Barrick Gold Corporation (NYSE:GOLD) Q4 2023 Earnings Call Transcript

Page 2 of 2

And we brought in some new senior management to lead the team. And that management was not — it didn’t come from Barrick. We brought it from outside. And so the results that you see, and I’ve got no doubt you’re going to continue to see it is a product of that human capital engineering effectively to get it, as I say, in the MD&A and in my presentation, really to align it with the Barrick DNA. And I’ve spent a lot of personal time there leading this process because it’s people. And I’m more comfortable today than I’ve ever been that we’re making real progress with the people. And that’s always — if you want a sustainable change, you’ve got to get people aligned. I mean it’s like this — when you look at this head office, this corporate office, 48 people.

If you take out the big wings, it’s probably 38. And it does double the amount of work than 3x the people did before. They’re young, very energetic, super-efficient in what they do, and they’re fully plugged into our organization. And in fact, we have rotations now with these young folks into our operations. And they — our analysts because we’ve got financial analysts, this is financial as analyzing our efficiencies embedded here under Brucent and I mean it’s a very efficient. We’re using our data platforms so that we’re fully connected across the organization around the world. And we can consolidate — when I ask questions now, we can consolidate the financials, even income statements across the group, distill them or look at benchmarking and measure the way the one company will run, particularly like Lumwana now with our drive to get these costs down on the big plant.

So it really is a motivating thing to get people aligned with the business rather than just coming in to do a task.

Tanya Jakusconek : I’m just trying to benchmark, Mark, how is 14%. Is that an average for Nevada itself? That seems a bit high. So I’m just trying to benchmark the turnover.

Mark Bristow: No. I mean in America — a view of American that’s low, very low. And we’re going to get it lower. The point is when you tip this, when you create the trust between the workforce and the leadership, you tip it and then you become a winning team. When you become a winning team, everyone gets bonuses. It becomes — it feeds on itself. And otherwise, you always have it. And Tanya, the first time in my entire career, 40 years, the first time I found people scared of being fired was in Nevada. There was fear because it was a style of management, which was very nonconfrontational but quite tough and didn’t all go well for inclusivity. And Barrick is a caring organization. We care about our people and our team. And you do that, you start getting the benefits and we’re seeing that.

Operator: There are no more questions.

Mark Bristow: Well, thank you very much, everyone. Thanks for coming, and those particularly made the effort to come out here. I think we’ve got some snacks and so join us next door if you wish, you’re welcome. And for those on the call, sorry about that bon appetite wherever you are. Thank you.

Operator: This concludes today’s call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Follow Barrick Gold Corp (NYSE:GOLD)

Page 2 of 2