BMO Metals and Mining Conference 2013 - Barrick Gold Corporation
BMO Metals and Mining Conference 2013 - Barrick Gold Corporation
BMO Metals and Mining Conference 2013 - Barrick Gold Corporation
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Dem<strong>and</strong> for Disciplined Capital• Lack of disciplined200%capital allocation– growing disconnect180%between bullion<strong>and</strong> equities160%– declining gold equityvaluations140%• Investors dem<strong>and</strong> a120%fundamental change– profitable production;100%not growth forgrowth’s sake80%– greater return ofcapital<strong>Gold</strong> Equity Index (XAU) as % of <strong>Gold</strong> Price60%2004 2005 2006 2007 2008 2009 2010 2011 2012 <strong>2013</strong>Source: FT5A New ParadigmMaximize risk-adjusted returns <strong>and</strong> free cash flow• To position <strong>Barrick</strong> to return more capital toshareholders over time• A better way to manage our business <strong>and</strong>shareholders’ capital• All investment options ranked <strong>and</strong> prioritizedReturns will drive production;production will not drive returns6
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