Barrick is the gold industry leader, with a portfolio of 26 operating mines and advanced exploration and development projects located across five continents, and large land positions on some of the world’s most prolific and prospective mineral trends. The Company also has the largest reserves in the gold industry, with about 140 million ounces of proven and probable gold reserves. In addition, Barrick has 6.5 billion pounds of copper reserves and 1.07 billion ounces of silver contained within gold reserves1 as of December 31, 2010. In July, 2011, Barrick acquired Equinox Minerals which adds a further 4.5 billion pounds of copper reserves from the Lumwana mine and 1.2 billion pounds of copper reserves from the Jabal Sayid project.
In 2010, the Company produced 7.8 million ounces of gold at total cash costs of $457 per ounce3 or net cash costs of $341 per ounce and produced 368 million pounds of copper at total cash costs of $1.11 per pound. For 2011, Barrick expects gold production of 7.6-8.0 million ounces at total cash costs and net cash costs of $450-$480 per ounce or $290-$320 per ounce, respectively. The Company also expects 2011 copper production of 455-475 million pounds at total cash costs of $1.55-$1.70 per pound.
Barrick has a successful track record of mine development, having built seven mines in five years with the most recent completion of Cortez Hills in Nevada in early 2010. Cortez Hills will be followed by the world-class Pueblo Viejo and Pascua-Lama mines with first production expected in mid-2012 and mid-2013, respectively. Pueblo Viejo and Pascua-Lama are anticipated to contribute 1.4-1.5 million ounces of average annual production over their first full five years of operation and to lower Barrick’s overall total cash costs by about 20%.
The Company has the gold industry’s only ‘A’ rated balance sheet, which positions it well to fund its project pipeline and act on other attractive exploration and acquisition opportunities as they may arise. The Company increased its dividend by 20% to $0.12 per share on a quarterly basis in 2010.
Barrick was added to the Dow Jones Sustainability Index – World for the third consecutive year in 2010 and maintained its listing on the Dow Jones Sustainability Index – North America, for the fourth year in a row. Barrick also became the only Canadian mining company to be ranked among the top 100 companies in the world for its sustainability and performance by the NASDAQ OMX CRD Global Sustainability Index.
Barrick’s vision is to be the world’s best gold mining company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.