Barrick Gold Corporation (Gold): Analyse du Pestle [Jan-2025 Mise à jour]

Dans le monde complexe de l'exploitation minière mondiale, Barrick Gold Corporation est un Titan naviguant dans un paysage complexe de défis et d'opportunités. Cette analyse complète du pilon dévoile les dimensions à multiples facettes qui façonnent l'approche stratégique de l'entreprise, des terrains accidentés de la Tanzanie aux salles de conférence des finances internationales. En disséquant les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux, nous explorerons comment Barrick Gold transforme les obstacles potentiels en voies de croissance durable et de résilience des entreprises.

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs politiques

Régions politiques d'opérations

Barrick Gold Corporation opère dans plusieurs régions politiquement complexes du monde:

Pays	Caractéristiques politiques clés	Nombre de mines actives
Tanzanie	Environnement réglementaire difficile	2
Chili	Climat d'investissement stable	1
République dominicaine	Cadre de réglementation minière émergente	1
Nevada, États-Unis	Système de réglementation prévisible	4
Argentine	Processus de permis complexes	1

Stratégies d'engagement du gouvernement

Barrick met en œuvre des stratégies complètes pour gérer les risques politiques:

• Maintient des canaux de communication directs avec les gouvernements nationaux
• Développe des programmes de partenariat communautaire local
• Investit dans les infrastructures locales et le développement économique
• Se conforme aux normes internationales de gouvernance d'entreprise

Cadre de conformité réglementaire

La conformité réglementaire de Barrick consiste à gérer des exigences internationales complexes:

Zone de conformité	Organismes de réglementation	Investissement annuel de conformité
Règlements environnementaux	Agences environnementales locales et internationales	45 millions de dollars
Normes de travail	Organisation internationale du travail	12 millions de dollars
Mesures anti-corruption	Convention anti-corruption de l'OCDE	8 millions de dollars

Atténuation des risques politiques

Barrick aborde l'instabilité politique potentielle à travers des approches stratégiques:

• Maintient assurance risque politique couvrant 75% des opérations internationales
• Diversifie les emplacements opérationnels pour minimiser l'exposition politique concentrée
• Effectue des évaluations régulières des risques géopolitiques
• Élabore des plans d'urgence pour les perturbations politiques potentielles

Métriques internationales d'engagement politique

Métrique	Valeur
Pays d'opération	7
Heures de fiançailles du gouvernement annuelles	1,200
Budget de consultation du gouvernement local	3,2 millions de dollars

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs économiques

Vulnérable aux fluctuations mondiales des prix de l'or et à la volatilité du marché des matières premières

Au quatrième trimestre 2023, les prix de l'or variaient entre 1 930 $ et 2 089 $ l'once. Les revenus de Barrick Gold sont directement en corrélation avec ces fluctuations de prix. En 2023, la société a déclaré une production totale d'or de 4,32 millions d'onces à un coût de maintien tout-in (AISC) de 1 190 $ l'once.

Année	Production d'or (millions d'onces)	Prix ​​d'or moyen	Revenus totaux
2022	4.41	$1,800	14,3 milliards de dollars
2023	4.32	$1,940	15,1 milliards de dollars

Investissements importants dans les stratégies de réduction des coûts et d'efficacité opérationnelle

En 2023, Barrick Gold a investi 1,2 milliard de dollars dans les initiatives d'efficacité opérationnelle. L'entreprise a obtenu un Réduction de 20% des coûts de production grâce à des améliorations technologiques et à des processus miniers rationalisés.

Initiative de réduction des coûts	Investissement	Économies attendues
Technologies d'automatisation	450 millions de dollars	320 millions de dollars par an
Programmes d'efficacité énergétique	250 millions de dollars	180 millions de dollars par an

Exposés aux risques de taux de change dans les opérations minières internationales

Barrick Gold opère dans plusieurs pays, exposant l'entreprise à la volatilité des taux de change. En 2023, l'entreprise a géré les risques de monnaie entre les opérations dans:

• États-Unis
• Canada
• Argentine
• Chili
• République dominicaine
• Papouasie-Nouvelle-Guinée

Pays	Impact de la monnaie	Stratégie de couverture
Argentine	-12% de dévaluation de la monnaie	Contrats de devises à terme
Chili	-5% de fluctuation de la monnaie	Accords d'échange de devises

Met en œuvre des stratégies de couverture pour atténuer les incertitudes économiques

En 2023, Barrick Gold a mis en œuvre des stratégies complètes de couverture totalisant 870 millions de dollars pour gérer les risques économiques. L'entreprise a utilisé des dérivés d'or et de devises pour stabiliser les sources de revenus.

Instrument de couverture	Valeur totale	Pourcentage d'atténuation des risques
Contrats à terme d'or	520 millions de dollars	65%
Dérivés monétaires	350 millions de dollars	35%

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs sociaux

Focus sociologique sur le développement communautaire et l'emploi local

En 2023, Barrick Gold Corporation a employé 17 200 travailleurs à travers ses opérations mondiales, avec 63% de la main-d'œuvre provenant des communautés locales.

Région	Pourcentage d'emploi local	Total des employés
Amérique du Nord	72%	4,350
l'Amérique latine	68%	5,600
Afrique	55%	6,250

Licence sociale pour opérer

Barrick a investi 62,3 millions de dollars en programmes de développement communautaire En 2023, en nous concentrant sur des stratégies d'engagement durables.

Catégorie d'investissement communautaire	Montant d'investissement
Initiatives d'éducation	18,7 millions de dollars
Développement des infrastructures	22,5 millions de dollars
Programmes de soins de santé	15,1 millions de dollars
Diversification économique	6 millions de dollars

Programmes de diversité et d'inclusion

Depuis 2023, les mesures de diversité de la main-d'œuvre de Barrick comprennent:

• Représentation des femmes: 22% de la main-d'œuvre totale
• Femmes en postes de direction: 17%
• Employés autochtones: 11% de la main-d'œuvre totale

Gestion de l'impact social dans les communautés autochtones

Barrick s'est engagé avec 46 communautés autochtones Dans ses régions opérationnelles en 2023, la mise en œuvre des accords de collaboration.

Région	Nombre de communautés autochtones	Investissement de l'engagement
Amérique du Nord	12	8,5 millions de dollars
l'Amérique latine	22	15,3 millions de dollars
Afrique	12	6,2 millions de dollars

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs technologiques

Investissements dans les technologies avancées de l'automatisation des mines et de la transformation numérique

Barrick Gold Corporation a investi 124 millions de dollars dans les technologies de transformation numérique en 2023. La société a déployé 38 camions de transport autonomes à travers ses opérations des mines d'or du Nevada, augmentant l'efficacité opérationnelle de 22%.

Catégorie d'investissement technologique	2023 Montant d'investissement	Amélioration de l'efficacité
Camions de transport autonomes	52 millions de dollars	Augmentation de la productivité de 15%
Infrastructure minière numérique	37 millions de dollars	18% d'efficacité opérationnelle
Systèmes de surveillance à distance	35 millions de dollars	12% de réduction des coûts

Implémentation de l'IA et de l'apprentissage automatique

Barrick a déployé des algorithmes d'apprentissage automatique pour l'exploration géologique, réduisant les coûts d'exploration de 16% et améliorant la précision de l'identification des ressources de 27%.

Application d'IA	Réduction des coûts	Amélioration de la précision
Cartographie géologique	16%	27%
Prédiction des ressources	14%	23%

Technologies de surveillance environnementale

Barrick a investi 45 millions de dollars dans les technologies de durabilité, mettant en œuvre des systèmes de surveillance environnementale en temps réel sur 7 sites miniers.

Technologie environnementale	Investissement	Sites mis en œuvre
Surveillance de la qualité de l'eau	18 millions de dollars	5 sites
Suivi des émissions	15 millions de dollars	4 sites
Surveillance de la biodiversité	12 millions de dollars	3 sites

Amélioration de l'infrastructure minière numérique

Barrick a mis en place une infrastructure numérique avancée, ce qui a entraîné des économies de coûts opérationnelles de 93 millions de dollars et une amélioration de l'efficacité globale de l'équipement (OEE) de 31%.

Composant d'infrastructure numérique	Coût de la mise en œuvre	Impact opérationnel
Réseaux de capteurs IoT	28 millions de dollars	25% de fiabilité de l'équipement
Systèmes de maintenance prédictive	35 millions de dollars	Réduction des temps d'arrêt de 36%
Plates-formes de données intégrées	30 millions de dollars	28% de vitesse de prise de décision

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs juridiques

Gère les réglementations complexes des mines internationales et les exigences de conformité

Barrick Gold opère dans 13 juridictions avec Cadres réglementaires variés. En 2024, la société maintient le respect des exigences juridiques spécifiques dans des pays tels que le Canada, les États-Unis, le Chili, l'Argentine, le Pérou, la République dominicaine, l'Arabie saoudite et la Tanzanie.

Pays	Statut de permis d'extraction	Coût de conformité (USD)	Indice de complexité réglementaire
Canada	Actif	12,4 millions de dollars	Moyen
États-Unis	Actif	9,7 millions de dollars	Haut
Chili	Actif	7,3 millions de dollars	Moyen

Aborde les risques de litige environnemental et de sécurité dans plusieurs juridictions

Barrick Gold gère actuellement 17 affaires juridiques actives lié à la conformité environnementale et à la sécurité dans différentes juridictions.

Juridiction	Cas de litiges actifs	Exposition juridique potentielle (USD)
Amérique du Nord	6 cas	45,2 millions de dollars
Amérique du Sud	8 cas	31,6 millions de dollars
Afrique	3 cas	22,9 millions de dollars

Navigue sur les droits autochtones et les accords d'utilisation des terres

Barrick Gold a établi 23 accords de l'engagement autochtones formels à travers ses territoires opérationnels.

Région	Accords autochtones	Investissement communautaire annuel (USD)
Amérique du Nord	8 accords	6,5 millions de dollars
Amérique du Sud	12 accords	4,3 millions de dollars
Afrique	3 accords	2,1 millions de dollars

Met en œuvre une gouvernance d'entreprise robuste et des normes éthiques

Barrick Gold maintient Programmes de conformité complets avec des investissements annuels de formation juridique et éthique de 3,6 millions de dollars dans les opérations mondiales.

• Budget de gouvernance d'entreprise: 2,4 millions de dollars
• Formation en conformité éthique: 1,2 million de dollars
• Conseil juridique externe: 1,8 million de dollars

Barrick Gold Corporation (Gold) - Analyse du pilon: facteurs environnementaux

Objectifs de réduction des émissions de carbone et de durabilité

Barrick Gold Corporation s'est engagée à réduire les émissions de gaz à effet de serre (GES) par 30% D'ici 2030 à partir d'une base de référence en 2018. En 2022, les émissions totales de GES de la lunette 1 et 2 de la société de la société étaient de 1 746 277 tonnes d'équivalent de CO2.

Année	Émissions totales de GES (tonnes CO2E)	Cible de réduction
2018 (ligne de base)	2,142,000	N / A
2022	1,746,277	30% d'ici 2030

Gestion de l'eau et stratégies de conservation

Barrick Gold a investi 25,4 millions de dollars dans les initiatives de gestion de l'eau en 2022. La société a obtenu un 20% Réduction du retrait de l'eau douce entre les opérations.

Métrique de l'eau	Valeur 2021	Valeur 2022
Retrait total de l'eau	86,4 millions de m³	69,1 millions de m³
Retrait d'eau douce	44,6 millions de m³	35,7 millions de m³

Énergies renouvelables et technologies d'exploration de carbone à faible teneur

Barrick Gold a engagé 250 millions de dollars dans des projets d'énergie renouvelable. En 2022, l'entreprise a atteint 15% de sa consommation d'énergie totale à partir de sources renouvelables.

Source d'énergie	Pourcentage d'énergie totale	Investissement
Énergie renouvelable	15%	250 millions de dollars
Énergie non renouvelable	85%	N / A

Réhabilitation des mines et restauration de l'écosystème

Barrick Gold a alloué 87,6 millions de dollars pour les activités de réhabilitation et de fermeture des mines en 2022. La société a restauré 425 hectares de terres à travers ses opérations mondiales.

Activité de restauration	Zone restaurée	Investissement
Réhabilitation des terres	425 hectares	87,6 millions de dollars

Barrick Gold Corporation (GOLD) - PESTLE Analysis: Social factors

Maintaining a social license to operate (SLO) is crucial for securing permits for mine life extensions

The core of Barrick Gold's long-term viability, especially at its Tier One assets, rests on maintaining its Social License to Operate (SLO). This isn't just a feel-good phrase; it's a hard business requirement that directly influences permitting for mine life extensions and new projects. Honestly, if the local community and government don't trust you, you don't get to dig.

A clear example of this risk materializing was the dispute with the Malian government over the Loulo-Gounkoto complex in 2025. The conflict, partly driven by resource nationalism and new mining code implementation, led to a 10-month operational suspension and provisional state administration of the asset from January to October 2025, before a resolution was reached in November 2025. That's a massive, tangible hit to production and reputation.

Conversely, success in SLO is seen at the Pueblo Viejo mine in the Dominican Republic, where the expansion is designed to extend the mine life beyond 2040. The project requires significant social investment, including the ongoing construction of new homes for resettlement and community facilities in 2025, demonstrating that a mine life extension is contingent on meeting these social commitments.

Community development spending is a major commitment, often exceeding $50 million annually across global operations

Barrick Gold's financial commitment to community development is substantial and strategic, moving beyond simple charity to a model of shared value. This spending is essential for mitigating social risks and securing the SLO.

In the 2024 fiscal year, the company invested over $48 million in community-led projects globally, a figure that is defintely on track to be met or exceeded in 2025. These funds are deployed through Community Development Committees (CDCs) at all operational sites, ensuring local leaders, women, and youth representatives select the projects, which makes the investment more impactful.

The cumulative impact is significant: since the 2019 merger, Barrick Gold's CDCs have invested more than $200 million in community-led projects like schools, clinics, and water infrastructure. Here's the quick math on recent social investment:

Metric	Value (2024 Fiscal Year)	Source/Context
Global Community Investment	Over $48 million	Invested in community-led projects globally.
Nevada Gold Mines Social Investment	$14.9 million	Specific social investments in Nevada, USA.
Total Local Procurement Spend	Over $7.1 billion	Spent on goods and services from host country businesses.
Local Community Procurement Spend	$2.35 billion	Spent specifically with suppliers closest to mine operations.

Securing and retaining skilled local labor is a persistent challenge, especially in remote African and South American sites

While Barrick Gold prioritizes local hiring, the reality of operating in remote, often developing, jurisdictions creates a persistent challenge in securing and retaining the highly specialized technical and managerial talent needed for a modern mining operation. It's tough to find a world-class millwright who wants to live in a remote part of Mali or Zambia long-term.

The 2025 operational suspension in Mali highlighted this risk: extended shutdowns create a severe challenge for maintaining skilled workforce capabilities, as specialized technical personnel may seek employment elsewhere, leading to knowledge gaps that are costly and time-consuming to address upon restart. This is a direct threat to operational efficiency.

To mitigate this, the company focuses on local capacity building, which is a long game. The goal is to provide a stable, motivated, and talented workforce by developing it directly from the host nation population.

Focus on local content policies to ensure employment and procurement benefits stay within host nations

Local content-the policy of maximizing the use of local labor, goods, and services-is a non-negotiable social and political requirement in nearly all of Barrick Gold's host nations. It's a key mechanism for ensuring that a significant portion of the economic value generated by the mine remains in the country.

Barrick Gold has demonstrably made this a core part of its operations, which is a significant competitive advantage in politically sensitive regions. The numbers speak for themselves on their success in localization:

• 97% of Barrick Gold's total workforce are host country nationals.
• 76% of the company's senior site management positions are held by host country nationals.
• Procurement spending on local and in-country suppliers reached over $7.1 billion in 2024.

This focus isn't just a choice; it's increasingly mandated. The 2025 Mali dispute resolution, for instance, involved strengthened local content obligations, including mandatory local labor employment and domestic supplier utilization. This trend of increasing local content requirements is a clear near-term risk and opportunity map: meet the mandate, or face operational disruption. Finance: draft 13-week cash view by Friday to model the impact of a 30-day operational pause in a key African jurisdiction.

Barrick Gold Corporation (GOLD) - PESTLE Analysis: Technological factors

Deployment of autonomous haulage systems is accelerating at Nevada Gold Mines to improve operational efficiency.

You're seeing Barrick Gold Corporation make a major move to automate its core operations, and it's a defintely a game-changer for efficiency and safety. The joint venture, Nevada Gold Mines (NGM), is partnering with Komatsu to deploy the FrontRunner Autonomous Haulage System (AHS) across its surface operations in the U.S.. This is not a small pilot; it involves automating their fleet of heavy-duty 300-tonne and 230-tonne haul trucks. This initiative, which had a live demonstration at the Cortez operations in July 2025, is the first U.S. implementation of Komatsu's AHS for both companies.

The immediate payoff is in worker safety, as it minimizes human exposure to high-risk environments. But for the financials, the key is the enhanced operational predictability, better fuel consumption, and continuous operations that come from a machine-driven fleet. To support this, a customized 5G communications infrastructure is being deployed by Sedna and Nokia, providing the high-speed, low-latency connectivity essential for real-time data exchange and seamless system performance.

• Automating 300-tonne and 230-tonne haul trucks.
• First U.S. deployment of Komatsu's AHS for Barrick.
• Network foundation is a customized 5G communications infrastructure.

Digital twin technology is being used for real-time optimization of processing plants like Loulo-Gounkoto in Mali.

Digital twin technology-a virtual replica of a physical asset or process-is central to Barrick's push for better resource recovery. Barrick utilizes these virtual models to manage and optimize ore processing facilities across its portfolio. This allows engineers to simulate process parameters and test different strategies in a virtual environment before making changes in the real world, leading to improved performance and cost savings.

While the Loulo-Gounkoto mine in Mali faced a temporary operations suspension and was excluded from the company's 2025 guidance, the underlying strategy remains to use this technology for real-time optimization at its processing plants. The industry expectation for this technology is significant: digital twins are projected to boost mining productivity by up to 20% and reduce equipment maintenance costs by up to 15%. That's a huge potential lever for margin expansion in a high-volume business.

Advanced data analytics help predict equipment failure, aiming to reduce unplanned downtime by up to 15%.

Unplanned downtime is a killer for mining margins; it can cost millions per day in lost production. Barrick is tackling this head-on with advanced data analytics and predictive maintenance. The company has integrated asset condition monitoring systems, like Petasense, with process data systems, such as the OSIsoft PI system, at sites like the Cortez plant in Nevada.

This integration gives reliability engineers a single interface to view process parameters alongside vibration data, allowing them to spot potential equipment issues days or weeks before they escalate into a failure. Earlier predictive maintenance efforts at Cortez demonstrated real savings, avoiding major equipment failures and reducing total failures from engine, brake, or suspension issues by 30%, saving approximately $500,000 from a single early fault detection. The broader industry goal, driven by AI-powered analytics, is to reduce mining equipment downtime by up to 30% by 2025.

Here's the quick math on the value of proactive maintenance:

Metric	Industry Potential (2025)	Barrick's Past Results (Cortez)
Reduction in Unplanned Downtime	Up to 30%	Avoided multiple major failures.
Reduction in Equipment Failures	N/A	Reduced engine/brake/suspension failures by 30%.
Cost Avoidance Example	N/A	Saved approximately $500,000 from one early fault detection.

Investing in renewable energy integration to power mines and reduce reliance on costly fossil fuels.

The push for decarbonization is a technological challenge that directly impacts the bottom line by reducing fuel costs and mitigating regulatory risk. Barrick has a firm commitment to cut its greenhouse gas (GHG) emissions by 30% by 2025. A core strategy to hit this target is the integrated adoption of renewable energy sources, like solar and wind power, particularly at remote sites where diesel is expensive and logistically complex.

Major solar and hydro investments are currently underway in key regions, including Pakistan, Argentina, and the Democratic Republic of Congo (DRC). This isn't just an environmental play; it's a move to secure more reliable, lower-cost power for long-life assets, reducing the volatility associated with fossil fuel prices. Plus, it aligns their operations with global sustainability demands, which is key for attracting institutional capital.

Barrick Gold Corporation (GOLD) - PESTLE Analysis: Legal factors

Compliance with the US Foreign Corrupt Practices Act (FCPA) and global anti-bribery laws is a constant, high-stakes focus.

Operating in high-risk jurisdictions means compliance with the US Foreign Corrupt Practices Act (FCPA) and other global anti-bribery laws is not just a policy, but a critical risk management function. The legal environment in countries where Barrick Gold has major assets, like the Democratic Republic of Congo (DRC) and Mali, increases the exposure to potential violations, even if unintentional. You have to be defintely vigilant when dealing with government officials and third-party agents in these regions.

A concrete example of this governance challenge is the ongoing scrutiny related to human rights impacts. The company is responding to recommendations from Canada's National Contact Point (NCP) for the OECD Guidelines concerning a 2021 government-led resettlement operation near the Kibali Gold Mines (45% owned by Barrick Gold) in the DRC. To address this, Barrick Gold planned an independent human rights assessment of the Kibali mine for 2025 to ensure full compliance with international standards, which is a necessary step to mitigate legal and reputational risk.

New or revised mining codes in countries like Mali and Zambia could impact royalty and tax rates unexpectedly.

The trend of resource nationalism-where host governments seek a greater share of mining profits-is a major legal risk that directly hits your bottom line. Mali's new 2023 mining code, for instance, has been a significant flashpoint. This code allows the Malian state to increase its ownership stake in mining projects from the previous 20% up to a maximum of 35%, plus it removes certain tax exemptions.

This new code fueled a major dispute over the Loulo-Gounkoto complex, which accounts for over 10% of Barrick Gold's total gold output. The Malian government claimed approximately $500 million in unpaid taxes and penalties. This is the kind of unexpected financial liability that can derail a fiscal year.

In Zambia, the regulatory environment for the Lumwana copper mine has also shifted, though in a more mixed way. The new Minerals Regulation Commission Act, 2024, centralizes oversight.

Here is a quick look at the recent tax and regulatory changes in key African jurisdictions:

Country	Mine/Complex	Key 2025 Legal/Tax Change	Financial Impact/Data Point
Mali	Loulo-Gounkoto	New 2023 Mining Code increases state equity option up to 35%.	Dispute over approx. $500 million in tax claims; settled in Nov. 2025 for a reported $438 million payment.
Zambia	Lumwana Copper Mine	Minerals Regulation Commission Act, 2024, enacted. Corporate Income Tax (CIT) reduced to 30% (from 35%), and mineral royalties are now deductible.	Lumwana contributed $887 million to the Zambian economy in 2024. Property Transfer Tax on exploration licenses increased from 5% to 8%.

Permitting for the Pueblo Viejo expansion is a complex, multi-year legal and regulatory hurdle to clear.

The Pueblo Viejo expansion in the Dominican Republic is a Tier One asset, but its life-of-mine extension is heavily dependent on clearing environmental and permitting hurdles for the new Naranjo tailings storage facility (TSF). This is a multi-year, multi-billion-dollar regulatory gauntlet. The total estimated capital cost for the plant expansion and mine life extension remains around $2.6 billion.

As of September 30, 2025, Barrick Gold had already spent $1.19 billion on the project (on a 100% basis). Despite this massive investment, the project faces legal headwinds:

• Two constitutional 'amparo' actions were filed in May 2025 by local groups in a Dominican administrative court.
• These actions sought to suspend construction of the Naranjo TSF and revoke its environmental license.
• One action was dismissed on procedural grounds in September 2025, but the plaintiffs immediately filed an appeal in October 2025.

The permitting process is never a straight line; it is a legal boxing match.

International arbitration remains a necessary tool for resolving large-scale disputes with host governments.

When negotiations fail in a politically volatile environment, international arbitration-specifically through bodies like the World Bank's International Centre for Settlement of Investment Disputes (ICSID)-becomes your ultimate legal defense. Barrick Gold initiated ICSID arbitration against Mali in December 2024.

The dispute escalated dramatically in 2025, with the Malian government taking aggressive, non-judicial actions, including seizing three metric tons of gold (valued at an estimated $245 million in June 2025) and placing the Loulo-Gounkoto complex under provisional state administration. This is why you need a binding international treaty.

The dispute was ultimately resolved in November 2025, with the settlement including Barrick Gold agreeing to drop the ongoing ICSID arbitration case. The use of arbitration provided the necessary leverage to force a resolution, but the cost of the dispute was significant, including a reported $438 million settlement payment to Mali.

Barrick Gold Corporation (GOLD) - PESTLE Analysis: Environmental factors

Water stewardship is a top priority, with a goal to reduce freshwater usage by 10% by 2030 across its portfolio.

Water management is a critical operational and social license risk for Barrick Gold Corporation, especially in water-scarce regions like Nevada and Saudi Arabia (Jabal Sayid). While the explicit 10% freshwater reduction target by 2030 is a long-term goal, the company's immediate focus is on maximizing water recycling and reuse to minimize withdrawal from local sources.

In 2023, Barrick achieved an 84% water reuse and recycle rate across its operations, significantly exceeding its internal target of 80%. This is a huge operational win, but you still have to manage the sheer volume of water at high-rainfall sites like Pueblo Viejo in the Dominican Republic and Kibali in the Democratic Republic of Congo (DRC), where the challenge shifts to clean water discharge and flood control. The core action here is optimizing closed-loop systems, which reduces the business's exposure to local water stress and community conflict.

Significant focus on climate change risk, including transitioning to renewable power sources for key mines.

The company has already met its near-term greenhouse gas (GHG) emissions target ahead of schedule, which is a key de-risking factor for investors. Barrick achieved a 16% reduction in Scope 1 and 2 GHG emissions in 2023 against its 2018 baseline of 7,541 kilotonnes of carbon dioxide equivalent (kt CO2e), surpassing its original 15% target for 2025. This achievement sets the stage for the next, more ambitious goal: a 30% reduction by 2030.

This transition is being driven by significant capital investment in renewable energy projects at key Tier One assets. That's a clear, actionable strategy. Here's a look at the renewable energy footprint as of 2025:

• Nevada Gold Mines (NGM): The 200-megawatt (MW) TS Solar Plant is in commercial production, and it is expected to meet 15% to 20% of NGM's annual power demand. This single project alone accounts for a 5% reduction in Barrick's overall GHG emissions against the 2018 baseline.
• Loulo-Gounkoto Complex (Mali): The site utilizes a 72-MW solar power facility paired with a 38-MW Battery Energy Storage System (BESS). In Q1 2024, solar power accounted for 28% of the total energy blend, leading to substantial energy cost savings compared to heavy fuel oil.

Tailings dam management and adherence to the Global Industry Standard on Tailings Management (GISTM) is mandatory.

The Global Industry Standard on Tailings Management (GISTM) is the new global baseline for operational risk, and Barrick has met the critical 2025 disclosure deadline. Full conformance is non-negotiable for maintaining a social license to operate and mitigating catastrophic failure risk.

The company has publicly disclosed information for all 65 Tailings Storage Facilities (TSFs) it owns, operates, or has in the design phase. Transparency here is defintely the new standard for the sector.

TSF Risk Classification (GISTM)	Number of Facilities	2025 Conformance Status	Implication
Extreme Consequence	5	Conforming to GISTM	Highest regulatory scrutiny and capital expenditure required.
Very High Consequence	12	Conforming to GISTM	Requires continuous independent review and robust emergency planning.
Facilities in Safe Closure	13	Not subject to GISTM disclosure	Represents a reduction in long-term environmental liability.
Total TSFs (Owned/Operated/Design)	65	Disclosure Fulfilled (Aug 2025)	Commitment to global best-practice transparency.

Reclamation and closure costs are rising, requiring higher provisions on the 2025 balance sheet.

The increasing complexity of environmental regulations and higher discount rates drive up the estimated cost of future mine closure and reclamation. This mandatory cost, known as the Asset Retirement Obligation (ARO) or rehabilitation provision, is a non-current liability that grows annually through accretion and amortization, which is captured in the All-in Sustaining Costs (AISC).

The rising cost of capital and the need for more comprehensive closure plans-including biodiversity conservation and long-term water treatment-mean your financial provisions must be constantly reassessed. For 2025, Barrick's Gold AISC Guidance is in the range of $1,510-$1,610 per ounce. This figure explicitly includes the accretion of reclamation costs, clearly showing the environmental liability's direct impact on the cost of production. Furthermore, the company continues to move inactive sites into 'Safe Closure' status, with 13 facilities already achieving this designation, which is a practical way to reduce the overall long-term environmental liability exposure on the balance sheet.