Barrick Gold marks 25th anniversary

Twenty-five years ago, Barrick Gold Corporation made its debut as a publicly traded company on the Toronto Stock Exchange. To mark the occasion, a delegation of Barrick’s senior leadership opened the market yesterday at the TSX.

The stock began trading on May 2, 1983 at $1.20 per share. An investment in Barrick of $10,000 (CAD) at that time was worth $322,583 (CAD) on April 30, 2008.

Between its listing on May 2, 1983 and December 31, 2007, market capitalization on the TSX increased from approximately $100 million (CAD) to over $36 billion (CAD).

Ounces of gold produced increased from slightly over 30,000 ounces in the first full year of production to 8.06 million ounces in 2007. Gold reserves went from a standing start to 125 million ounces in 2007.

We celebrate our 25th as the leader in the gold mining industry, with approximately 125 million ounces of gold reserves and 51 million ounces of measured and indicated resources(1), located on some of the most prolific gold belts in the world, said Chairman, Founder and Acting CEO Peter Munk.

Today, Barrick’s competitive advantage is its strength, breadth and scale. The Company has the combined financial muscle and more than 20,000 talented employees to execute its development plans for the future, said Mr Munk.

Originally listed as Barrick Resources Corporation under the symbol BRC, the company’s trading symbol on the TSX changed to ABX in December, 1983. Barrick now has the largest market capitalization of any gold producer and is the 10th largest company on the TSX by market capitalization, continued Mr Munk.

We started the business with a talented team that wasn’t afraid to dream big, said Mr. Munk. Today Barrick Gold is the world’s pre-eminent gold company, recognized for our ability to deliver on what we promise. Our values guide us.

We have produced solid earnings through ethical business practices and a commitment to share the benefits of mining with the communities where we operate, he concluded.