Barrick Gold Corporation – Holistic approach to ESG will have lasting impact, says Barrick
All amounts are in US dollars
Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has an integrated approach to sustainability to simultaneously address each of the environmental, social and governance (ESG) components, says Grant Beringer, group sustainability director, in the company’s 2021 sustainability report released today.
“The challenges of tackling poverty, climate change and biodiversity loss are deeply intertwined and we have no choice but to tackle them together, through a holistic and integrated approach to managing sustainability. , if we want to have a lasting, positive impact on any of them,” he says.
“Although excellent management of environmental aspects is essential for sustainable delivery, this only focuses on one side of the problem. This is why this report strongly emphasizes the “silent S” of ESG, demonstrating that responsible mining is a huge lever for social upliftment and development. »
Barrick earned a ‘B’ grade for the third consecutive year in its first industry sustainability scorecard and recorded significant improvements in most of its key indicators. Highlights of the year include the certification of all operational sites to ISO 45001 and ISO 14001 standards and the purchase of goods and services worth $1.67 billion from local suppliers close to Barrick’s operations . A total of $5.5 billion was spent with host country suppliers, equivalent to 81% of Barrick’s global procurement spend. Further details on Barrick’s economic value contribution, including taxes paid, are included in its standalone Tax Contribution Report for 2021. Host country nationals now represent 96% of its workforce and the group has maintained its downward trend in total recordable injury frequency rate.1.
In addition, approximately $850 million has been spent or budgeted for renewable energy and greenhouse gas (GHG) emission reduction projects, all of which meet the 15% internal rate of return required by the business. The report also contains an updated GHG reduction roadmap, outlining projects that reduce emissions from Barrick’s 2018 baseline by at least 30% by 2030 while maintaining a production profile. stable, as well as its trajectory to be Net-Zero by 2050. It also details Barrick’s first-ever disclosure of its Scope 3 emissions and its Scope 3 roadmap to engage and support its suppliers in their emissions reductions. GHG emissions. Barrick’s water efficiency rating, a measure of how much water it reuses and recycles, was 82% for 2021.
Meanwhile, its new biodiversity standard, focused on achieving biodiversity positive outcomes in critically important areas, has resulted in significant increases in populations of keystone species in the Republic’s Garamba National Park. Democratic Republic of the Congo, near its Kibali mine. Barrick, through its partnership with African Parks and the Congolese Institute for Nature Conservation (ICCN), is also the only sponsor to reintroduce the white rhino to the park in 2022.
“The conservation of biodiversity is fundamental for the survival of the planet, essential to combat climate change and has an important role to play in the fight against poverty. We not only strive to preserve and maintain biodiversity within our permits, but also partner with NGOs and other organizations, to protect and restore critical biodiversity in some of the most ecologically sensitive places in the world,” Beringer says.
The latest report is now aligned with the Sustainability Accounting Standards Board (SASB) reporting requirements for metals and mining and continues to comply with the Global Reporting Initiative’s “GRI Standards: Basic Option” as well as the Group of work on climate-related financial information (TCFD).
Investor Relations and Media
Kathy du Plessis
+44 20 7557 7738
E-mail: [email protected]
Total Reportable Incident Frequency Rate (“TRIFR”) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by total hours worked. Reportable injuries include fatalities, lost-time injuries, restricted task injuries, and medically treated injuries.
Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, plans, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “committed”, “vision”, “target”, “goal”, “roadmap”, “outline”, “plans”, “effort”, “improvement”, “goal”, “will”, “can ” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: Barrick’s sustainability strategy and vision; Barrick’s climate strategy and approach to climate risk management; Barrick’s greenhouse gas emission reduction targets and its ultimate goal of achieving net-zero emissions by 2050, including by implementing the plans set out in its 2021 sustainability report and committing with suppliers to reduce Barrick’s Scope 3 emissions; capital expenditures estimated to be necessary to achieve Barrick’s greenhouse gas emission reduction targets; Barrick’s environmental, health and safety, corporate social responsibility and human rights programs, policies and performance; Barrick’s New Biodiversity Standard and related initiatives; and Barrick’s Sustainability Dashboard and 2021 Sustainability Performance.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set forth below which, although believed to be reasonable by the Company as of the date of this press in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. These factors include, but are not limited to: failure to comply with environmental, health and safety laws and regulations; non-renewal of key licenses by governmental authorities; changes in national and local government laws, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may do business in the future; timing of receipt or non-compliance with necessary permits and approvals; lack of certainty about foreign legal systems, corruption and other factors inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to the Company’s reputation due to the occurrence or perceived occurrence of a number of events, including negative publicity regarding the Company’s handling of environmental issues or relationships with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil unrest; litigation and administrative procedures; disputes over title deeds, particularly title to undeveloped properties, or access to water, electricity and other necessary infrastructure; risks associated with working with partners in jointly controlled assets; employee relations, including the loss of key employees; and increased physical costs and risks, including extreme weather events and resource shortages, associated with climate change. Barrick also warns that its guidance for 2022 could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods and gold bars, copper cathodes or gold or copper concentrates. losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover such risks).
Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied by any forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form filed with the SEC and Canadian provincial securities regulators for a more detailed discussion of some of the factors underlying the forward-looking statements and risks that could affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.