Barrick Mining's Commitment to Sustainable Development
All amounts expressed in US dollars.
As we approach the 2030 target set by the United Nations for Sustainable Development Goals (SDGs), Barrick Mining Corporation (NYSE: B) (TSX: ABX) is passionately dedicated to advancing these goals. Mark Bristow, president and chief executive, emphasizes the company's proactive role in fostering economic growth, promoting social progress, and safeguarding the environment.
Beyond the Horizon: A Journey Towards Sustainability
In its latest report titled Beyond the Horizon, Barrick outlines its transformative journey since the 2019 merger that established it as a leader in responsible mining. The report showcases Barrick's unwavering commitment to growth propelled by sustainability, community empowerment, and environmental stewardship, all aimed at long-term value creation and tangible outcomes.
Creating Lasting Value for Communities
“Our vision when merging was clear: to create a business that generates sustainable value for future generations,” noted Bristow. “We are now seeing this vision unfold, contributing significantly to host countries' economies while cultivating local business capacity and leaving a positive legacy in every region where we operate.” He highlights that sustainability is woven into the core of Barrick's operations, ensuring a real impact on communities.
Economic Contributions Beyond Expectations
Since the merger six years ago, Barrick has provided over $100 billion in economic contributions to its host countries, covering wages, support for local businesses, and tax revenues. Through its Community Development Committees (CDCs), the company has invested in projects exceeding $200 million. These initiatives range from educational institutions to healthcare facilities and sustainable agricultural programs, all managed by local communities to effectively meet their needs and enhance long-term economic resilience.
Aligning Growth with Environmental Goals
As Barrick Mining Corporation embarks on a new growth trajectory for the coming decade, it is recalibrating its greenhouse gas (GHG) emissions roadmap to coincide with its expanding production capacity while increasing its reliance on renewable energy. This shift supports Barrick’s ambitious commitment to achieving Net Zero emissions by 2050.
Building Growth Responsibly
“Our approach to growth isn't about acquisitions—it's about sustainable development,” states Grant Beringer, group sustainability executive. “We're expanding our operations carefully, without carrying over existing emissions. Our updated forecasts transparently reflect this growth, alongside investments in renewables and energy efficiency.” Barrick diligently measures emissions intensity and sustainability targets tied to its evolving production profiles for the medium term.
A Comprehensive Framework for SDG Progress
This year, Barrick rolled out a new site-level Sustainable Development Goal (SDG) performance framework, offering a structured way to track community-focused progress. It measures advancements in vital aspects such as clean water access, education, and healthcare, reinforcing Barrick's commitment to deliver measurable impacts aligned with global sustainability objectives.
Measuring Success in Real-World Outcomes
“We utilize the SDGs as a delivery framework rather than just a communication tool,” explains Beringer. “Success for us is seen in tangible outcomes, whether it's reducing malaria rates in the DRC, enhancing maternal health in Pakistan, or restoring water systems in Argentina.”
Diversity and Local Investment Highlights
Among other significant achievements, 97% of Barrick’s workforce and 76% of senior site management personnel are host country nationals. Last year alone, Barrick spent $7.1 billion on local and in-country suppliers, fostering local economic stability. The company has also committed to reusing or recycling 85% of its water intake with substantial solar and hydro projects underway in various countries.
Contact Information for Inquiries
For more information, please reach out to:
Investor and Media Relations:
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Frequently Asked Questions
What is Barrick Mining's commitment to sustainability?
Barrick Mining emphasizes environmental stewardship, economic growth, and community empowerment as core aspects of its sustainable development efforts.
What recent developments has Barrick implemented?
The company has introduced a new SDG performance framework to ensure measurable progress in community health, education, and environmental initiatives.
How much has Barrick invested in local communities?
Barrick has invested over $200 million in community-led projects since its merger, focusing on education and healthcare improvements.
What is Barrick's goal for GHG emissions?
Barrick aims for Net Zero emissions by 2050, aligning its growth strategy with renewable energy and sustainable practices.
How does Barrick support local economies?
The company supports host countries by utilizing local suppliers and employing a majority of nationals in senior management positions.
