Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that
it has completed an amendment and restatement of the company’s
undrawn $3.0 billion revolving credit facility, including an
extension of the termination date by one year to May 2027,
replacement of LIBOR with SOFR as the floating rate mechanism
related to the interest rate for any US dollar funds drawn down,
and the establishment of sustainability-linked metrics.
The sustainability-linked metrics incorporated
into the revolving credit facility are made up of annual
environmental and social performance targets directly influenced by
Barrick’s actions, rather than based on external ratings. The
performance targets include Scope 1 and Scope 2 greenhouse gas
emissions intensity, water use efficiency (reuse and recycling
rates), and Total Recordable Injury Frequency Rate (TRIFR) 1.
Barrick may incur positive or negative pricing adjustments on drawn
credit spreads and standby fees based on its sustainability
performance versus the targets that have been set.
Senior executive vice-president and chief
financial officer Graham Shuttleworth said, “The extension of the
termination date of our undrawn credit facility, combined with our
strong balance sheet, highlights the current strength of Barrick’s
liquidity, while the establishment of sustainability-linked
metrics, along with Barrick’s recently released 2021 Sustainability
Report, continues to show 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.
Enquiries:
Investor and Media RelationsKathy du Plessis+44
20 7557 7738Email: barrick@dpapr.comWebsite:
www.barrick.com
Endnote 1
Total reportable incident frequency rate
("TRIFR") is a ratio calculated as follows: number of reportable
injuries x 1,000,000 hours divided by the total number of hours
worked. Reportable injuries include fatalities, lost time injuries,
restricted duty injuries, and medically treated injuries.
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 “target”, “continue”,
“commitment”, “may”, “will”, “could” 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 the anticipated
benefits of the extension of Barrick’s credit facility and
inclusion of sustainability-linked metrics.
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: 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 relating to the trading price of the Company’s common
shares; changes in mineral production performance, exploitation,
and exploration successes; disruption of supply routes which may
cause delays in construction and mining activities at Barrick’s
more remote properties; whether benefits expected from recent
transactions are realized; diminishing quantities or grades of
reserves; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
disruptions in the maintenance or provision of required
infrastructure and information technology systems; failure to
comply with environmental and health and safety laws and
regulations; timing of receipt of, or failure to comply with,
necessary permits and approvals; uncertainty whether some or all of
targeted investments and projects will meet the Company’s capital
allocation objectives and internal 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 the
currency 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
affiliates do or may carry on business in the future; lack of
certainty with respect to foreign legal systems, corruption and
other factors that are inconsistent with the rule of law; 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; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; risks associated
with illegal and artisanal mining; risks associated with new
diseases, epidemics and pandemics, including the effects of the
global Covid-19 pandemic; litigation and legal and administrative
proceedings; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required 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 loss of key employees; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. 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.
Barrick disclaims 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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