Q3 2023 Barrick Gold Corp Earnings Call
Ladies and gentlemen, thank you for standing by this is the event operator.
Welcome to <unk> results presentation for the third quarter of 2023.
Today's presentation, our question and answer session will be conducted.
If you have a question in our journey to be a bench by telephone. Please press Star then one on your telephone keypad.
He will also be taking questions from those in the room.
As a reminder, this event is being recorded and a replay will be available on barrick's website later today.
In 2023.
I would now turn it over to Mark Bristow, President and CEO of Berry.
Please go ahead Sir.
Thank you operator and.
Good afternoon, and good morning, ladies and gentlemen.
I'd start with our current global global metals and minerals environment Twitch.
Brady reminds me of the past 2015 years.
We're in the mining industry stalled off to a very good run.
Compounding this time by inflation pressures and a few or no new discoveries.
And chaotic global order.
Then as now.
It is plagued by the obsessive short termism of government send investors at arc.
Demand instant gratification.
And reached for immediate solutions just the messaging.
The long term nature of money.
Whether you're building a sustainable business.
Or a better world.
You need careful carefully considered strategies and practical plans to achieve one goal.
Whether that's the global transition to renewable energy.
Or a business that creates and delivers real value to all its stakeholders.
Wishful thinking well I can get you that.
That's why at Barrick has a long term vision of its future.
And our strategy, which as I'll show you in the course of this presentation.
Is organically designed to deliver value today and garage tomorrow by building real partnerships with our host countries and other stick key stakeholders.
As.
Every call. It does you die I'll be making some forward looking statements. So please.
Take note of this cautionary statement.
Which is also available on our website.
As you can see from the K P.
It has been a very busy quarter.
Gold and copper production were both up on the previous quarter.
And have been up quarter, one to quarter to quarter two to quarter three.
But we did have some setbacks, notably the slower ramp up of the expansion of Pueblo Viejo.
Our flagship organic growth project and the Dominican Republic.
This is impacting on our ability to achieve our gold production guidance for the year.
But as I've often said.
Mining is a long game and.
And we don't manage barrick quarter by quarter.
Even though.
With the slower ramp ramp up at P. V. We still expect that mine to exceed 800000 ounces for 2024.
And our group projection of a 30% growth in gold equivalent production by the end of this decade remains intact.
Otherwise.
There's a lot of good news during the quarter, particularly the progress we're making.
Without other growth projects, Lamont ER and Rick Burdick.
And our strong financial performance I'll.
I'll tell you more about these.
And the other Kpis as we go through the presentation.
The operating results for the quarter.
As I've already said an improvement on the previous quarter with higher gold and copper production at lower costs.
We are expecting a further improvement in production in the fourth quarter.
But as I pointed to the annual production is now expected to be marginally below the low end of the full 0.2 to $4 6 million ounce range copper remains on track to achieve its got himself for 'twenty two for 70 million tons.
As you can see how the financial results were strong with operating cash flows growing by 35% to more than $1 billion quarter on quarter.
Free cash flow up significantly to 30 $359 million and 26% increase in adjusted net earnings to 24 cents per share.
Barrick's robust balance sheet secures our capacity to continue investing in our growth projects independent of the market.
Both new and existing while we continue to reward our shareholders through.
Through dividends.
Okay.
While growing our business. We have also been driving a new safety culture, including a new set of standards and initiatives to keep improving this important part of our business.
We call this the journey to zero.
Sadly.
This key priority was impacted by two fatalities during the quarter.
Which are deeply disappointing for me and the company.
We remain highly motivated to achieve these zero goals and during the past quarter, we've developed and revised fatal risk management program to help ensure that we stay on course without journey to zero.
Barrick has continued the very pleasing trend of increasing the amount of water read three years, we reuse.
And recycle that operations and for quarter three recorded an 85%.
Efficiency right.
We also continue to make good progress.
Towards our scope, one and two emissions targets.
During the quarter the group, including our power plants posted a 6% decrease in emissions compared to the same period in <unk>.
2022.
A key milestone in the terms of tailings Bad management was also achieved during the quarter as Barry confirmed.
Conformed to the global industry standard on tailings management and published its disclosure of all very high and extreme consequences facilities on the fourth of August.
Our teams have already commenced work.
To fulfill the requirement.
All of the standard for our remaining facilities by 2025.
Consistent with most gold companies.
Barrick's scope, three emissions, which make up at least 40% of our total emissions are mostly within category, one which is all suppliers and category three.
Fuel and energy transmission.
Through our extensive supplier engagement and data collection process over the past three years, we were able to say it qualitative and quantitative targets that are achievable and measurable as disclosed in this slot.
Turning now to the operational review in North America.
Already the largest gold miner in the United States.
We are committed to expanding our continental foot footprint beyond a substantial base at Nevada gold mines or N G M for short.
The other perspective parts of the United States as well as Canada and I'll also as I'll show you later, we're making significant progress with.
With these endeavors.
[noise], Nevada Gold mines performance is led by turquoise ridge, whereas successful turnaround exercise by its new management team has increased production by 14% against the same period in 2022 helped by the successful commissioning.
Of the third shaft.
Mine is one of the highest grade ore bodies in the industry.
But at the time of the merger was struggling to live up to its potential.
And now once again fully justifies its tier one status.
The lessons learned at turquoise ridge, mainly about the critical importance of teamwork and planned maintenance are now being rolled out at the other N G M bonds.
As we often stress N G. M is rich in growth opportunities and there's a strong exploration drive to replace reserves as well as to find the next big Standalone discovery.
It's delivering very promising results in the three trends showing here.
Notably level in the call and train gold rush in the Cortez trained and they extensions at turquoise Ridge.
Drilling results from across the MGM portfolio have already provided support.
Well, it's three our reserve and resource replacement plan.
The Barrick owned full mile project adjacent to Cortez does gold rush, but not part of N. G M Merit special mention.
Pall mall is by some distance the best undeveloped gold asset in its class.
Conceptually combined with gold rush it'll be the largest gold mining operation in the Americas.
The long wait for the government record of decision on gold Rush has been frustrating.
But the notice of availability for the final environmental impact statement for gold Rush.
It was published by the EPA on October the 27th.
So we expect to receive the record of decision.
Before the end of the as previously guided.
Yeah.
Yeah.
This is an overview.
Well, they're all expanding work in land consolidation across North America.
As you can see we have many growth opportunities beyond the N G M.
And as we work through this in the coming quarters, we'll give you more.
Alrighty, all exactly way, we bolting those footprints.
Across the U S. Our teams are hunting for in securing significant early stage opportunities.
To feed into out.
Our project pipeline.
The Western Nevada Phase one drilling has been completed at pull string with phase two scheduled to start soon.
Further north.
At the advanced Darden and project in Alaska, which boasts a very large resource.
We are progressing key work streams to continue moving it up the value curve as detailed in this slide.
And then Canada.
Sealed work was successfully conducted on.
Three properties building confidence in advancing each project towards testing priority target concepts.
We move now to Latin America.
And the Asia Pacific region, where we have been expanding our exploration portfolio.
The main focus however has been as I mentioned in the introduction.
On the ramp up of the expanded Pablo Yeah mine and the updating of the record <expletive> feasibility study.
At the time of the Voyager.
The tier one Pablo vehicle as it was destined to stop mining this year.
<unk> processing bought 2030.
Constrains as it was by low grades and a lack of tailings capacity.
A visionary expansion project has unlocked an optimized 20 million ounces of reserves.
Extending the mine life well beyond 2040.
That's an average annual production right.
In excess of 800000 ounces.
[laughter] a project of this size always comes with risks and challenges.
And in the case of P. V. It was the failure of the gearboxes for the flotation cells.
And more recently the partial failure of the end of the new conveyor belt to the single stage Sag mill.
Long term engineering solutions have been developed with a design engineers and original equipment manufacturers.
And temporary fixes have been employed.
Including the use of mobile crashes.
The equipment failures have restricted the scheduled commissioning and ramp up but the remedial measures taken by the team are relying to work and production to continue and certainly the ramp up, albeit at a slower pace.
Despite the challenges.
I mentioned at the beginning we still expect P V to produce more than 800000 ounces.
In 2024.
In the meantime, the new tailing storage facility a crucial part of this expansion has received the environmental permit and the resettlement of the project affected people from the sites will start in 'twenty 'twenty four.
At the beginning of the year you might remember valid there it was a very stressed operation.
With a combination of operational and geopolitical challenges.
We chose to cut back the mine plan.
<unk> capital, while we considered the mine's future in the context of the risk.
In the interim the mines, New management team has done an excellent job.
Operating in this environment.
Invalid era is now set to achieve the above the top end of its annual production guidance.
During the quarter.
Demand increased production and reduced costs and we expect it to be in a positive cash position by the end of the and to post a positive outlook for 'twenty 'twenty four.
The successful completion of its phase seven I Leach pad has encouraged us to start the construction of phase seven B, which is scheduled for completion before the onset of winter in the Andes in mid 2024.
[noise] across Latam, we are looking at new opportunities in the Dominican Republic and Chile.
We have recently secured a substantial land package in Ecuador, and established a pipeline of permitted drilling targets in Peru.
We're also working on extending valid there is loss by adding back some resources that were previously removed from the mine plan.
And then Pakistan.
<unk> infrastructure <unk> is now in place and we're making good progress with the update of the feasibility study scheduled for completion in the fourth quarter of next year with lockup podium, having been appointed as our project engineering partner.
Cosmic surveys of aquifers in the area indicate potential to meet demands immediate water supply needs and drilling has commenced to confirm the potential of these equities.
Construction of the mine is scheduled to start in 2025 with 2028 targeted for first production.
When it is fully operational rig.
Rick codec will rank among the world's top 10 largest copper mines.
As elsewhere.
Barrick is very conscience conscious of its social license to operate.
And in line with our pledge to rollout benefits for the local community well before mining started.
We have delivered three primary schools, a health center and above all clinic to the surrounding the villages.
Last quarter, we also launched an international graduate program and Balochi start within an initial intake of non outstanding graduates for their more than.
Our intention is to start cultivating a cadre of future experts and leaders for Pakistan Sledging mining industry and.
And we also plan to start the training all future employees from the region.
Getting the first thousand bought early 'twenty 'twenty five.
In Papa New Guinea.
It's been a long.
N winding road towards the reopening of progress, but the end is finally being brought into sought by the granting of a new special mining license and the execution of the mining development contract in our fiscal stability agreement.
We are engaging with the landowners to extend the current compensation agreements.
To enable restart before the end of the.
Detailed reopening and ramp up plans are in place and we're taking all the preparation preparatory steps to be ready for that day.
It's been well worth our while to persist with for Paul Paul Ross, It's a significant asset with real T. T L. One potential.
My introduction to the Africa, and Middle East regions.
Part of the presentation has been the same every quarter.
And it's no different this quarter the region has been barrick's, most consistent performer since the merger.
It's also a highly prospective exploration destination and a core growth engine for the group.
The Lula gotten caught a complex in Mali delivered its usual strong performance.
And fully deserves its place.
Our tier one portfolio.
It has an exemplary record of consistent reserve replacement and ongoing brownfields exploration indicates that it's likely to sustain this.
Deep framework drilling is currently testing for repetitions of the high grade.
System and elsewhere on the sought new high impact targets have been identified while our project wide review has highlighted opportunities along strike in south of Elia and at depth at quarter end about.
The greening of the complex grid continues.
With phase two of our solar farms scheduled for completion.
Before the end of this year.
Barrick.
Is africa's largest goldmine.
And kibali, the continent's largest galvan.
It has recovered well from a slow start to this year and.
And is on track to meet its guidance as well as to replace depleted reserves again.
Kibali is a leader in automation in mining.
And a poster child for renewable energy.
Since operations began we have bolt three hydropower stations at Kibali.
Together. These stations currently meet more than 70% of the mine's electricity needs.
One said 16 megawatt solar facility with battery storage is commissioned.
Mine's electricity needs will be met entirely.
From your renewable energy for six months of the year, reducing its greenhouse gas emissions by over 19000 tons of C O two equivalent annually.
The two Tanzanian mines production were lower than in the previous quarter.
But this is in line with their plans and they remain on track to meet the guidance for the.
In order to sustain their combined tier one profile for decades to come North Mara plans to extend its life through an optimized pit plan, while the strategy of brownfields growth continues to deliver at both North Mara and the long last fall you on Hulu.
There's still great potential for world class discoveries around the operations and further afield within the Africa and Middle East region.
These are some of the many opportunities from Zambia in the south to Saudi Arabia, and the north.
With its wealth of resources and our strong partnerships there.
India is a particularly strong candidates for our next million ounce discovery.
In Zambia, the expansion of Laguardia.
Is along with the rig codec project another of our key growth projects.
And together they will make Barrick are major league copper producer.
Complementing our Peerless T T L. One gold portfolio.
We've accelerated its feasibility study for completion towards the end of next year.
With construction, starting in 2020 five.
'twenty 'twenty six targeted for first production mirroring Rick codex timetable.
Lamont is 50 million ton per annum process plant expansion, coupled with the planned super foot will lift copper production to some 240000 tonnes of copper per year.
Over a minimum of 36 year mine life of mine and.
And several additional targets are expected to extend this model off further.
All other copper mines jumbo side in Saudi Arabia, and Zaldivar in Chile.
Both delivered consistent production.
Diebold side, a joint venture between Barrick and Mod and is serving as a springboard for expanding our very successful partnership.
New permits around the mine are being brought to account and we're expanding our focus beyond the current job all sayiid catchment area and up to the Arabian Nubian Shield.
Which we believe is poised to become.
Our major new mining destination.
Ladies and gentlemen value today and grow tomorrow has been the theme of this presentation and I believe we're equipped to deliver both on the back of a uniquely successful and sustained organic replacement of debates.
Good reserves, coupled with a disciplined long term growth strategy as you can see here since the merger in 2019.
We've replaced 125% of our reserves.
Looking to the future as demonstrated we expect reserve replacement and all organic growth projects to increase production by some 30% gold equivalent by the end of the decade.
Thank you for your attention and I'll hand, you over back to the operator to manage manage our questions and we'll be starting here in London.
With the first question.
Yeah.
Hi, Dan major from UBS.
A couple of questions first one.
Just on the guidance for this year, you've obviously indicated.
Three or so percent below the bottom end of the range on production can you give us a steer on the.
Cost trajectory in Q4 on a group level and where you expect to land for the year relative to the top end of those guidance. Yeah. I think so the big driver in the growth a debt that has been kept back has been.
Pablo the FAA expansion.
That's still going to grow significantly in quarter, four so and and and again.
The the all the regions are growing and we expect a.
Forecast for the fall will be better than quarter, three and with that will come up.
And improved cost profile as well so that trained.
Two news as we set out to do for the quarter the impact is.
As in the actual expansion of P V and I'll just explain that to you because I think people would like to note that as well.
When we commissioned.
The this is these we commissioned the <unk>.
Largest.
Blood cells ever bolt.
And the OEM, who supply that does fluid cells, we've used certainly my whole career.
And and they undissolved under design, the gearboxes and the shaft. So.
We've been able to retrofit and and and and engineer a temporary solution. So it does float cells are now working but the supplier has agreed to.
Send us completely new assemble assemblages.
By the end of this year and they'll come in and one of the top.
So by the end of the year, we'll have that.
Problem property put to bed in the engineered solutions might last us two to five years.
But normally float cells were last decades, so we want to get it done properly.
And at the same time, a bit like what happened in Lula a couple of years ago at the end of the the very large conveyor belts are fine.
<unk> are right at the end and and that's the feed to the run of.
The crushed ore stockpile for the single stage signal.
We we we all experienced in this because as I pointed out that happened with us before and so we've we jumped around then and.
Installed a whole lot of mobile crashes to be able to manage that situation.
And and again, we have I.
A series of convey as that have arrived on site.
For dollar marked process upgrade.
And we're going to use those we actually as I speak installing them and we'll use those and in the short term period. So the next four odd months, while we reconstruct that a piece of the conveyor belt.
And so we are expecting that production will.
<unk> will range between 70 and 75% off.
Planned throughput and we've not continuing with the ramp up now and this is because it's a very complex flotation circuit, what we've effectively done what we did with P. V is that it had run into a a.
Part of the ore body, which is the rest of the orebody 20 million ounces.
But she's got a grade of around 2.4 grams a tonne.
And we needed to Jack up the throughput and so the way we did it.
Process Ah experts.
We installed a very big float circuit in the front end of the plot and increase the whole combination part of that front end.
So then what the Florida does is it a is it concentrates the gold and more importantly, the sulfur.
Which allows the and we put in a flash coolers into the auto saves.
And so now we can go back from a 14 million Todd and front end plant back to a $10 million tied in rest of the process of putting in the same amount of gold we dropped the costs materially because it's not a lot of processing in that circuit.
And that unlocks the entire 20 million ounces.
And PV is a very low cost producer, we produce our own power Ah, It's a natural gas fired power station.
And it's and it's and it's a very efficient operation all round, it's very compact.
The the.
Mining is a efficient and so and so we have a profile it'll it'll range between 800000 and a million ounces ought to be at 22 2014.
And that's really that the impact in the short term this year cause and but the big.
Drive of the increase from this quarter to next quarter is still that project.
Thank you one more for my.
Particularly prominent concerns in the industry around expropriation nationalization elsewhere outside of your portfolio. If we go to to Pakistan, Obviously theres been a checkered history in in this asset two questions will gives you the confidence in the framework agreement.
You'll you'll coming to know that a cobre, Panama situations not going to cut down the line and the second is in the wrangles days. He was talked to 20% IRR at 1000, what's your hurdle rate.
Against this backdrop for Rec are <expletive>.
So.
Daniel after 40 years.
I think I understand my way around the mining industry.
And I would point out that when we did the merger with Randgold.
The Barrick portfolio are the my recognition was.
Car hire nature of the quality of the assets, but every single asset had a problem.
Argentina was in trouble.
Tanzania, both mines were closed by the government and the exactly what you referenced with what you're referencing.
Polo is ultimately cancelled the permit.
Richard there could be nationalized.
Was there was a you know.
In Nevada was and was an inefficient.
Arrangement of assets are.
Because of.
Barrick and newmont owning assets in intertwined and which should've been manage together, which they are today.
And you look back you know you go fast forward to today I look back we've dealt with all of those issues.
Yeah the last.
Our challenge, which is also an opportunity as the pascua Lama process, but what we did do is fixed valid era.
And so it creates and it's not about your agreement.
It's about your license to operate you can have you know you can pay in any agreements in this modern world whether it's in a developed country or an emerging market country. You you can do that if you're done and that's what I said for many years and you know this.
I've said you know the most important stakeholder in our mining venture is your highest country Nacho shareholders.
Because if you get it wrong your shareholders end up with nothing.
And so for me and it's been that for my whole career very early on that is how we both dry and golf.
Focus on your license to operate and make sure you share the benefits the economic benefits.
With the host country, and and and the people in that country. So employee locals develop local management.
And then you'll be able to manage most classes.
But if you don't have a social license any as we are witnessing for the umpteenth time and it's not particular to just this last yeah.
If you don't have a social license you could have any agreements you lock.
Save save the day, so I think where we are and and went and it doesn't mean, it's all utopia all you've seen the work we've had to put in in Tanzania to get where we are today, we are a preferred partner with the biggest contributor to the economy and the entire nation.
And that comes from.
Accusations that we never gave anything.
And and so Mali, we've been through many challenges and moly over the years.
I think I've been through.
16 different.
Governments and.
Three crews.
We are still operating.
Have a very strong social license and body doesn't mean to say we don't have.
<unk> challenges.
And I think there's a message to the industry that that is an important component of our mining today and mining today has got a lot of work.
Two rarely.
Establish its credit credentials to ensure that it can fulfill what the world needs from mining because without binding we will never have.
A world that's in good shape for future generations.
Thank you.
Okay.
<unk> P M P pare back soon and thanks for presentation two questions I'll take them one at a time the first one son Carlin the big drop in the open pit grade that was or from goldstar stopping taking more from the stockpiles.
How do we think about that through 24 and the great progression.
Well that's closed now and so it's about I mean, the big Big Challenge and calling us.
And goldstrike, what I've done with goldstrike, because we've put it.
And it was it's always been a filler and not production and and and and that has been tried to make it a coal business and it's not and so we've got a.
Real we've put that in a.
A separate category I will manage that going forward level has done extremely well in the new.
Remnant mining is a tough.
Enterprise as you know.
So there are parts of our remnant mining the old sections of calling that are still have a lot of new mining blocks, we've been able to get ahead of the faces and drill out to a future for them, but goldstrike is not one of them and then the.
The open pits. We are we are transitioning from those open pits, but the the coal a focus for us too is expanding into the north through level and there's a lot of.
Golden level, and and weird drilling brownfield extensions right along that Collyn trading today.
Thank you and then on the portfolio just one operating asset in Canada, I know you've talked about wanting to have more they're just interested in since the transaction. When you leave here taking over why hasnt more been done there hasn't been the case that the opportunities you've looked at would compete on geology or valuation or is it something else.
We've there's been a lot of M&A in Canada as.
As you know a lot of and we've participated in just about every one and we've walked away from it.
And what we have done is built a very significant portfolio now and we just referenced in the presentation. The three key projects that we were taking now to drilling and they're all in the right place.
And I Ah Geological team is as good as any of the teams we brought.
And I you know I I guess from you know everyone in Canada, particularly.
Have this.
Our view that we need.
Deserve to do M&A.
Or should do M&A.
And M&A is a part of the business that you know as the market. We were talking about the other day and Kevin made a very good point.
As it said some place in the market, we're always off of value.
But in other stages of the market their offices serious risk.
And we've we saw that in 'twenty 11, when the entire mining industry Blewits brains out.
Every one of them.
Even blend coal or selling assets to survive.
And and the reason I'm here with the.
Randgold team in and along with the Barrick team is because barrick and and the other big gold assets did they say.
So.
And for US where business was all about business, we're not about being big for the sake of being big we believe in relevance.
And and there will be times, when we have the opportunity to create value through.
The acquisition and we started out the merger with three very aggressive acquisitions OLED market OLED market.
And there will be another time, when we get another opportunity to do exactly the same in the meantime, we just didn't rely you know it.
It's not a strategy to rely on M&A and right now that's the mining industry, because it's ex growth.
And Barrick has a standout we have despite the fact that we didn't do those M&A transactions, where we can show you a 30% growth hasn't cost us any money, it's just cost us effort.
And and the gold portfolio has got a steady growth out to 27 28 as we showed you at our Investor Day. This recent 112th of September and the copper profile is significant and more importantly.
We've got we've got five years of actually planned replacement of golf. So we've got out.
Our brownfields exploration drilling way ahead of the face to be able to show that we will convert.
Inventory to resources resources to reserves over that five years and of course as the years roll forward, we do more of that.
And then we've got the new projects coming in Lemont is going to dump a whole lot of copper reserves.
<unk> expansion.
Into our portfolio and Richard <expletive>.
Even more and on top of that about 15 million ounces of gold and our reserves. So there's not any I'll be replacing the reserves you mine at our current tier one assets and I would point out our tier one assets are by definition.
Rather than buy it up.
And.
And that growth that we told me about his new growth and its both gold and copper because.
Richard that cause that.
Classic asset you want as a gold mine that's got copper in it it's got a lot of gold in this as well.
Thank you.
Oh lovely to have you back in London, just on this chart with your growth from 'twenty to 'twenty nine can you just remind us.
The cost of that and how the sort of capital spending comes over the next few years and see where sort of growing all debt levels from the loss of a couple of years ago.
What do you think peaked at might be in order for us to achieve this goal.
So Justin as you know we kept me out every year.
By design to two.
Gives his presentation and then let's see.
If it wasn't for the stock exchange.
Requiring us to do a full I P O two to continue our listing in London will be listed here.
Just.
Apropos of nothing.
Uh huh.
On the capital side.
It starts as Lamont.
At 1.62 $1.9 billion.
Wheel.
We're still in the feasibility study, but will be what around there.
And that's.
And that's we we should add at market.
Consensus prices, it's about $800 million carbon that we would fund from Barrick.
And so that's you know it's a it's an easy project for us to do whatever you what does the copper prices up or down.
We'll put a bit more and all but less.
But again, yeah, that's it and if I take you back to Randgold, we've got ready and we can talk about it but we've got a gold assets are well staffed up and we've got long life assets now drilled out.
So and in the scenario that you find us today remember when we bolt gold or gold or gold mines out and Randgold in the early two thousands.
Gold process was not very high but as we bolt at the gold price Kip Rupp.
Browsing and we just.
Deliver value for our.
Onerous.
So it's a it is one good place to bolt copper mines and that's when the copper price is low and particularly right now because I don't think any of us believe that the copper price is going to stay at this level.
But we've got the gold strengths to support that.
That development and and also all our and then Rick Burdick, it's about $5.5 billion.
For the first phase in three and a half or the second phase, but that's still needs refining because we are doing the work on it.
And we've got some.
Big opportunities to reduce that first phase a $5 $5 billion.
And that's on 100% sorry, and then we all says as we've disclosed working to a project finance half of the first phase.
So for Barrick, it's very affordable if you look at whatever gold price you use and we have used a 375.
$3.
Per pound copper price initially.
And and and.
Because of the gearing and the project finance.
Rick Burdick comfortably.
Exceeds the 15% IRR.
And so again, that's a project that's easily managed we have.
The gold Rush is a billion dollar investment.
It's a it's a high grade mine, it's easy again easy to find that's on 100% basis.
And are the other big capital project is.
Is PV and that's that was a 2 billion dollar project with a billion dollars into that so those are the projects as they stand.
I'll ask Graham do you have a go to indicate to you the profile of.
Our capital profile, but you talk about that we don't really go into decks of debt.
Because I would just point out everyone in the industry listened to people like you not use because you'd have to do it but most fun vantage is asking for more and more dividends.
In a in an industry, where it's capital intensive if you're growing it and.
And you noticed we didn't do that although we distributed significant amounts of cash back to shareholders. It was based on our P&L and our free cash.
Available cash not going into debt to pay dividends.
Today, we've we've paid down the debt to almost zero leverage we've we've.
We've spent $7.5 billion plus into our business and we've dividend it out around $6 billion. So you know what Oh cash returns that's significant value, we've created and we're not and and now we've got these projects where they all pass out full time off.
15%, if we look at return on capital invested of around 10% and IRR of around 50, depending on the project. So.
But Rick Burdick is exceptional because we we believe we can gear. It that it gives us that sort of Richard So you Wanna.
Finish my.
Finish the question to Justin I mean, as Mark has alluded to.
We've got these two big capital projects that are on the horizon and both of those are scheduled to really start.
Start ramping up in 'twenty to 'twenty five so they sort of peak years from a capital point of view on 2020, five and 'twenty 'twenty six.
So you know this year, we'll spend around two and a half billion dollars an attributable basis around capital and.
Next year, we will see a little bit more just as we start to spend some money on those sort of pre feed.
In advance of those features but if he studies being competed at the end of 'twenty 'twenty four.
2025.
Those are our peak is in 2020, sorry, 25, and 26 of the sort of peak years.
Hum.
Then 2027 and it starts to come back down again as those projects you know roll off so the key point that box, making those you know even if we use commodity price assumptions below the current spot prices.
Hum.
So you know if you use consensus prices, which you have a declining profile.
We don't we don't build that through this period the cash flow from our business funds all of that capital. So we don't have any debt buildup on that basis.
So whichever way you cut it.
Justin you need to buy some more stock.
[laughter].
Anybody else.
Very good let's move to those on the call.
Thank you we will now begin the telephone question and answer session.
The question queue via the phone you May Press Star then one on your telephone keypad.
Oh sure I tone acknowledging your request.
We're using a speakerphone please pick up your handset before pressing any keys.
She was try your question. Please press Star then two.
Our first question comes from Boston Winter with Banc of America Securities.
Please go ahead.
Oh, great operator, thank you very much Hello, Mark it's a very nice to hear from you.
I would like to ask about Donlin so in your project.
Both discussion in the MD&A, you mentioned exploring further partnership opportunities to unlock value.
And I just wanted to check is that to suggest that barrick is seeking a sale of a portion of its interest in donlin.
I'm not.
I don't think we say that with a reference to donlin.
I'm sorry.
So you know if you I've shown you the slot enough you can see it but if you go back to the.
North American exploration side.
What we are busy doing so let me explain to you when we when we close the transaction.
Jordan had at a global resource.
It didn't really have an ability to.
To a model where the gold deportment to us.
And so we've.
Advanced our understanding of the ore body over the last couple of years and we've also really got into some details in the different phases the different geological.
[noise] domains of the ore body and got to understand they're very of grams and so we're not in a position where we are absolutely comfortable about the modeling and the ability to optimize our mining.
The mine plans and that's we got a little bit more drilling to drill out some of the gaps.
But.
So the first bullet is the continuation of our geology work.
Too and we want a bold and some measured resource at the moment we got.
Most of the resource covered in the indicated category.
And this will be able to know and we've done a preliminary mine plans and modeling and put schedule ing, but with US we can really go and start optimizing it and that's the next step.
And at the same time, while we did that we were able to collect more and more.
Samples to continue with the metallurgical test work and processing trade all of a sudden we've got some we got a bull's eye.
I.
Hmm.
<unk> scale.
Testing facility to be able to stimulate some of our metallurgical flow sheets and then.
The next one is you know what are the big things that have changed.
The last.
Few years is our the cost profile and the capital costs, particularly and so we.
We need to refresh all the capital estimates for that design. So once we get a real handle on that 10 minutes not far away or be able to do that and then and then the important aspect is because power power cost power generation power strategy has all changed.
And so there's work to be down there to make sure that we have.
That that part of the project, which is a critical part of this.
<unk> well understood.
And and we've still got some permitting to complete a particularly around the story tailings storage facility.
And then you start getting to the stage, where you can actually understand what what at what gold price. This project will.
Be viable as an investment and and for US you know, where we're a very focused.
A gold mining company that has an obsession about sustainability and a big 32 to 36 million ounce resource is important in our portfolio and certainly in my career I've watched all bodies go from unprofitable to see.
<unk> profitable over time, and if you just go back to 19 on.
Golf process to 62 days 2000.
And if you look at the average grade of the industry. It's it's been declining materially as people can use higher gold prices to make money. So yeah.
Yeah, that's and that's the way we look at it.
I can honestly say there hasn't been a day we've considered.
Putting it out in the market too.
For sale.
Okay.
Thank you and and then just on exploration.
There was a discussion again of north evil. So it's great to see the exploration exploration success. There to date and I was just wondering is there expected to be in additional maiden resource as of year end 2023 for that Fallon Miramar gap and then or is there any expectation for any significant update on north lethal resource in any way for it.
For this year and update thanks very much.
I think we'll be updating our reserves and resources at the end of this year as we always do and with that will come some will definitely pointing to some of these emerging projects they extensions, but they're material extensions.
And so that will make a decision.
I mean, we'll share that with you and we get there and you know the objective has always been to replace the ounces that were mining.
But at the same time, we have guided that.
Nevada is on a three year rolling average that we look to replace our reserves and so we build a because the lot of the ore bodies are deep we build the inventory then we we and that's what we've been doing you roll forward, our resources and then there'll be a pair.
Read where you've got enough of a pipeline to keep on an annual basis, replacing the reserves. So we're getting there as far as North America goes, but you got to see a big resource or inventory and resource growth going forward.
Terrific. Thank you very much mark.
Right.
The next question comes from Martin <unk> with Veritas investment research.
Go ahead.
Thank you.
My question is on Pueblo Viejo, I saw the recovery rate declined from 89% in Q2 to 70% in Q3.
I'm wondering what I should expect for Q4.
And if this is all related with the cells that you were talking.
On the.
The the production and pool of vehicle was 17 9000 ounces if it would be materially higher in Q4 always you have to wait until Q1 for that.
So.
The recovery is purely a result of the ramp up and that's you know as you feed these new new processes, all flow sheets, we'd rather get everything balanced and and we did that and we've been using.
A lower quality stockpile all.
On the commissioning side as you can imagine our intention is not to try and put as much gold as we can onto the tailings dam.
To try and make it land and the gold room. So so we've used a lot of quality.
Less sulfur rich and lower grade ore to commission, the the mine and that impacts on recovery.
We will we will wrap that up and we're busy with that right now the ramp up it was delayed because of those flotation cell challenges.
And and as we do that and we say it all the process down and so we will shift back to better role and will return back to our the design and the recovery right.
Notwithstanding that we expect to have an improved quarter for relative to quarter three and production was.
And we should start seeing the recoveries improve and then quarter three will be the same we expect to be.
Fully back at full operations at the during quarter one next year.
And towards the back end of quarter, one next year, but notwithstanding that as I pointed out the design.
<unk> profile for Pablo.
Is above 800000 ounces and certainly from what we see today, we will get to above 800000 ounces in 'twenty 'twenty four so the softest thought but a strong finish.
The.
Okay. Thank you.
The next question comes from Tanya you could connect with Scotiabank.
Go ahead.
Great. Thank you so much for taking my questions and good afternoon, everyone.
Maybe just on Pueblo Viejo.
I was looking at your Investor day presentation.
November 2022 when you gave the production profile for Halloween.
Hello, and 'twenty 'twenty four mark.
Am I supposed to be a million ounce yeah I'll for this asset so I'm just trying to understand from you as we had these delays and push outs and so forth.
Should I be thinking of moving that 1 million ounce production profile down to you know am I looking at the 900000 ounce range and taking that.
Eventual I'm pushing it into 2025, where we had to drop back down to about 900000 ounces. So I'm just trying to understand overall, what 2021 looks like relative to what you provided for us in the Investor day.
So China, you must have a very sharp ruler.
I do I have your Oh.
Definitely yes. So that's correct. The situation. There is you know at this stage what we can say with certainly is certainty is we'll break the 800000 ounces.
The answer is we don't make and next year, we will roll forward into the other yes. So that's correct, but what we wanted to point out that the spot the slower ramp up our job is to get this mine complete and running.
We will still beat the design the long term design production and you know could it be significantly above 800000 ounces, yes would it be a million so it's somewhere between the two.
That's the way and real tidy that up Todd you're out with you when we speak to you in early February when we give the full guidance at that.
Yeah, I guess I don't know if this is one that you you need to be aware of.
Yeah, I just wanted to make sure that you know when you provide guidance for next year in February I don't have that 90, an ounce production profile.
That's why we've given you that got it yeah.
Okay.
And should I be thinking.
Okay.
You know our revisions to the production profile for 2023 I'm I'm I'm, you know lower production and higher costs, and then sort of.
A shot and popular with young how should I be thinking that Tom.
The capital return chicken, mainly focus on dividend.
First time in many pocketbook, yeah in until next year versus share buybacks, even though yes.
Because it's relatively cheap should.
Should I be thinking about that and I think I don't think it should be thinking anything like that.
Right now we've got a dividend policy.
And that is.
You know as soon as we get cash or net cash in the balance sheet.
At the end of the quarter, we'll pay out an extra dividend in and it's very clear our guidance and Antonio we've been very loyal to that.
That strategy, unlike any of our peers.
At the same time, we can change that because if we buy back stock then it'll push the net cash position below zero and we wanted to pay the dividend.
We can do both you know we kept what we can do one or the other we can do both it's a it's exactly but we need to get some we know we need to keep a strong balance sheet because right now.
As I pointed out we are independent of the market and so and I've been there before in these stages and its and its not in our interests to stress our balance sheet. When as you heard from Graham We've got some significant capital ahead of us and that capital delivers real returns.
And so that's that's our focus as we are.
He has been a whole Korea, yeah, we worry about.
Creating value for mining.
Hum.
World class ore bodies, and not trying to buy our stock by paying more and more dividends.
And on the back of increasing debt.
Hum.
Alrighty, then do a share buyback is what I told them.
It's.
But now they are all either or.
And then my final question.
I just wanted to come back to the health and safety.
I'm, just trying to understand mark what's going on with health and safety, but these fatalities, we talked a little bit about it on another conference call last year, we had quite a number of fatalities and then another Kim.
Can you just review with US is that that teachers aren't being followed.
It needs to be upbeat about what exactly okay. I'm just trying to wrap my head around all of them you know what I'm seeing.
But.
The one fatality is still hasn't really been classified the one in the United States that still needs a bit of work before we can talk in too much detail.
The the fundamental aspect of this is.
Operational excellence Tanya.
And when when when you get in and it's they they requirement to get people to concentrate and to be properly qualified to do the job and be aware of what they need to do before they embark on an on any work.
And we've we've when you go through the stages you Gotta spend a lot of more time in making sure that we are training our people correctly and that they are able to deal with the challenges of work underground and working in a heavy industrial.
<unk> or heavy industry environment.
And like all accidents.
It's.
There's some neglect in it either not rarely doing a proper risk analysis finish before starting the work all that you overlook procedures and standards.
And the question and it's easy for us to blame that but it's you know there's more to it than this when you manage a health and safety in it and just like you know you see us sustain environmental our strategy is starting to work it takes time and a big organization to ready.
Make sure that every person who comes in the gates at every person who works at us walks into a specific environment within that heavy industry.
Industry.
Is qualified to be there and is capable of working safely and that's a big focus right now.
Okay. So you've tightened your procedures I'm, assuming in terms of once he's got tom-tom procedures, we've introduced.
Training schools proper trading bonds, and Nevada, because you know a lot of and in America. You don't have this philosophy of.
All the technical qualification so we're doing it ourselves we've partnered with the technical training.
The tuitions, both in northern and southern Nevada.
And and and then and then Africa, we've revisited that induction and and and making sure that our technicians lack electricians all current all kept current.
And by through our training programs.
Okay, we'll talk about this tomorrow when I see in price I believe I can let someone else ask question.
Yep.
The next question comes from Mike Parkin with National Bank.
Go ahead.
Hi, guys. Thanks for taking my question, just a little bit of a looking for some additional color in 'twenty 'twenty four for P V.
With respect.
With respect to downturns will there be kind of major downturns to get together, because they are fixed and up and running get the new gearboxes and drive shafts and replaced with a more robust units the.
The leach tanks.
That all kind of happened in Q1 or.
I would imagine that it's likely a bit of a back half weighted year for the asset just any kind of additional color you could provide would be fantastic.
So we can manage that down times and our current profile.
And and all the leach tanks and the retrofit so the fitting of the new assemblages will will happen before the end of the AR and then.
And then with you know by that stage, we should be probably ramped up as far as process flow sheet that sort of thing and then we've got a lower throughput in the first quarter.
Because we we've engineered.
Engineered an interim solution, which which gets us 70% to 75% of the way to a full design throughput.
And and and that's independent of the <unk>.
Current convey our infill.
Infrastructure, so we have to fix that and erected they it's the new extension.
Will not be impacted by a well and certainly won't impact the operation and then we'll switch over to the newly installed.
Convey a once it's all done and and.
And.
Dismantle the temporary conveyor system that we've put in its place.
Okay.
For them that will crack the 800000 ounces next year and if we get it done earlier and we can you know we get the ramp up more efficient earlier it all helps us to.
To the point that.
That Tanya was talking about so if we get more not less.
About 800000 ounce.
Cost.
A follow up on that is just the the work on the needed new tailings dam is that continuing to track.
Well to plan from the Mi site tour or is there any delays in terms of getting final sign off permits shares to get that work underway or relocation of.
Some of the villagers I believe had to be moved out of the way is that all tracking to plan.
It's all tracking Japan, and it's fully permitted.
So.
The work we bought a finished for the actual design is we we've got a couple more holes to finish on the main wall just to make sure that the because this is a you know.
The the love all of them are like all of them are which we're using now is one of the.
Most engineered tailings facilities in the world and it's survived.
Seismic events and so this is a very highly engineered dam and foundations are critical the way we engineer. It. So we're busy with that work and then but the dam itself is permitted and and we're far down the road on our consolidation program program with the.
Eh community and as I pointed out in my presentation will start moving.
People.
And these are people some of them are are effectively squatters on state land on other people's own land, but that have Iraq under the Dominican Republic law to that land because I've been living there for so long and what we're doing is building new village infrastructure. So.
Proper communal village living and with the infrastructure and all the services as well. So you know it's been relatively easy to.
Find solutions.
And and get the commitment to relocate and we're busy with that and as you know we've done some of the biggest relocations in the world and ran golf.
And they've been all been successful.
Great. Thanks, very much for that color.
Thank you.
As a reminder to join the question queue via the phone. Please press Star then one.
The next question comes from Anita Soni with CIBC World markets. Please go ahead.
Good morning, Mark and team and thanks for taking my question first question is with regards to costs I can see they came down this quarter and are trending more towards the at the guide that you put out at the beginning of the year can you talk about some of the areas, where you've seen cost relief and any implications that has to be capex number going into next year.
So I need to and nice to hear from you.
I mean, they were forecasting another decline in costs.
Along with a further increase in production in 'twenty I mean in quota for.
The World is very dynamic as you can't you know as you know and Ah you know oil and gas. So what are the key drivers of all of our costs in many of our operations. So.
No I think that's a good trend.
I would I would.
Prefer if you let US guide you on the costs for next year. When you weight, we give you the full guidance.
But that's really the trained at above at and you're right. You know we are getting back towards the God of course, we're not quite there yet and we're not gonna make it quite make it there because one of the drivers of the cost to his grandmother said before as is.
Is the higher gold price on the royalties.
So $100 is $5 on the cost scrap.
So $100 is $5 above out and remember we planned at 650.
16, 50, sorry, Yeah [laughter] second question. So then my second question is with respect to the you know the softer quarter for softer years that you're going to see a cap at Carlin and Cortez. This year. So would it be safe to assume that you know next year I think you were guiding to Nevada gold mines I'm being a.
A little bit weaker in 2024, originally but you know with these kinds of delays in production and in 2023 could you see some of that pushed out into 2024 and maybe its not as soft as you had previously guided.
No I think our you know our guidance for 2024 that we last spoke about it in and you know again, we were saying you know what are the things just like I did in Argentina, we need to give this team a bit of a breather, it's really right at the edge all the time and it's just not getting on top of things and so that's the discussion.
You and Tania and I had a couple of other analysts had when we were done together.
N P V and you know we are mindful of that and and and we gave that indication of where things are going to land and I think right now that's where I'd like it to stay until but real tidy. It up next year when we talked to you in February.
Okay. That's it for me and my questions.
Thank you Sir.
Our next question comes from Jackie Places Lucky with BMO capital markets.
Go ahead.
Thanks very much thanks for taking my question I appreciate your time.
My first question I'm sure you've been asked this a lot, but maybe it'd be helpful to to ask you on the call you've said before that you'd be looking at copper assets I know you've addressed it sort of indirectly today, but if you could just maybe the more direct.
When you were talking about buying Freeport, you said you would do it if he started at a distress discount.
In that moment, obviously pets, you've also been linked in the media to potentially looking at by first quantum in the past.
I think everybody would agree that it looks like the stock prices at the end of a distressed discount at the moment does that change your view on on acquiring first call on them at this point.
So I need a ride a.
Things are very fluid as you can imagine there must be a tough.
Tom for first quantum.
The press is not my investment banker.
And and so no it would be I think it'll just be they'll advise for me to comment on that question. Yeah, I think first quantum needs to focus on its challenges and.
And you know none of us like to see that sort of event in our industry absolutely. Thanks, Mike and Ah, It's Jackie by the way I. It if I can add something.
Okay.
I mean, it was a tough question, so I understand that mistake I [laughter], if I could on.
On the record date.
You know there's been there's been a lot of talk again in the media about potential partners at record taken I think I actually ask you guys just like last quarter, but but since then there's been more talk about whether it's the saudis or Egyptian individual can you can you just.
Like how you expect the project to look from your side you.
Are you looking to retain your 50% stake in regular Jake or would you entertain partners are coming in.
In terms of sharing the Barrick equity.
So Jackie.
Yeah.
What I can tell you is they gave was asked this question by Ah Ah report out of left field never spoken to them about it and he's got.
But little or no chance.
But really no chance of ever getting equity in Richard <expletive> and I think he knows that so.
That's very clear and that's not a reflection on the gateway is a great friend of mine, but you know we're not selling equity it's not an equity sale. This.
The conversation around.
Audi and and Pakistan and their equity is.
As you know Saudi was a big player in supporting the IMF rescue Pakistan, It's a long term friend partner and supporter of Pakistan and yeah those conversations.
All being held in some form, but and and we there too to support and we are as you know strong partners of Saudi Arabia in Saudi Arabia, and we are very committed partners to Pakistan and Pakistan.
And we there to help wherever we can but we're definitely not meddling in any conversation and the one thing that is clear is.
All 50% is not for sale.
That's very helpful.
I think that would probably help if you ask me again next quarter I'll give you the same answer from them.
Oh I need to respond to that.
No I appreciate I appreciate it. Thank you very much for your color.
The next question comes from John Tumazos, with John Tumazos, very independent research. Please go ahead.
Okay.
Mark Congratulations on everything I hope I don't offend you, but I did a little spreadsheet comparing 56 companies some of them more gold companies.
And.
Those 56 companies in the last three years bought back $73 billion worth of stock.
Still every forest products and every fertilizer company I worked at bought back stock. The gold companies are different marks I don't compare unicorn companies.
Sure five companies have bought back over $1 billion. So far this year.
The biggest one.
It was about it.
Spent 14, a quarter billion on buybacks for the last three years so far.
Yeah.
Last year Barrick bought back stock.
This year, you're not how do buybacks compared to.
Expanding on one.
Extending quickbooks.
Oh.
Rico, Jake just walk us through how you make those choices.
So John that's a good question and thank you for the compliment well I think that was a compliment.
Certainly I compare you to real companies and not called companies. Thank you.
So again as I pointed out earlier, one of the things. If you go back through through my career and most of my career has been with Gram and we're very clear eyed look on how we manage our balance sheet is that.
That you need to have a capital allocation strategy and our policy and we've got one we worked to one win right out of the blocks in 2019, and then we bolt one and shared it with you 18 months ago, and and and today. It stands at we don't we pay a base dividend of <unk>.
Since the quarter.
Anytime because our long term business strategy delivers.
They live as that base dividend no matter, what the gold process what the.
Most foreseeable golf Russell minimum golf process.
And then once we get a net positive cash position, we add to that 10 cents.
Now the way, we can manage that is and we want that because we're in a growth phase.
And you know I've I've proven before or not I am determined to prove it again, if you keep investing.
Into profitable assets.
Similarly, you make more money than you need to reinvest in your future and that's what happened in Randgold. After 10 years, and we had 13 years of growing dividends no matter, what the gold price was.
And so the way we can manage that.
A buyback relative to dividend is where.
Where do we see that trajectory going.
Above net cash we have a choice.
Buy back the stock.
I'll, let it go past that point and.
And then at the end of the quarter. If we brought net cash we it triggers that our dividend policy. So that as management, we can manage that and we never put the balance sheet at risk and you know I've always said the one thing you need to know in mining is that when the market goes against.
Do you have no friends.
And when you ask for money at that time.
You get slot it you know.
All of the stockpiling will never help you so.
So I've always work to be independent of the market that and and and shareholders lock that they might not blocked that in tight and hot tubs. We've just been through a very hot tub, but look out suddenly the.
The base metal companies have.
Having to cut back on the expenditure reduced staff defer capital lots of things because everyone thought that commodity prices continue to go up and up and never comes out and that's not the case.
So.
And for US that's the way, we manage share buybacks and at the time as you know we had a lot of cash flow, we were able to choose we had a balance of returns to our shareholders. We've we've done that but we also saw a significant weakness in our stock price and more importantly, a relative weak.
Mrs.
Relative to the rest of the Golden industry, which itself is weak.
And so we felt that they are taking some of that extra cash coming off our P&L and buying shares is the right thing to do.
You know I I.
I've always felt as a mining and in our industry and bags is in a particular place has got a lot of outstanding shares it's hard to make a dent on them, but we will continue to do that when we have an opportunity and we got free cash we'll buy the stock back.
If it goes too low we'll buy back as well so but its not we passed that I believe we passed that real tough part in rebuilding Barrick. We've set a solid foundation. We've built a strong team. We know every going where we're not going to get through a grant to any.
The decisions, we've made because they've been well made.
And and we can afford our garage and they've not many mining companies that can show, 30% organic growth ahead of them and I think we're well positioned to benefit from the long term bullish outlook on puts on copper and right now I can't see much downside risk on golf.
Just because of the.
In the chaotic global environment, we find ourselves in with its the global economy, or just the geopolitical risk and everything else that goes with it.
So basically the growth for Rico <expletive>.
It's more valuables and buying back shares in your opinion.
Yeah in the in the short term.
Because you know if you get caught in the market without money.
And for a big project like Ricky <expletive>.
When you you hurt the overall long term reserves and so that it's it's the choice of capital allocation and we we are not going to issue new stock we are not going to put out shareholders at risk at all in the next five years, we can see it it's banked and and ultimately.
Our share price will go up naturally because.
Because we got to show people. We've got the discipline you know people are still thinking we gotta do something crazy M&A transaction, that's not the case.
We've demonstrated that should they should the opportunity arise to create value through acquisitions will take it you know.
Even if it if we have to be aggressive.
But right now we've we were in good shape and we wind up when you don't have any regrets if you look back five years.
Mark I know this Washington on your watch.
But from 94 to 98, the stock was much higher than today.
And even through the dog years, when the Swiss were showing out their gold reserves 90 899.
And I know all of the gold stocks are cheap today the market gives no credit for all your successes in Tanzania.
PNG Pakistan, etc.
So I guess, we're just kind of be patient and wait for the earnings to come in and for the market to recognize all of the good things you're doing.
Yeah, I think John I didn't have to lecture you on this.
It takes one bad decision.
To damage our reputation it takes years to rebuild it and yeah, we literally had to rebuild the barrick portfolio I mean piece by piece as I pointed out earlier in the presentation. So and you know the nineties, you're talking about women not on my I've muddled.
Grande golf is on the the nineties Barrick and that was a different company to what transpired in.
2010, 11, 12 and 13.
Where we're effectively.
The company wrote down yeah.
$20 billion of.
Of.
Investments and they were all.
U S dollar investments that you know on top of that there was the equity issues.
There was a it was a very stressed situation.
At the time of our merger.
Congratulations on all the good work you've done Mark Thank you.
I mean from you John I'll take that as a real compliment.
Thank you.
Is there are currently no more questions from the conference call.
Well, thank you very much ladies and gentlemen, both on the call and had in London, it's great to be back in London, not to make sure to reinforce the fact that the weather hasn't changed one bit.
And I look forward to continuing to catch up with you virtually until we meet again in person in a year's time. Thank you very much.
This concludes today's event.
If you have additional questions. Please contact the Barrick Investor Relations Department you May now disconnect your lines.
Thank you for participating and have a pleasant day.
[music].