Column: BHP joins the lengthening list of nickel price casualties
Indonesia's nickel production surge is challenging the West's ambitions of diversifying its critical metals supply chains.
Barrick Gold (NYSE:GOLD)(TSX:ABX) announced that, in 2022, the company more than replaced the gold reserves it mined.
In an information circular, Barrick’s executive chairman John Thornton said that last year’s results prove the firm’s ability to execute its 10-year rolling business plan.
“Our focus in 2023 will be on expanding Barrick’s value foundation, already one of the industry’s best, within and beyond our current borders. The Reko Diq project in Pakistan will almost double our current copper production and will add to our gold production when it is fully operational. We are also extending our presence in North and South America and we are particularly excited by new opportunities in North Africa and the Middle East.”
Thornton emphasized that business plans related to all existing and new projects will continue to have an important focus on the safeguarding of environmental and human rights.
“The creation of long-term value for all stakeholders contributes meaningfully to the social and economic development of our host countries and communities, protects the safety and health of our people, respects human rights and manages the impact of our operations on the environment,” the executive said.
“Sustainability performance accounts for 25% of the long-term incentive awards for our senior leaders, demonstrating the importance Barrick attaches to our sustainability commitments. Our 2022 Sustainability Report, which objectively rates our performance against a wide range of metrics, will be published in April 2023.”
Also in the information circular, lead director Brett Harvey said that at a time when the mining industry’s recruitment pool is shrinking, Barrick actively seeks to attract young people by offering them rewarding career opportunities.
“By prioritizing local recruitment – 96% of Barrick’s global employees are host country nationals – the company has also built a workforce that is naturally multicultural and ethnically diverse,” Harvey noted. “Similarly, the Board represents a mosaic of skills, nationalities, racial and ethnic backgrounds and experiences and perspectives that is not only capable of directing Barrick effectively in a rapidly changing world but also represents the composition of our stakeholder universe.”
