The achievement of the United Nations’ 17 Sustainable Development
Goals (SDGs) by 2030 will not be met as long as the world’s key
environmental and social challenges are dealt with separately, says
Mark Bristow, president and chief executive of Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX).
“The 17 SDGs are interconnected and a contribution
to one will affect the outcome of another. There are synergies
between improving economic prosperity, health, education, climate
change, access to water and protection of biodiversity, and the
path to achievement lies in collaborative thinking and solutions.
Therefore, an integrated approach is required to meet the world’s
triple challenge of poverty, climate change and nature loss,” he
says.
Barrick attended the COP27 in Egypt as part of a
delegation of the International Council on Mining and Metals (ICMM)
and Bristow says the palpable tension between the developed and
developing world as well as between policy-makers, corporations,
governments and investors was testament to the flawed approach of
treating each aspect separately, encapsulated by the silos of E, S
and G.
“That is why, at Barrick, we have adopted a
holistic and integrated approach to sustainability, which we
applied within our business practices long before ESG became an
investment mantra,” he says.
Barrick’s integrated approach to sustainability is
embedded throughout the business and is credited with resolving
long-standing legacy issues — notably the resurrection of the North
Mara and Bulyanhulu mines through a formal partnership with the
Tanzanian government, in line with Barrick’s philosophy of
partnership with its stakeholders.
Bristow says a good business also has to be a good
citizen, particularly in emerging countries where mining companies
have a moral obligation as well as a commercial motivation to help
develop economies and uplift people. “If the gold mining industry
is to survive in the changing world, it must recognize and
acknowledge its duty to all stakeholders, and make sure that they
benefit fairly from the value it creates,” he says.
Barrick’s Climate Action and Resilience strategy
does not only focus on emissions reductions, nor only on business
resilience, but considers the role and interconnections that nature
plays in the environment. It considers how the company can build
community resilience through socio-economic upliftment, as well as
sustainable ecosystem services and biodiversity management, which
in turn has positive consequences for nature and climate
impacts.
“We invested in partnerships to conserve, protect
and reconnect protected areas, long before any metrics for
measuring such impacts became the collective focus. We looked
towards nature to develop interconnected solutions, such as
constructing the largest wetland in Africa, long before it was an
output of climate disclosures. We tracked the social outcomes of
our community investments, such as girls school attendance and
graduation rates, long before the realisation that the dollars
spent isn’t as important as understanding the ‘social impact’ of
such investment. And we have long been speaking about the
integration of the environmental and social aspects, and the need
for global socio-economic upliftment,” Bristow says.
“A transition to a green economy must be a just
transition and must focus on the upliftment of those countries left
behind in the developing world. Over the past two decades, only 2%
of global renewable energy investment has gone to Africa, most of
which is also unevenly distributed. At Barrick, we see the
opportunity that the developing world presents, and we trust in our
sustainability strategy to deliver the results to all our
stakeholders — especially uplifting our host communities.”
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Group Sustainability ExecutiveGrant Beringer+27 82
906 6099
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, 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 “challenge”, “strategy”,
“commitment, “vision”, “goals”, “objective”, “will”, “can” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: Barrick’s
sustainability strategy and vision; Barrick’s holistic and
integrated approach to managing sustainability risks; Barrick‘s
climate action and resilience strategy and approach to managing
climate risks, including to support environmental and biodiversity
initiatives as well as to develop community resilience and promote
socio-economic uplift; and Barrick’s environmental, health and
safety, corporate social responsibility and human rights programs,
policies and performance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release 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. Such
factors include, but are not limited to: failure to comply with
environmental and health and safety laws and regulations;
non-renewal of key licences by governmental authorities; 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 Canada, the United States and
other jurisdictions in which the Company or its affiliates do or
may carry on business in the future; timing of receipt of, or
failure to comply with, necessary permits and approvals; risks
related to disruption of supply routes which may cause delays in
construction and mining activities, including disruptions in the
supply of key mining inputs due to the invasion of Ukraine by
Russia; lack of certainty with respect to foreign legal systems,
corruption and other factors that are 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 actual or perceived
occurrence of any number of events, including negative publicity
with respect to the Company’s handling of environmental matters or
dealings with community groups, whether true or not; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
litigation and administrative proceedings; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; the
impact of inflation, including global inflationary pressures driven
by supply chain disruptions caused by the ongoing Covid-19 pandemic
and global energy cost increases following the invasion of Ukraine
by Russia; risks associated with working with partners in jointly
controlled assets; employee relations including loss of key
employees; and increased costs and physical risks, including
extreme weather events and resource shortages, related to climate
change. Barrick also cautions that its 2022 guidance may be
impacted by the unprecedented business and social disruption caused
by the spread of Covid-19. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies can
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 behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the 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 on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may 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 statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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