For Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), sustainability is not just a corporate function. It is ingrained in the company’s DNA and integrated into its decision-making processes, said the president and chief executive officer. Mark Bristow at the company’s annual Sustainability Update presentation to investors, from its Pueblo Viejo gold mine in the Dominican Republic.
Since the merger with Randgold Resources Three and a half years ago, Barrick combined the best sustainability practices of both companies to develop an industry-leading, comprehensive approach characterized by tangible actions on the ground and measurable results. This was based on four key drivers: generating economic benefits, protecting health and safety, respecting human rights, and minimizing environmental impacts.
In 2021, Barrick completed certification of all its sites to ISO 45001 and ISO 14001 standards, implemented biodiversity action plans at all sites, completed 10 independent tailings reviews, spent $5.5 billion with host country suppliers and committed more than $850 million for decarbonization projects. Nationals of host countries make up 96% of its global workforce. Its lost time injury frequency rate has decreased by 24% since 2019 and the total recordable injury frequency rate has decreased by 13% year over year.
In its annual Sustainability Report for 2021, which includes a scorecard that rates its performance against a wide range of metrics and its peers, Barrick got a B and said that while progress was still being made, there was still a way to go. The sustainability scorecard is the first in the industry and is used to drive performance as well as benchmark Barrick against its peers.
On the environmental front, Barrick is committed to reducing emissions by at least 30% by 2030 compared to the 2018 baseline and being Net Zero by 2050 while maintaining a stable production profile. Projects to help reach these milestones are listed in a comprehensive greenhouse gas emissions reduction roadmap and involve the transition from coal and heavy fuels to cleaner-burning natural gas, as well as the integration of renewable sources. renewable energy in their networks. Barrick’s total emissions in 2021 were 7,105kt CO2e, a decrease of more than 5% compared to its 2018 baseline total emissions of 7,541kt CO2e.
“Sustainability, or ESG, is commonly broken down and treated through its individual components, environmental, social and governance management. At Barrick, we believe that approach is one-dimensional. Instead, we recognize the interrelationships between each other and apply holistic thinking in tackling this complex challenge. This means that when we talk about climate change, we are not just talking about reducing our emissions. Rather, we talk and think about tackling poverty, building community resilience, and ensuring that action on climate change does not come at the cost of development. It also means that we not only think about clean fuels and renewable energy, but also consider the biodiversity and nature-based solutions available to address the problem,” said Bristow.
The Sustainability Update presentation with audio is available on Barrick’s website at https://www.barrick.com/English/investors/presentations/event-details/2022/annual-sustainability-update/default.aspx.