Published: May 16, 2024 |

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Almost $12 billion of economic value generated by Barrick’s mines last year remained in the countries in which it operates, according to the company’s 2023 Sustainability Report.

Barrick president and chief executive Mark Bristow says real, tangible sustainability can only be achieved through a holistic approach aligned to the United Nation’s Sustainable Development Goals. Barrick’s conformance with ESG standards is a natural by-product of its sustainable business philosophy and not its driver.

“Barrick’s distinctive approach to sustainability has evolved over many years, guided by the operational experience gained at its worldwide operations, the partnership philosophy at the heart of its business and the company’s belief that all stakeholders should benefit from the value it creates,” said Bristow.

In 2023, 97 percent of its employees were host country nationals and $43 million has been invested by the company’s pioneering Community Development Committees (CDCs) in education, healthcare, food security, the environment, infrastructure, and local economic development.

On the safety front, there was a 21 percent year-on-year improvement in Barrick’s lost time injury frequency rate with total injuries reducing from 2022. The company also recorded its lowest malaria incidence rate, a 33 percent year-on-year decrease from 17.86 percent in 2022 to 11.35 percent in 2023.

“Our safety performance has been given additional focused attention with the establishment of new groupwide safety protocols to drive fatal risks down and achieve the zero target we have set ourselves,” said Bristow.

Also in 2023, Barrick achieved the target it set for itself for 2025 of reducing its greenhouse gas emissions by 15 percent. Its scope 1 and 2 greenhouse gas emissions have now been reduced by 16 percent against its 2018 baseline. Barrick said it will continue to reduce these emissions, with the long-term goal to be net zero by 2050. At the same time, it remains on track to achieve its scope 3 emissions reduction targets which were set in consultation with its suppliers and service providers. Barrick also re-used or recycled 84 percent of the water it used in its operations, with an 85 percent recycle rate achieved at its water-stressed sites.

Barrick is also targeting no net loss on any key biodiversity features (KBFs) identified at its sites and is contributing positively to the conservation of high-risk biodiversity features.

“This is best illustrated by the successful, and ongoing, reintroduction of white rhinos to the Garamba National Park in the Democratic Republic of Congo. Today, these rhinos are safely roaming a park previously considered lost to poachers and nomad herders. Its restoration means that the surrounding communities can look forward to a secure future and one that holds the promise of eco-tourism’s economic awards,” said Bristow.

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, Zambia, and various other projects located throughout the Americas, Asia, and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

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