Barrick Gold Corporation (NYSE:GOLD) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 09:00 am ET


Barrick Gold Corporation (NYSE:GOLD) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2019 Third Quarter Results Conference Call. [Operator Instructions] Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded and a replay will be available on Barrick's website later today, November 6th, 2019.

You will now be connected to the conference room where the presentation will begin momentarily. You may hear silence until it begins.

Mark Bristow

Good morning, ladies and gentlemen, to everyone particularly who have dialed in here today and of course a very good afternoon to all of you who have made the effort to come out here. I did explain when we announced the potential merger between Randgold and Barrick that we would come back to London and present to you our progress and you'll be pleased to know that yesterday we had the formal Barrick Board meeting here in London as well. So, we did keep our word. So, it's now just over 10 months since the merger between Barrick and Randgold Resources went live. That stated aim of the new Barrick was to create the world's most valued mining company and in the process to set an example of a modern mining business for an industry in need of invigoration. And there's no better time to talk about this because really everyone dislikes mining, but it's an absolute core component of everyday life,

And we as miners have a big challenge to get accepted by the communities and the investment, the investors as well. And we at Barrick are absolutely committed to make sure that we change the way we do business on a day-to-day basis. It's very pleasing today as we report on our results for the first quarter -- the third quarter since the merger, to share with you the progress that we've made and where we're going to achieve exactly that goal. Before we go any further, please take note of the cautionary notice which is also on our website for those slow readers or some -- anybody who wants to sort of delve deeper into the statement. This is our scorecard that we shared with the world back in -- on 23rd of September 2018 when we announced the merger. As you can see, when you compare what we said we would do with what we have done, every box has been ticked.

Most significantly, we've reengineered Barrick's corporate structure and strengthened every team; formed the Nevada joint venture in line with our focus on Tier 1 and strategic assets; re-evaluated and optimized our ore bodies by getting back to the geological basics; and improved our operational performance to generate strong cash flows for funding further investment growth and returns to shareholders. Health and safety of our workers is a key concern in all that we do and its management is delivering positive results. Lost time injuries have decreased for the third quarter in a row. The