(NYSE:GOLD)(TSX:ABX) The Barrick Gold operated Kibali Joint Venture
in the DRC produced 808,134 ounces of gold in 2020, achieving the
top-end of production guidance for the year1.
This performance was driven by its underground
operation which achieved record monthly and quarterly ore
production in December and Q4 2020. Kibali is a world leader in
automated underground mining, through systems that allow multiple
autonomous machines to operate on the same haulage and production
levels, and provide real-time visibility of all operations as well
as automated control of the ventilation fans. Leading-edge
technology is also being harnessed elsewhere at Kibali and the
successful commissioning of an on-line particle size analyzer will
optimize fine grinding on its ultrafine grind (UFG) mills.
Kibali has, since commissioning, consistently
lowered its carbon emissions thanks to its three hydropower
stations and the implementation of predictive maintenance
monitoring at these plants will further minimize downtime. Its new
battery-based reactive power support system has further reduced the
mine’s reliance on back-up thermal power.
At the same time, Kibali has retained its focus on
exploration and resource conversion and looks set to once again
replace the ounces depleted by mining, thus extending the life of
the mine. Its open-pit operation is set up for a solid year with
development of the access to the Sessenge orebody completed ahead
of plan. A robust open-pit component has been included in the mine
plan and will provide additional processing flexibility to the
plant over the next 10 years.
Kibali retained its ISO 45001 and ISO 14001 safety
and environmental accreditations. Effective Covid-19 prevention
protocols also remain in place. Having donated more than $2 million
to the DRC government in the form of equipment to support the
national campaign against the pandemic, Kibali is currently
partnering with the National Laboratory Institution in training
medical staff to diagnose the disease.
Barrick president and chief executive Mark Bristow
said the pandemic response had once again demonstrated the
company’s value as a partner to its host countries and
communities.
“While protecting our people and our business from
the impact of Covid-19, we have continued to invest in community
improvement projects, skills development programs to deliver more
Congolese managers and technicians, and the implementation of the
second phase of the Watsa/Durba concrete road construction.
Kibali’s policy of supporting and mentoring local contractors and
suppliers has created a new economic frontier in this remote
region. Last year we spent more than $200 million with local
businesses on services such as civil construction, roadworks, plant
maintenance, trucking and catering,” he said.
Over the past 10 years, Kibali has pumped $3.4
billion into the Congolese economy in the form of taxes, permits,
infrastructure, salaries and payments to local suppliers.
Enquiries:
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
COO, Africa and Middle EastWillem
Jacobs +44 779 557 5271
Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
On a 100% basis
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “continue”, “optimize”,
“will”, “look”, and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: anticipated benefits from automated underground mining
and Barrick’s clean energy strategy; future exploration
initiatives; replacement of reserves depleted by mining and
potential extensions of the mine life; continued improvements to
efficiency and productivity through innovation; the positive impact
of Kibali’s Covid-19 protocols in partnership with the DRC
government; and Barrick’s commitment to the DRC and local
communities and economy.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risk of loss due to acts of war, terrorism, sabotage and
civil disturbances; risks associated with projects in the early
stages of evaluation, and for which additional engineering and
other analysis is required; failure to comply with environmental
and health and safety laws and regulations; timing of receipt of,
or failure to comply with, necessary permits and approvals;
uncertainty whether some or all of targeted investments and
projects will meet the Company’s capital allocation objectives and
internal hurdle rate; changes in national and local government
legislation, taxation, controls or regulations and/ or changes in
the administration of laws, policies and practices, expropriation
or nationalization of property and political or economic
developments in the DRC and other jurisdictions in which the
Company or its affiliates do or may carry on business in the
future; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not;
risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic; litigation and legal and administrative proceedings;
employee relations including loss of key employees; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. Barrick
also cautions that its guidance may be impacted by the
unprecedented business and social disruption caused by the spread
of Covid-19. In addition, there are risks and hazards associated
with the business of mineral exploration, development and mining,
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold
bullion, copper cathode or gold or copper concentrate losses (and
the risk of inadequate insurance, or inability to obtain insurance,
to cover these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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