The sustainability metrics embedded in the revolving credit facility consist of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. Performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycle rate), and total frequency rate Recordable Injuries (TRIFR) 1 . Barrick may incur positive or negative price adjustments on drawn credit spreads and standby fees based on its sustainability performance against targets that have been set.
Senior Executive Vice President and Chief Financial Officer, Graham Shuttleworth, said: “The extension of the termination date of our unused credit facility, combined with our strong balance sheet, highlights Barrick’s current liquidity strength, while that the establishment of sustainability-related metrics, as well as Barrick’s recently released 2021 Sustainability Report, continues to demonstrate Barrick’s commitment to ESG.”
Barrick’s long-term credit is currently rated BBB+ and Baa1 by S&P Global Ratings and Moody’s Investors Service, respectively.
Investor Relations and Media
Kathy du Plessis
+44 20 7557 7738
Email: [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 “target”, “continue”, “commitment”, “may”, “will”, “might” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to Barrick’s financial liquidity, commitment to ESG, sustainability performance and anticipated benefits. the extension of Barrick’s credit facility and the inclusion of measures related to sustainable development.
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: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity) ; the speculative nature of mineral exploration and development; assumptions regarding the price of the Company’s common stock; changes in mineral production performance, mining and exploration success; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s most remote properties; whether the expected benefits of recent transactions are realized; reduction in the quantities or qualities of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operational or technical difficulties related to mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required information technology infrastructure and systems; failure to comply with environmental, health and safety laws and regulations; timing of receipt or non-compliance with necessary permits and approvals; uncertainty as to whether some or all of the targeted investments and projects will achieve the Company’s capital allocation objectives and hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in foreign exchange markets; changes in national and local government legislation, 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 the jurisdictions in which the Company or its subsidiaries do or may do business in the future; lack of certainty about foreign legal systems, corruption and other factors inconsistent with the rule of law; 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; the possibility that future exploration results will not meet the Company’s expectations; the risks that exploration data will be incomplete and that considerable additional work will be required to complete a more in-depth assessment, including but not limited to drilling, engineering and socio-economic studies and investments ; risk of loss due to acts of war, terrorism, sabotage and civil unrest; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; legal and administrative litigation and proceedings; disputes over title deeds, particularly title to undeveloped properties, or access to water, electricity and other necessary infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations, including the loss of key employees; increased physical costs and risks, including extreme weather events and resource shortages, related to climate change; and the increased availability and costs associated with mining inputs and labor. 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. concentrate losses (and the risk of inadequate insurance or the inability to obtain insurance to cover these 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 in 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.
Barrick disclaims 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.