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“We stand on the strong foundation of a stable production profile and a very robust business, capable of generating substantial free cash flow for at least the next decade. There are also opportunities for growth outside our current ambit which we continue to explore.”
President and Chief Executive
Barrick Gold Corporation.
Since its merger with Randgold Resources at the beginning of last year Barrick Gold Corporation has moved a long way towards building a modern mining business, says Executive Chairman John Thornton in the company’s Information Circular for 2020 published this week.
The Circular follows the recent publication of Barrick’s 2019 Annual Report in which President and Chief Executive Mark Bristow said the work done during the past year had equipped management well to take Barrick to the next level. Included in the report is Barrick’s ten-year production plan which projects production of around five million ounces of gold per annum over the next decade.
“We stand on the strong foundation of a stable production profile and a very robust business, capable of generating substantial free cash flow for at least the next decade. There are also opportunities for growth outside our current ambit which we continue to explore,” Bristow said.
In the Circular, Lead Director Brett Harvey says that in line with a renewed emphasis on engagement, the Board has resolved to have at least one of its meetings at an operational site each year. In 2019, the Board met at Barrick’s offices in Nevada and toured the Nevada operations.
Also in the Circular, Harvey noted that following a rigorous search and selection process overseen by our Corporate Governance & Nominating Committee, Barrick appointed Ms Loreto Silva, the former Chilean Minister of Public Works, to the Board. He said that Ms Silva brings to the Board significant knowledge of large-scale infrastructure projects and wide-ranging expertise in legal and government affairs, with a specific focus on South America. In addition, he said that, as part of our continued pursuit of greater gender diversity and renewal, we are well-advanced in our search for a second highly qualified female candidate who is expected to be an African with the appropriate experience to bring to the Board an independent view, as well as an understanding of doing business in Africa.
The Circular stresses that Barrick is fully engaged in managing the impact of Covid-19 on its businesses and its people, and has rolled out emergency response measures at all its sites and operations. In keeping with its commitment to the health and safety of employees and the community, this year’s Annual Meeting of Shareholders on May 5 is expected to be conducted in a virtual format.
The company will be monitoring conditions and intends to make a physical meeting location available if circumstances allow. Having held hybrid meetings for the last several years, Barrick is well-positioned to leverage its prior experience using a virtual meeting platform and to easily move the entire meeting to a virtual format for this year. The Information Circular details how to attend the virtual meeting and how to vote.