Barrick is a leading international gold mining company, with a portfolio of operating mines and development projects located in the United States, Canada, Australia, Peru, Chile, Argentina and Tanzania. In 2004, the Company’s 12 operating mines produced about 5 million ounces of gold, at a cash cost of $212 per ounce, the lowest cash cost of all senior producers. The Company increased its reserves by over 3 million ounces during 2004, with gold mineral reserves of 89 million ounces as at December 31. For 2005, the Company expects gold production to be 5.4 to 5.5 million ounces at an average total cash cost of about $225 per ounce.
The Company has successfully completed the construction of the Tulawaka, Lagunas Norte and Veladero mines in 2005, and it has three development projects at various stages in the pipeline. These new mines and projects are expected to add significant amounts of production at low cash costs to achieve the Company’s aggressive growth profile by 2007. This robust pipeline of development projects is due to the Company’s ongoing commitment to exploration, even in times of lower gold prices. Barrick is also actively exploring approximately 100 projects, in 16 countries.
Barrick has the gold mining industry’s strongest balance sheet, which positions the Company to take prompt advantage of attractive development, exploration and acquisition opportunities as they arise.
Barrick shares are traded on the Toronto, New York, London and Swiss Stock Exchanges, and the Euronext-Paris.
During 2004, Barrick re-activated an exploration-drilling program at Bulyanhulu. The objective of the program was to add more than 0.5 million ounces to the resources/reserves of the mine. In late July 2004, drilling began on the Reef 1 deep western down-plunge extension; Reef 2 down-dip extension; and Reef 2 eastern strike extension. By the end of November, 16,193 meters of diamond drilling had been completed. The most significant intersections occur in the Reef 2 horizon – east. The resources/reserves replacement program will continue in 2005. Approximately 17,000 meters of diamond drilling are planned on Reef 1, most of it to be performed from the surface. Approximately 12,000 meters of diamond drilling are planned for Reef 2, with most of it to be done from underground.
Chairman - Barrick Gold Corporation
President and Chief Executive Officer
Peter J. Kinver
Executive Vice President and Chief Operating Officer
Jamie C. Sokalsky
Executive Vice President and Chief Financial Officer
Alexander J. Davidson
Executive Vice President, Exploration and Corporate Development
Executive Vice President and General Counsel
Canada Trust Tower
161 Bay Street, Suite 3700
P.O. Box 212
Toronto, Canada M5J 2S1
Telephone: (416) 861-9911 (416) 861-9911
Toll Free: 1-800-720-7415 1-800-720-7415
Fax: (416) 861-2492