Barrick Gold Corporation (Gold): Análise de Pestle [Jan-2025 Atualizada]

No mundo intrincado da mineração global, a Barrick Gold Corporation permanece como um titã navegando em um cenário complexo de desafios e oportunidades. Esta análise abrangente de pestles revela as dimensões multifacetadas que moldam a abordagem estratégica da empresa, desde os terrenos acidentados da Tanzânia até as salas de diretoria das finanças internacionais. Ao dissecar os fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais, exploraremos como Barrick Gold transforma possíveis obstáculos em caminhos de crescimento sustentável e resiliência corporativa.

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores Políticos

Regiões políticas de operações

A Barrick Gold Corporation opera em várias regiões politicamente complexas em todo o mundo:

País	Principais características políticas	Número de minas ativas
Tanzânia	Ambiente regulatório desafiador	2
Chile	Clima de investimento estável	1
República Dominicana	Estrutura regulatória emergente de mineração	1
Nevada, EUA	Sistema regulatório previsível	4
Argentina	Processos de permissão complexos	1

Estratégias de envolvimento do governo

Barrick implementa estratégias abrangentes para gerenciar riscos políticos:

• Mantém canais de comunicação direta com governos nacionais
• Desenvolve programas de parceria comunitária local
• Investe em infraestrutura local e desenvolvimento econômico
• Está em conformidade com os padrões internacionais de governança corporativa

Estrutura de conformidade regulatória

A conformidade regulatória de Barrick envolve o gerenciamento de requisitos internacionais complexos:

Área de conformidade	Órgãos regulatórios	Investimento anual de conformidade
Regulamentos ambientais	Agências ambientais locais e internacionais	US $ 45 milhões
Padrões trabalhistas	Organização Internacional do Trabalho	US $ 12 milhões
Medidas anticorrupção	Convenção anti-suborno da OCDE	US $ 8 milhões

Mitigação de risco político

Barrick aborda a instabilidade política potencial por meio de abordagens estratégicas:

• Mantém seguro de risco político cobrindo 75% das operações internacionais
• Diversifica os locais operacionais para minimizar a exposição política concentrada
• Realiza avaliações regulares de risco geopolítico
• Desenvolve planos de contingência para possíveis interrupções políticas

Métricas internacionais de engajamento político

Métrica	Valor
Países de operação	7
Horário anual de engajamento do governo	1,200
Orçamento de consulta do governo local	US $ 3,2 milhões

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores Econômicos

Vulnerável a flutuações globais de preços de ouro e volatilidade do mercado de commodities

A partir do quarto trimestre de 2023, os preços do ouro variaram entre US $ 1.930 e US $ 2.089 por onça. A receita da Barrick Gold se correlaciona diretamente com essas flutuações de preços. Em 2023, a Companhia relatou uma produção total de ouro de 4,32 milhões de onças a um custo de sustentação total (AISC) de US $ 1.190 por onça.

Ano	Produção de ouro (milhão de onças)	Preço médio de ouro	Receita total
2022	4.41	$1,800	US $ 14,3 bilhões
2023	4.32	$1,940	US $ 15,1 bilhões

Investimentos significativos na redução de custos e estratégias de eficiência operacional

Em 2023, a Barrick Gold investiu US $ 1,2 bilhão em iniciativas de eficiência operacional. A empresa alcançou um 20% de redução nos custos de produção por meio de melhorias tecnológicas e processos de mineração simplificados.

Iniciativa de redução de custos	Investimento	Economia esperada
Tecnologias de automação	US $ 450 milhões	US $ 320 milhões anualmente
Programas de eficiência energética	US $ 250 milhões	US $ 180 milhões anualmente

Exposto a riscos de taxa de câmbio em operações internacionais de mineração

A Barrick Gold opera em vários países, expondo a empresa à volatilidade da taxa de câmbio. Em 2023, a empresa gerenciava riscos em moeda nas operações em:

• Estados Unidos
• Canadá
• Argentina
• Chile
• República Dominicana
• Papua Nova Guiné

País	Impacto em moeda	Estratégia de hedge
Argentina	-12% desvalorização da moeda	Contratos de moeda para a frente
Chile	-5% flutuação da moeda	Acordos de troca de moeda

Implementa estratégias de hedge para mitigar incertezas econômicas

Em 2023, a Barrick Gold implementou estratégias abrangentes de hedge, totalizando US $ 870 milhões para gerenciar riscos econômicos. A empresa utilizou derivados de ouro e moeda para estabilizar fluxos de receita.

Instrumento de hedge	Valor total	Porcentagem de mitigação de risco
Contratos futuros de ouro	US $ 520 milhões	65%
Derivativos de moeda	US $ 350 milhões	35%

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores sociais

Foco sociológico no desenvolvimento da comunidade e emprego local

Em 2023, a Barrick Gold Corporation empregou 17.200 trabalhadores em suas operações globais, com 63% da força de trabalho proveniente de comunidades locais.

Região	Porcentagem de emprego local	Total de funcionários
América do Norte	72%	4,350
América latina	68%	5,600
África	55%	6,250

Licença social para operar

Barrick investiu US $ 62,3 milhões em programas de desenvolvimento comunitário Em 2023, focando em estratégias de engajamento sustentável.

Categoria de investimento comunitário	Valor do investimento
Iniciativas educacionais	US $ 18,7 milhões
Desenvolvimento de infraestrutura	US $ 22,5 milhões
Programas de saúde	US $ 15,1 milhões
Diversificação econômica	US $ 6 milhões

Programas de diversidade e inclusão

A partir de 2023, as métricas de diversidade da força de trabalho de Barrick incluem:

• Representação feminina: 22% da força de trabalho total
• Mulheres em posições de liderança: 17%
• Funcionários indígenas: 11% da força de trabalho total

Gerenciamento de impacto social em comunidades indígenas

Barrick envolvido com 46 comunidades indígenas em suas regiões operacionais em 2023, implementando acordos colaborativos.

Região	Número de comunidades indígenas	Investimento de engajamento
América do Norte	12	US $ 8,5 milhões
América latina	22	US $ 15,3 milhões
África	12	US $ 6,2 milhões

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores tecnológicos

Investimentos em Automação Avançada de Mineração e Tecnologias de Transformação Digital

A Barrick Gold Corporation investiu US $ 124 milhões em tecnologias de transformação digital em 2023. A Companhia implantou 38 caminhões autônomos em suas operações de minas de ouro de Nevada, aumentando a eficiência operacional em 22%.

Categoria de investimento em tecnologia	2023 Valor do investimento	Melhoria de eficiência
Caminhões de transporte autônomo	US $ 52 milhões	15% da produtividade aumenta
Infraestrutura de mineração digital	US $ 37 milhões	18% de eficiência operacional
Sistemas de monitoramento remoto	US $ 35 milhões	12% de redução de custo

Implementação de AI e aprendizado de máquina

Barrick implantou algoritmos de aprendizado de máquina para exploração geológica, reduzindo os custos de exploração em 16% e melhorando a precisão da identificação de recursos em 27%.

Aplicação da IA	Redução de custos	Melhoria da precisão
Mapeamento geológico	16%	27%
Previsão de recursos	14%	23%

Tecnologias de monitoramento ambiental

Barrick investiu US $ 45 milhões em tecnologias de sustentabilidade, implementando sistemas de monitoramento ambiental em tempo real em 7 locais de mineração.

Tecnologia Ambiental	Investimento	Sites implementados
Monitoramento da qualidade da água	US $ 18 milhões	5 sites
Rastreamento de emissões	US $ 15 milhões	4 sites
Monitoramento da biodiversidade	US $ 12 milhões	3 sites

Aprimoramento da infraestrutura de mineração digital

Barrick implementou a infraestrutura digital avançada, resultando em US $ 93 milhões em economia de custos operacionais e 31% melhorou a eficácia geral do equipamento (OEE).

Componente de infraestrutura digital	Custo de implementação	Impacto operacional
Redes de sensores de IoT	US $ 28 milhões	25% de confiabilidade do equipamento
Sistemas de manutenção preditivos	US $ 35 milhões	36% de redução de tempo de inatividade
Plataformas de dados integradas	US $ 30 milhões	28% de velocidade de tomada de decisão

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores Legais

Gerencia regulamentos complexos de mineração internacional e requisitos de conformidade

Barrick Gold opera em 13 jurisdições com estruturas regulatórias variadas. A partir de 2024, a Companhia mantém a conformidade com requisitos legais específicos em países como Canadá, Estados Unidos, Chile, Argentina, Peru, República Dominicana, Arábia Saudita e Tanzânia.

País	Status da permissão de mineração	Custo de conformidade (USD)	Índice de Complexidade Regulatória
Canadá	Ativo	US $ 12,4 milhões	Médio
Estados Unidos	Ativo	US $ 9,7 milhões	Alto
Chile	Ativo	US $ 7,3 milhões	Médio

Aborda os riscos de litígios ambientais e de segurança em várias jurisdições

Barrick Gold atualmente gerencia 17 casos legais ativos Relacionado à conformidade ambiental e de segurança em diferentes jurisdições.

Jurisdição	Casos de litígio ativos	Exposição legal potencial (USD)
América do Norte	6 casos	US $ 45,2 milhões
Ámérica do Sul	8 casos	US $ 31,6 milhões
África	3 casos	US $ 22,9 milhões

Navega aos direitos indígenas e acordos de uso da terra

Barrick Gold tem Estabelecido 23 acordos formais de engajamento indígenas em seus territórios operacionais.

Região	Acordos indígenas	Investimento comunitário anual (USD)
América do Norte	8 acordos	US $ 6,5 milhões
Ámérica do Sul	12 acordos	US $ 4,3 milhões
África	3 acordos	US $ 2,1 milhões

Implementa a governança corporativa robusta e os padrões éticos

Barrick Gold mantém Programas de conformidade abrangentes Com investimentos anuais de treinamento legal e ético de US $ 3,6 milhões em operações globais.

• Orçamento de governança corporativa: US $ 2,4 milhões
• Treinamento de conformidade ética: US $ 1,2 milhão
• Consultoria jurídica externa: US $ 1,8 milhão

Barrick Gold Corporation (Gold) - Análise de Pestle: Fatores Ambientais

Objetivos de redução de emissão de carbono e sustentabilidade

Barrick Gold Corporation comprometido em reduzir as emissões de gases de efeito estufa (GEE) 30% até 2030 de uma linha de base de 2018. Em 2022, o escopo total 1 da empresa e as emissões de GHG do escopo 2 foram de 1.746.277 toneladas de equivalente a CO2.

Ano	Emissões totais de GEE (toneladas CO2E)	Alvo de redução
2018 (linha de base)	2,142,000	N / D
2022	1,746,277	30% até 2030

Estratégias de gerenciamento e conservação de água

Barrick Gold investiu US $ 25,4 milhões em iniciativas de gerenciamento de água em 2022. A empresa alcançou um 20% Redução na retirada de água doce nas operações.

Métrica de água	2021 Valor	2022 Valor
Retirada total de água	86,4 milhões de m³	69,1 milhões de m³
Retirada de água doce	44,6 milhões de m³	35,7 milhões de m³

Energia renovável e tecnologias de mineração de baixo carbono

A Barrick Gold comprometeu US $ 250 milhões a projetos de energia renovável. Em 2022, a empresa alcançou 15% de seu consumo total de energia de fontes renováveis.

Fonte de energia	Porcentagem de energia total	Investimento
Energia renovável	15%	US $ 250 milhões
Energia não renovável	85%	N / D

Reabilitação de minas e restauração do ecossistema

Barrick Gold alocou US $ 87,6 milhões para reabilitação de minas e atividades de fechamento em 2022. A empresa restaurou 425 hectares de terra em suas operações globais.

Atividade de restauração	Área restaurada	Investimento
Reabilitação da terra	425 hectares	US $ 87,6 milhões

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.