TORONTO, ONTARIO–(Marketwired – March 17, 2016) – Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the “company”) today announced that Rob Krcmarov, currently Senior Vice President, Global Exploration, has been elevated to the position of Executive Vice President, Exploration and Growth, and will become a member of Barrick’s Executive Committee, a group of the company’s most senior partners.
Mr. Krcmarov is a seasoned mining industry leader with nearly 30 years of experience in geology and exploration. For the past 10 years, he has led a global team of geoscientists and exploration professionals at Barrick who are responsible for the discovery of a number of the largest gold deposits in recent decades, including Lagunas Norte and Goldrush, in addition to Alturas, an equally promising new discovery in Chile. Mr. Krcmarov joined Barrick in 2001 with the merger of Homestake Mining Company and was appointed Vice President, Global Exploration in 2005. He holds a Bachelor of Science (Honors) degree from the University of Adelaide and a Master’s degree in Economic Geology from the University of Tasmania.
In conjunction with the release of the company’s 2015 year-end results, we outlined a base case for our business that involves the pursuit of three strategic goals over the next five years. The first is a profound commitment to the idea that in the 21st century, our core business is building partnerships of real depth and trust with host governments, local communities, NGOs, indigenous people, and others. The second goal is to produce the leading margins in the industry by operating in a way that is gold-price agnostic, such that we can generate and grow free cash flow per share in virtually any foreseeable gold price environment. The third goal is superior portfolio management that prioritizes growing free cash flow over growing ounces.
Planning for and managing this future growth is critical. Achieving it relies on many groups working together, including Mine Exploration, Global Exploration, Business Development, our Reserves and Resources team, and Finance. It also requires close collaboration with our General Managers and Executive Directors. To support this effort, we are creating a new Growth Committee at the most senior levels of the company. Serving on this committee will be Rob Krcmarov, Kevin Thomson, Senior Executive Vice President, Strategic Matters, and Catherine Raw, who will become Executive Vice President and Chief Financial Officer immediately following the company’s Annual Meeting of Shareholders on April 26.
The Growth Committee will evaluate strategies to optimize the development of our existing reserves and resources while adding new resources through exploration. It will also play a central role in assessing external acquisitions and earn-in opportunities, all with the objective of growing free cash flow per share over the long-term. The Committee will serve as a central clearing house to ensure strategic alignment and appropriate coordination of all major growth initiatives across the company.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “promising”, “goal”, “future”, “grow”, “opportunity”, “plan”, “develop”, “potential”, “may”, “will”, “can”, “could” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: cash flow forecasts; potential mineralization; potential improvements to financial and operating performance and mine life; and expectations regarding future price assumptions, financial performance, growth initiatives and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.
Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; our ability to successfully integrate acquisitions and earn-ins or complete divestitures; risks associated with working with partners in jointly controlled assets; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the potential growth initiatives will meet the company’s capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; damage to the company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the company; employee relations; increased costs and risks related to the potential impact of climate change and availability and increased costs associated with mining inputs and labor.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.