or expansion the to to So

production problems have you later Otherwise, on.

is with Bank next of Lawson from America. Winder Your question

risk buyback. Maybe for the like of about putting fine to today's update. of you at too thank add Mark, a I'd quickly point again just it. on

just you call, enter consider it's the you you'll So in relatively you'll release recently that earlier when the value. intrinsic your what on when below trading that mentioned they're And shares acquire have those stated guess anyway me helpful moving based on I perhaps And just sort a for a of it be X? underperforming. gold Is of bit would square than of price intrinsic kind value to target? you

Yes.

along that that actual think I variables there's Lawson. itself, many with impact the market

you on I putting So think fine too this are decision. focus

year deal I have don't do tools a like very want court get did we don't and to soft any last to with price. we what share is think

right So interesting I think it's now, we're an -- time.

market. this very a quality things assets, key was us we one dealt clean think perspective. top out quarter, but I alike. X, now we run sheet critical to also a the what make our strengthened you independent this we to the rid best balance But we quarter people quarter. up significant When -- analysts is makes shareholders the with get worrying sure new focus value-focused put need organization, lot also set debt, the that we're the of focuses and my strategy was of of also, to and of build points, on and We

ahead or the call there listening to very years believe, years ago. an a we're the X the late different probably this before got again, of century. have of is so of and I organization very stable of back of hyperinflation, that, we've just And nobody end environment sort were de-globalization last -- been than to us And see few we those

didn't sheet assets. we a so balance keep transact cycle. all down you situation and their like We that making keep them managing trimmed those sure And strength. the Again, the just we this, manage can need

And a that. part buyback that is is part an strategy all the it. share So integral of of

our benefit and material sure a that in our completely making We focused manner. on business are shareholders are from protected

question. one may I if And more ask

thoughts the as grow copper a Zambia your assets? the acquiring basis Just what to or potentially you building it and for expansion growth potential do be latest or particular, whether in Lumwana an there, production existing see in new on at mine

of So our efficient, to to. a significant life delivering improvements is point production more the the still have forecasting Right of all be streamlined opportunities in mine plan. what are mine, now, our we in focus you

build to that of into we've on and keep mining that's country flexibility new that's operation. which opportunity of gone on to the At led and sort we with are disciplined looking leaving the a as the filters. Just companies the very away. touched investment uncovered business-friendly more is reinforcing, assets of in our conflicts the government opportunities we industry, in time, I some disposing a lot Zambia Lumwana, and for investors the rarely same so a

thing. copper discovery up on we're this And And beefed of in is we government the course, our willing And phase so we belt, market now the building opportunities. pursue African good with in a very have again, focused of making work extremely open sure investor. models and definitely competency and and right Central the the that is long-term exploration any Zambian to

infrastructure in and strong what the some Zambia it brings. there's again, President stranded so course, have with and of we concentrate relationship let's and built so particularly producer. is a And see them a And Lumwana

everything. meets one Zambia the speak look today, it filters investment doesn't it. and we'll demonstrate If is we criteria, at as fits If it it -- copper. long-term thing $X.XX our test our at So we pursue can passes we

Jakusconek from Tanya with question is The next Scotiabank.

but do lot have quick A X answered, them have been X remaining, I of ones.

you first release. the is you your The guidance on the press one provided for quarterly on assets just that thank -- and within

then portfolio a can for of are half, Just though us maybe QX Mark bigger a I'm half. picture, first from of second XX-XX. feel and just Graham, second or a we we to we sort improvement quarter-over-quarter or seeing guide progressive a are portfolio, half, the with are whether trying first sort and production quarter-over-quarter get strong XX-XX you

course, would you when have forward. do of bring and Tonya, I them these try back-end say, to what we profiles, weighted

forward. bringing opportunity now the commissionings big we've is focus the at quite right right year. quickly Turquoise Ridge. X the particularly And production next starting ramp-ups, that's Goldrush, because curve So of the million there got ounces up an there's Cortez value some towards X and end, moved quarter at

and so we get And want to running. up that

that? you is between those to Your realistic. do add want somewhere Graham, to XX-XX, anything XX-XX probably ranges

I right. that's think I mean. No, Yes.

It'll X somewhere of around to be in but nice ranges, be middle those the there.

quarter-over-quarter With improvement?

that's Tanya, Yes, project. a right. progressive it's

come Perfect. is labor. know about that back inflation. one. I of cost to easy structure just the on That's XX% your I wanted the

labor you any if need that you one, make labor So front: this any if seeing if that I just year? on are are renegotiated to wanted be two, have you -- agreements and to sure pressures;

are not and our -- our of got, want we think we I people one and with excellent that's see for with Newmont, numbers obsessed the aligned So that but year. and that States. sort also largely us we through employing And DNA. We're And were vision again, another applications. the employ Nevada that it's established we of an and United again, them labor negotiating we're the we've short the and it's -- not across we what America engagements really inflation mostly as course regions. is X It's that's the has on them. done And we And that team inherited set job the to is difficult, other about in managing the that team business. normal and go. really union people, it we South come not -- in we're finding were with when we're of that people seeing join And in deal of things It's Tanya. when don't Africa,

are human that capital very building We on foundation. focused

So COVID it's projects are and labor responded market and opportunities, U.S. got the and and the has developed some the has U.S. of and employing the people. that mines really juniors you've to -- being new yes, alternative is and way promising the course,

wouldn't dynamic say we as manage companies a So all it's run I those why is -- real. that's But people. we that that

Okay.

that don't year. this like you any due So have contracts sounds

contracts got would our risk we've no, that organization. No, no

like supply renewal, the finite it's on or for that. like the any have maybe contracts chain same anything And you

No.

When lockdowns we the inventory because China. we COVID all COVID crisis, sanctioning our with our Mali, a when we we in slimmed down in not X got when the the again, again, impact we inventory, superefficient. we we that managing hit, some what have out costs up the before -- you we've clean and unfolding we've, COVID the dynamic paced to comfortable the of capital. group hundreds to jacked millions is of Eastern to background, put And Grobler ECOWAS situation. side. with working to that dollars logistics store the up job pretty companies way And managed down did along Eastern and we lots managing managed needed was of together, a already we -- very month are were European of We're still And across come the we're we're we've procurement -- of And And impacts. base. on taken out warning much Riaan which some X now coming, we're the our chain that was months. that running the of team up what have in potential crisis months, Barrick. We go remarkable done the We -- to from around talked there X the consumables and supply that about challenges of Europe brought moving

contracts. contracts, the On have long-term we

there's business they work concept this, contracts So others the But them that's on and stay make the times of there's people margin, long-term and to we reaction side, that inflation profitably. to there partnership widen first in like their of open us, with -- use particularly knee-jerk the basis. box we are and supply the in will with that thing on work and sure definitely sort is work in -- a renegotiate put did where more

-- a effective don't partners. it chain supply look as why got so we've very it's and that's And just we at --

to one out manage is because of the thing go service don't will business. want providers we this We

Okay.

the focusing beginning at Everyone's your you it you the the in costs, there. on we haven't operating costs. about then but much comment what's are had you seeing cost a in the just guidance nothing that X% So you so Can now -- on X% of as builds? X% operating continue inflation some seeing side, the just and And happening. mine your capital the What heard side mentioned more, side? you're on on reflected you you capital puts on

indicated the the prepurchased we certainly before, And quite moment trade #X capital as the shaft. the our and PV costs, we've and And of at Turquoise pressure is Ridge that for most steel actively. steel projects, we for big big again,

owner We representative. are our

into the again, of risk. getting into So baked that with But that's timing the quarter in which logistics Dominican Viejo, has last There -- some we been impact you manufactured the of Republic. Pueblo all shared forecast. we steel steel our because and manage on impact some

our capital material Graham? speak So as our today, -- on no of projects. there's impact -- we any there's

say No, energy is capital and the sustaining have on capital, not bit I growth clearly, that of just would obviously, the on to an a stripping, on quite component it. there the does -- projects.

but some pressure expect of to going guidance So capital. don't there, outside on we small be our

question, final on if negotiations it Mark, you I like but that could, going are looks was my then And Porgera. said just I well, think we've quarter. slipped Okay. a

that QX X Does I was months, right, going XXXX still So for -- would into be start-up. we full saw? that it we're a to capacity. QX XXXX that of it ramp still that give up us does think mean to

thinking of ramp-up be QX that So I operation? a for XXXX stage full should as

reasonable a that's Yes, assumption.

we preparation delay, doing we work. while are course, Of still

going we've signed to is We've the X,XXX. the can't legislation the we challenge the serviced I out approval got want of mining, at We et that -- people to be now endorse physical properly and the got to people. we most equipment seen go to making is to elections. ahead elections operate, the PPCA, moment. framework ready of employing say, got and agreement. We've our related And X,XXX we big because cetera. our employed So importantly, sure et parliament where work legislation you passing do have the stops the cetera, would can about to just update you on then are, all to but The to needs

place our new in So as -- which And on us. that's SML, part the we with soon sound agreement. as company we signature the shareholders' the need all incorporate Mining we have a and SML, that's of Special for procedural formally for agreement, out, apply it's we'll moving very sorted place, and program the And material outstanding with one and and for SML which a be a is to And that the should License, the Mineral at to be issues Resources there's Authority October we thing at Remember, apply and we'll forward. the now, then and elections deal to around start that then too. we we're work get we saying able stage. with this be

to impact planning. on So it's our going

Okay.

October, so X that, months So so for after start-up. mid-'XX

Yes.

Parkin Bank. The next National Mike question with from is

terms you of in With getting gets and respect current initial deposits the spot of PV, can approved current new tailings one And a the just remind to and of up? for us one your what built versus ready facility constructed is there capacity? where terms -- tight tailings when has in

give to So Grant, expect that the the headroom additional John some you Steele, to out got ready before I -- -- long be on do just you that. detail. or call we've to we know maybe you want -- And are process investments. with to don't have the XXXX

as we say, while necessary. is want in buffer schedule XXXX is is, we a that the that the But current Mark, of right, design based there further. see you're at the TSF. Yes, least the what John, we where now, that don't anything raise the to we add? already is built there effect terms on of there But we as I there new facility, you could construct have have wall

No, We've X And the got redesign. up meters facility can we to that's XXX that on the years Grant. X meters. an correct, until extra with go

time allow that So the get to we're the us have comfortable we on to ready. Llagal next TSF

Thanks, question? that Grant. Thanks, answer your does Mike, John.

Yes.

require decide If all that exercise to doesn't X-meter approval, you any an government lift additional in the... that's

right do We And prefer now, Yes, it. do to plans it's capital. there's to not it. no

question with The Jatinder Goel from BNP is next Paribas.

record to Mark. your related question analogy, a got I

potentially the the acknowledging you While working looking challenging itself. aren't which more question there elements with in project while experience dangerous for volatile is jurisdiction, and elephants. how history, do difficult regime no of It's history assessment, mining country ensure is of a your about that other risk

example, renegotiate non-elephants a that the the So do international across but the against loan put to concluded didn't as net add Mongolian the might project, year. future? come prevent got government safety for in agencies, in contract, including this that And you earlier related an which how a

you just IRR risk So used presumably, bigger gold same your assessment. premium you've used this use Have to risk project? And approach for projects. understand you and copper prices the hurdle to a the make trying for that large-scale to higher other

a those are mining. at It's -- point change and XX% just to don't hurdle So risks And project gold $X,XXX that. $X.XX passes rate around out, binary copper. of we and

or don't. either on You I debt. And the and suggest The mine government that renegotiation unfair out because Mongolian you blame Mongolian the deliver a point have up investment. a Rio Rio reason would original it's for didn't of the plan massive Tinto was the to ran or

every everyone So -- has project a got story.

our building reputation for It's over have was that not first the finding And arbitration. what that It It know, focusing asset myself, is that's We there very government. we you host for against, decade. awarded to award. and fighting a in Barrick a strong in And has This the on of with been dispute believe delivering license as Barrick but time, received Pakistan at really a strong on matter an between country. of went we been track and solutions, effectively Barrick to operate. same say. in dispute

of education, Papua in team And and has a been upskilling time, in and the a clear XX-XX our that there. the people product as at potable to Baloch of so recently And start both component took time communities, that to of same in accessibility this enormous an in our of that have potable benefits And ensure our Tanzania I been the the mining the particularly commitment And the which receive the it the say, again, investment. is Guinea. there's X on Balochistan right one primary from things Barrick's instance. we and must substantial health of so demonstrated we pillars and improvement New water, of more effort And recognized to on And primary partnerships, just our ahead in to we've for have so sense, water, will is it's amount that and this primary for them, province all negotiating region. way is first need operations. neglected of the negotiation, commitment the which instance, many look community investing

bring it sort we've a demonstrate the been of in to entire these life my economy working sort industry mining we've is country able opportunity what demonstrate to of in So the before worked environments for in of a to world. many the can environments. these of This as perfect parts

which So are that's it's this I very investing deal, -- think in Pakistan deal is a government the of a fair in.

new specifically material enormous has biggest international way are agencies, social economic impacts the the entire Balochistan again, looking So of bringing and it, and at single the -- and it's Pakistan province. for it's and seen the we investment very a then Pakistan's a it country

So I'm very comfortable.

agreements. we've sort to long-term there of bodes a successful course, that going I far, conflict the governments, and of But and has think Of always many with a challenges are just to Pakistan along upheld And State road. remind bumps so our despite with Pakistan. this people for situation, process, through you be of in the our the been well experience starting partnership

for the explanation. Mark, Thanks, detailed

on other to geology there it capital the was near-term find to project, compete Or same obviously, is project to time as follow is against organically your horizon. was Just and the dispute. of so quality things the difficult there or reactivate? a anything well, in inorganically? attractive whatever else that is either for just there up decision briefly Obviously, history But is long a competing this

my sheet. at time. portfolio. seen X and you've our the a And one projects. and definitely, lifetime, indicated we're spoke So In I built X are those a can of forum with of I in mutually moving We its I've X forward teams public Tier are capable shepherding as the really in exclusive we've on, our into mines was new Barrick regions, NOVAGOLD every last executive a -- which project another in they Alaska, partnership quite asked, time. within balance question got asset afford big team

Diq Pacific We've region. Asia the still under Donlin the the got in North region fits American and American under LatAm, African the region Reko region. So and fits North

to we filters. and account. invest to So going assets meet world-class sequence them are we are our bring We're that never going to

The next question is from Adam Josephson with KeyBanc.

balance, what investors' trading jurisdictions. Mark, discount of fair willingness about you be And value. in assets, to talked to that have riskiness consider you the at Tier on your about you to discount you at last I'm mentioned just earlier stock just a some because your there's think more to desire you here call, wondering -- what how you invest the about obviously against Newmont. many your to obviously of X in they invest consider risky which perception

you're trying right the your that so And riskiness about portfolio. with to investor of but whatever do balance are perceptions thing, the

your of a X continue because at balance So these to to how belief in those do trade that perceptions. discount value, of part fair you you things given presumably kind

Okay.

So let try me and deal complicated quite question. with that

Randgold. months, is, the second at above it or you where The GDX to against performance you joint is months our slide, look last over last we're -- the at first XX we GDX since merged at incorporated the it remember, or the look the with performance X venture if part

at the we are performing in end. the upper So market

as Of at million. debt net to debt come of a positive Newmont been point again, net that. a a higher from And of But over long-term this what is recently game. we've course, than negative out, has look $X if you billion you $XXX

you when our capital shareholders look dividends we've the X flow and at and at over of capital cash and to and billion -- returns the you reduction, I that -- cash, look out mean, years. in our $X.X So both paid

risk were Chile mining in we XXXX, because market Peru is today. a many have you I it. and examples And Barrick look So there a you the think taken that them that when is much look you with where just mining to back manage consumptive $XX are so Randgold started very the of now look disappeared you've have and big sustainably of got and industry. that company. it, there is at to companies And many in stop, Barrick. at if And conclude we've how million XXXX you profitable And with in and us

you tax miss country, look economy And United partner intangible the is our operate, a create within all If Africa. of And seen you called Barrick. deliver host at look another. in of important of component host the which in at meaningful government of challenges and value and your license contribution your tag. And changes a dynamics, you've is mining, country. genuinely change the it that us navigate to with sort the and to you people business dynamics people and from the as you how can the some It's to we That's real point the if States. one point across

that of to go I a experience, that any ever back bad kick in our always or it. paying And so asset keep from we in know is country, country the on share because as -- off that, full and A your And a landlord on good asset you going not. philosophy And if our exploit really bad still a bring to seen say to asset. good I it the have rental. want out how And is that finish a exploitation by Mongolia you're people good know own asset. asset something benefits I'd you on you it's stock. deliver is, to it's will -- That's that we point and tenant that allows a about that's

And appreciate the market. I just really other question. one

a Newmont the call this reasons, the cons is well their your all was on where just those given way and and thinking assumption what that is potentially understandable revisiting inflation lines asked about purposes, this you've today. their and as question for budgeting and pros price something about that about considered there's discussion is that of for along gold prompted gold

going is to that market Thing we've XXXX. back said this a

policy. have We policy. a a formulaic It's

does XXXX who what sort where gold -- $X,XXX. it at price gold the kept gold know, and or the $XXX chased reference bundle price gold is. the up. $XXX. don't gold gold price on look exactly have we've our And price we've of of the don't long-term -- the price when long-term set it you costs. we We course, a based that built And why XXXX, for to model the a where used And XXXX we going specific when reason. that's and price have input of everyone in was We as we we gold back point with We make price up, stuck at

impact And cutoff $XXX decade we've did your we the century, $X,XXX at because you XXXX. stopped grade impact, at settle without up through And production gold Barrick moved deal moved we profile. $XXX, of and cost your also this you with a so the from $XXX, in when to $X,XXX again, the first when price

on we And $X,XXX. and resources the to full have our makes and their all is it our continue through run And job. that sense so sensitivities time, resource at -- yes, mine estimates reserves plans we right, because costs, look and that. we We support that's our at do group, quicken with we review automatically at coming our inflation will that $X,XXX anyway

time go a -- times will gold the the be when might will price will when might there So price down. use down. go as And there we gold be gold price the

in most and they're definitely changing, are inevitable input industry an where that's costs changing. the So

No, that. -- appreciate want I just I

were that. year? be end any timeline gold your to might When might give when Would change if assumption, be? of -- you think it price do Just you us? one this follow-up that to Is you could there kind of

as So our our of and resources the reserves review our reserves. of declaration assumptions and we of end every year -- the part the

make remain our at $X,XXX. and because year at assumptions So we those are comfortable that they very we're we've money designed profitable throughout set this plans, to

fair for it year. our a of look we we got And statements when end on come as at will every reflect to the margin. we've do we this year, So reserve

John is The Tumazos next with from Research. Tumazos John Very Independent question

thank very quarters. mining open great tonne see doesn't doesn't accurate for per Nevada very costs. It grade. in detail. your Mark, has X affect breakdowns XX.X% you much for risen ore that involved of That's industry ore a cost over measure I pit the cost grade,

was is quarter ounce X copper only have ton? your cost a the output, over I the per per cash with your risen much where division, wish shoes. cost job or It's controlling X and a costs this XX.X%. was quarters of should How quarter shine over low risen per In Your as only that per cash quarters the lower. you pound of have bad costs. great could are X/X physics next you're cost rising XX.X%, doing and cost only I as ounce I be mining

out obsessed but So of costs, deal metric that a try wrestle all and and controlling sort with we the we're with time, it. about I you've laid I'll think

and was we So when in of Lumwana, inefficient, a our into halved fleet. putting the Lumwana, we the -- copper now very we we're teeth new it, and already cost just cost, got mining effectively

working efficiencies. And better to going you're are So even we an of course, inflationary environment. see

is goes Sayid, there some be on -- that's with the mining that. mining. cost And Lumwana. of same really driven the creep so And our the which will flow-through The for efficiencies Jabal of expansion by

are of know, throughput as production we've XX%. the increased you the win. And in So scale by or mining, economies always effectively

we've efficiency Jabal the so -- slightly, with Sayid in And we've same dropped increased infrastructure. and the grade the but

increased the and copper materially. throughput production the we've So

for business. part copper, neglected And but a drives so of was that our copper like

to to up a how First efficiency shore And We've part to old fleet our have comes On from. big so change of the that's where the use in managing. Nevada, pits an Nation. as extra we there's got some we're commitment that

mining inefficient So that some there. there's

the Nevada. surface steps and the Group tailings -- upgrades. appropriate are across Greg the operations We of breaking looking we the efficiency X the try at an pads. move speak, leach got between can the one have individuals, next got and fences, are the Nevada the sequence to and mining tailings for we when allocating also again, some so or underground And doing and in our -- in manner looking pads Nevada we most down been we've to big we've so our build we big both further is fleets, Again, still the the saying, in leach we when strip new that purposes, material facility team and

open Nevada. So again, -- you'll cost in come see will down cost that that,

pressure Veladero, production those Veladero. in for -- and also So and would pointed are you for have some additional the we really We've in you correctly particularly drivers. group seen as cost a the got operated, out, lower

we secondhand, significant in which it improvements investing but with are to fleet bring are a And bring will are mobilizing new then and started mobilizing as that's in new but yet, relatively in we going fleet we well. itself We Porgera, in which efficiencies haven't fleet, our some or Argentina, costs. fleet also for

talk I why we So costs, when that's very variable. they're say about

You can't blame on it all inflation.

is of it Some efficiency.

your we the don't of cost. We but run I answers equipment run we Some we of ounce, is unit and the question. age on, so That's run unit how it per Barrick. drive really costs. hope tonne that per

those Newmont do possible If I merger to close. otherwise. for as could it's or the the follow world $X per And the think as or whatever $X.XX you a Barrick Do to be were up. Several and was years as possible low affected to Nevada a that tonne good hell and per the back ago, cost in tonne think tonne improvement as before appeared get to tonne again? you $X pretty anybody costs it's get tonne? under per But

quite XXX-tonne There trucks need colon efficiencies big Nevada's you a is apart and pits the open now. pit $X, So far and are in some pit. --

I'm cost that's So changed real a point making. -- And the but the lot. has now

ago. about talking you're think decades X I

$X.XX in are XXX-tonne think $X.XX XXX-tonne the to $X. use, under most with the days truck, gone a truck with Zambia, we are close is which of that we that, of where I XXX-tonne sort big down long Komatsu. you $X.XX, get stuff a or

There conference the are call. no more on questions

are sweating in thank And right was to week, set stayed is of that And who be be very Well, sure in Again, of get interest. course quite reach some for everyone under the we'll I be at That appreciate Indaba of everyone. to you an at any will again, lights, if committed and your the hopefully. going Indaba to and appreciate sort time we'll out interest. we're the PDAC team otherwise, We Miami you, but to how exhaustive making team, seeing your those questions, you questions. the information. you you, also further then our some please next the of Toronto. always have

day. Have again. thanks a So good

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

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