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Our Approach

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Message from our CEO

At the heart of our Company’s philosophy is a belief that our ability to operate successfully is acutely dependent on our ability to deliver long-term value to all our stakeholders and to proactively manage our impacts on the wider environment.

Mark Bristow

In 23 years operating in emerging Africa, Randgold built its license to operate on a commitment to economically empower our host countries and communities, to protect the safety of our employees, to be a good corporate citizen and to respect the natural environment. This approach helped build sustainable partnerships which survived political upheaval, civil wars and even the outbreak of Ebola. At Barrick there is an exceptional track record of delivery on sustainability, shown by over a decade as a constituent in the Dow Jones Sustainability Index.

We are bringing together the best of both these Companies by hardwiring sustainability into our governance structures. Following the merger, we appointed an Environmental & Social Oversight Committee and Group-level Sustainability Executive to help deliver our environmental and social goals. Sustainability is a core reporting line on weekly Executive Committee calls and forms a dedicated agenda item at monthly management and quarterly Board meetings.

Throughout our global portfolio of mines, we are aligning management practices to fulfill our sustainability vision. We are in the process of setting new targets to continually improve safety, occupational health, environmental management, human rights performance and community engagement and development.

Our new team inherits significant social and environmental challenges too. But we are committed to addressing them in a transparent and effective way, and to go the extra mile to find viable solutions that work for our business, our stakeholders and our planet.

Empowering local communities

Barrick’s new sustainability vision is driven by a commitment to contribute to the social and economic development of our host countries and communities.

We must leave a thriving economic and environmental legacy that will support our host communities long after our mines close. In 2018, the two legacy Companies generated over $7.48 billion for host nation economies through combined payments to host Governments, employees and suppliers and through community development investments. The latter has brought benefits such as electrification and drinking water systems in emerging countries, and new college facilities and scholarship opportunities in the developed world.

But our contribution is not just about the taxes we pay and the benefits we provide to local communities. Central to our vision of sustainable mining is that we actively maximize economic benefits for those closest to our mines, through local sourcing, building local supply chains and through local capacity building. In 2018 the legacy Companies procured 79% of their goods and services (over $4.7 billion) from suppliers based in host countries – often working with them to build their skills and capabilities. In the Democratic Republic of Congo, for example, Randgold built the new 10MW Azambi hydropower station using only Congolese contractors.

A strong baseline

Looking at 2018 it is encouraging that the two legacy Companies met their gold production and cost guidance for the year with zero fatalities and reduced injury and environmental incident rates. This is a core expectation of the new Barrick. Effective safety and environmental management will remain critical priorities for our expanded Group.

As we saw with the tragic case of Brazil’s Brumadinho dam disaster earlier this year, this expectation is not just about the people on our sites, but also about the health and safety of our local communities. In the case of tailings, we are committed to leading practice in all aspects of tailings and dam management, and all our tailings facilities are carefully engineered for stability, closely monitored and frequently inspected. To ensure constant progress we have also generated a prioritized list of improvements in 2019 that we are implementing.

Our new sustainability team is focused on delivery, without shying away from the difficult challenges we face. We are putting the right vision, people and governance in place to create a legacy for our stakeholders that is sustainable in its most literal form, and thus can continue long into the future. We do this with a focus on everyday issues from safety to skills development, water to waste management. And all our sustainability activity is underpinned by open stakeholder engagement with a commitment to genuine partnership.

As a team, we are excited about the challenges. It is the start of a new chapter for Barrick.

Mark Bristow
President and CEO

Message from CEO

Our Strategy

Barrick’s sustainability vision is to create long-term value for all our stakeholders. We contribute to the social and economic development of our host countries and communities. We protect the safety and health of our workforce. We respect human rights. And we manage our impacts on the natural environment, both today and with future generations in mind. We live our vision every day, by embedding environmental, social and economic considerations into all our business decisions, through partnerships with host governments and communities and by engaging respectfully with all our stakeholders.

Barrick is a new Company. It is the product of a merger between two legacy firms – Barrick and Randgold – both of whom successfully integrated sustainability into the heart of their practices, processes and operations. While this provides us with a great starting point, we are acutely aware of the challenges of bringing two Companies together and of ensuring we deliver on our sustainability goals.

We want to be clear about Barrick’s sustainability goals. That is why one of our first acts post-merger was to define a corporate vision for what we want our sustainability activity to achieve. Our mines should create long-term value for all our stakeholders, including our investors, our host countries and communities and our employees.

That means we help remote neighborhoods like Durba in the Democratic Republic of Congo (DRC) transform into thriving economies capable of supporting their region long after our mine closes. It means we invest in academic infrastructure including the new Winnemucca Medical and Science building in the US. It means we rehabilitate the contamination (from previous operators) of the Dominican Republic’s Margajita River to make it safe for communities and aquatic life.

The vision, policies and principles that frame our strategy

Our vision identifies four key ambitions for our sustainability activity: To create economic benefits, protect health and safety, respect human rights and minimize our environmental impacts.

Our approach to achieving these four ambitions is set out in a new overarching Sustainable Development Policy, which commits us to supporting the socio-economic development of host countries and communities. We have also published refreshed policies in the areas of Community Development and Engagement, Occupational Health and Safety , Environment and Human Rights. All policies meet or exceed the requirements of host country legislation and international standards such as the IFC Performance Standards or UN Guiding Principles on Business and Human Rights1. Our updated Code of Conduct sets out the ethical behavior expected of everyone working at, or with, Barrick.

1For a full list of sustainability related policies, including refreshed policies in the areas of Conflict-Free Gold and Biodiversity, please visit: www.barrick.com.

Our Principles

Global economic contributions and workforce

Global Economic Contribution

Economic Contributions and Workforce

Our Sustainability performance snapshot

2018 Sustaianbility Performance Snapshot

2018 Sustaianbility Performance Snapshot continued

Our Sustainability targets and objectives

Our Sustainability Targets and Objectives

Governance of sustainability

Governance of Sustainability

To implement the vision, policies and principles that constitute our sustainability framework, we have allocated responsibilities for sustainability across the organization.

At Barrick the Board of Directors is responsible for the stewardship of the Company and for the supervision of the management of the business and affairs of the Company. Our commitment to sustainability therefore starts at Board level.

The Corporate Governance and Nominating Committee directly supports the Board in overseeing our activity on environmental management, health and safety and human rights programs, policies and performance. This includes reviewing and assessing the effectiveness of Barrick’s corporate social responsibility and security policies and standards. It is comprised of three independent directors: Gustavo A Cisneros (Chairman), Christopher L Coleman and Brian L Greenspun.

Doing business in an ethical manner

Doing business in an ethical manner

Being a responsible Company means upholding the highest ethical standards and complying with all applicable laws and regulations, industry practices and international norms. Falling below this standard endangers the trusted and constructive relationships on which our success depends and threatens our social license to operate.

At the core of our policy framework is our updated Code of Business Conduct and Ethics (the Code). The Code was updated to fit with the expanded Group in 2019. The Code sets out the ethical behavior expected of all employees, contractors and third-party vendors. It covers all the operations in the expanded Group. The Board, in its role as the steward of the Company, oversees the Code as well as the systems and processes that have been adopted to implement it throughout our Company.

Government affairs

Host Governments are essential partners to our business. From exploration to construction, operation and closure, our activities are significantly impacted by the political and regulatory environments of our host countries.

Barrick believes in true partnership with our host countries, sharing both the responsibilities and the benefits that come with mining. Our Sustainable Development Policy commits us to support socio-economic development as an integral part of our contribution to local communities and host countries and to be transparent in our relationships with them, the public and other key stakeholders. In turn, we ask Governments to provide clear rules and a stable operating regime in which we can do business.

Barrick’s CEO, our regional Chief Operating Officers and local Country Managers work to build constructive relationships with local and national Governments on Barrick’s behalf. In general, we do not contribute funding to politicians or political parties, except on a limited basis as allowed by local regulations. In 2018, the only political contributions made by either of the legacy Companies were for a total of $19,500 in Zambia for a presidential lunch and agricultural show and $192,000 in donations to campaigns of both parties in Nevada.