Q1 2022 Barrick Gold Corp Earnings Call

Operator: Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2022 first quarter results conference call. During the presentation, all participants are in a listen-only mode.

Operator: Following the presentation, we will conduct a question-and-answer session. At that time, if you have questions, please press star then one on your telephone keypad. At any time during the conference call should you need assistance from an operator, press star then zero.

Speaker 6: At any time during the conference call should you need assistance from an operator, press star than zero.

Operator: As a reminder, this conference call is being recorded and a replay will be available on Barrick's website later today, May the fourth 2022. I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead, sir.

Dennis Mark Bristow: Thank you and very good morning and good afternoon, ladies and gentlemen.

Dennis Mark Bristow: The world today is facing the greatest period of economic, social, and geopolitical disruption it has experienced in more than a generation. Russia's war on the Ukraine and its suspected larger ambitions could redraw the map of Europe, breaking down what everyone thought was a permanently settled order. This is already having a painful economic impact on many countries who are dependent on Russian oil and gas, but also on industries worldwide who are facing serious supply and logistics challenges in a rising inflation environment.

Speaker 8: brusha's war on the Ukraine and it suspected larger ambitions.

Speaker 7: Could reddraw the map of Europe , breaking down what everyone thought was a permanently settled order.

Speaker 7: This is already having a painful economic impact on many countries who are dependent on Russian oil and gas, but also on industries worldwide, who are facing serious supply and logistics challenges in a rising inflation environment.

Dennis Mark Bristow: Meanwhile, over in China, COVID-19 has come back in a big way, dispelling any notion that the worst of the pandemic was behind us. All in all, it's a time of radical change and no one knows how it's going to turn out.

Speaker 7: COVID-19 has come back in a big way, dispelling any notion that the worst of the pandemic was behind us.

Speaker 10: I I don't know.

Speaker 11: It's a time of radical change and no one knows how's going to turn up.

Dennis Mark Bristow: As far as Barrick is concerned however, scenario planning is an important part of our regular strategic reviews and they keep us prepared for all reasonably conceivable outcomes, including the worst-case ones. Our global presence means that our risks are spread widely and the strength of our asset base, our balance sheet, and our management gives us confidence in our ability to navigate the turbulence. Please take note of this cautionary statement, which is also available on the Barrick website.

Speaker 12: And they keep us prepared for all reasonably conceivable outcomes.

Speaker 7: Including the worst case ones.

Speaker 13: Our global presence means that our risks are spread widely.

Speaker 12: And the strength of our asset base, our balance sheet and our management gives us confidident in confidence in our ability to navigate the turbulence.

Speaker 4: Please take note of this cautionary statement, which is also available on the Barrick website.

Dennis Mark Bristow: These are the salient features of the past quarter. As we messaged, production was softer than the previous quarters for reasons I'll explain later. As planned, we expect that the second half of the year will be stronger, which should keep us on track to meet our annual guidance.

Speaker 12: As we messaged, production was softer than the previous quarters for reasons I'll explain later.

Speaker 7: As planned. We expect that the second half of the year will be stronger, which should keep us on track to meet our annual guidance.

Dennis Mark Bristow: Our best assets generally performed well, with Lulu Voncato delivering exceptionally good results. Other highlights of the quarter include the in principal agreement with Pakistan for the restart of the Rico [inaudible] copper-gold project, which we believe will be a tier one asset by any measure.

Speaker 14: Other highlights of the quarter include the: in principal agreement with Pakistan for the restart of the ricco <expletive> copper gold project.

Speaker 12: Which we believe will be a Tier one asset, by any measure.

Dennis Mark Bristow: Also important was the progress we made with the permitting process of [inaudible] new sailing storage facility, which will transform what is already a tier one mine by adding more than 20 years to [inaudible] and as much as nine million new answers to the reserves.

Speaker 4: As we expected.

Speaker 7: As we expand globally, we continue to strengthen our management team through a number of seniors.