GOLD - Barrick Gold Corporation (GOLD) Q1 2024 Earnings Call Transcript
2024-05-01 16:12:09 ET
Barrick Gold Corporation (GOLD)
Q1 2024 Earnings Conference Call
May 1, 2024 11:00 AM ET
Company Participants
Mark Bristow - President and CEO
Graham Shuttleworth - Senior Executive Vice-President, CFO
Simon Jimenez - Chief Advisor, Strategy & Human Rights
Conference Call Participants
Lawson Winder - Bank of America Securities
Greg Barnes - TD
Jackie Przybylowski - BMO
Ralph Profiti - Eight Capital
Daniel Major - UBS
Tanya Jakusconek - Scotiabank
Anita Soni - CIBC World Markets
Josh Rales - RFI Associates
John Tumazos - John Tumazos Very Independent Research
Presentation
Operator
Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's Results Presentation for the First Quarter of 2024. Following today's presentation, a question-and-answer session will be conducted. [Operator Instructions] As a reminder, this event is being recorded and a replay will be available on Barrick’s website later today, May 1, 2024.
I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.
Mark Bristow
Thank you very much. And just before we start, let's just check the sound because there's a feedback on it. How are we doing? Are you sure? Can somebody confirm that? Okay. With that, very good morning and good afternoon, ladies and gentlemen and particularly for those who've made an effort to come out and join us in person. Thank you very much for coming out.
I thought, I'd start today looking across the world, where we've witnessed change accelerating, uncertainty becoming more permanent and chaotic events a lot more common. The global pursuit of renewable energy has boosted the demand for copper and with it, the price up 15% in the first quarter of this year. Unprecedented conflicts plus economic uncertainty have driven the gold price up 15% last year and by the same margin, so far this year to record heights.
Confirming once again the metal status as the ultimate safe haven asset. Disappointingly, Barrick's share price like those of its peers is lagging the gold price, which raises the question. If you believe in gold, why not invest in the producers? The investment thesis as far as Barrick is concerned is that, our embedded ability to grow our copper and gold production will amplify our profitability in a rising commodity market, as I'll show you in the course of this presentation. As this presentation will include some forward-looking statements, I draw your attention to the customary cautionary statement, which can also be found on our website.
Barrick currently directly and indirectly, employs more than 50,000 people across our operations and their health and safety are our primary concern, which is why, I start the presentation with a report on our past quarter's performance on this front. Tragically, our African mines had two fatalities in January, as we announced at the time of our quarter four results. This has intensified our ready laser focus on eliminating fatalities as the critical component of our journey to zero and a carefully considered fatal risk management program has been rolled out worldwide. This has been receiving an enormous amount of focus over the past 18 months, and we as an executive team are determined to achieve our goal of zero fatalities in our operations....
Barrick Gold Corporation (GOLD) Q1 2024 Earnings Call Transcript