Barrick’s annual reserve and resource declaration, published today
as part of its fourth quarter 2019 results, shows an attributable
gold mineral reserve increase of approximately 14.5% in ounces at a
7.7% higher grade after depletion from mining, reflecting a busy
year which included the incorporation of Randgold Resources, the
formation of the Nevada Gold Mines joint venture with Newmont and
the disposal of KCGM. Attributable reserves now stand at
1,300 million tonnes at 1.68 g/t for 71 million ounces of
gold.1 This has been achieved through reserve additions
greater than mining depletion at a number of the principal assets
including Kibali, Loulo-Gounkoto, Veladero, Porgera, Goldstrike
underground mine, the Leeville/Portal underground mines, Mega Pit,
Turquoise Ridge underground mine and Phoenix. This was
achieved through the refocus on geology as a core discipline within
the business and cost improvements at the Nevada JV, which allowed
for the lowering of cut-off grades and the increase in
reserves.
Global attributable mineral resources also
increased net of depletion with significant inferred mineral
resource additions at Robertson and Fourmile in the Cortez district
of Nevada, moving these new projects up the resource
triangle. Goldrush, Robertson and Pueblo Viejo contain
significant indicated and inferred mineral resources not currently
in reserves and are the three growth projects from which further
reserve growth can be expected in the near future upon completion
of feasibility studies. Total attributable measured and
indicated mineral resources, now reported inclusive of reserves and
at a $1,500/oz gold price stand at 3,400 million tonnes at 1.55 g/t
for 170 million ounces, with a further 940 million tonnes at 1.30
g/t for 39 million ounces in the inferred category, highlighting
the potential for growth in a higher gold price environment.1
All underground mineral resources are now reported within $1,500/oz
stope optimizer shells and as such have shown significant growth in
ounces albeit at a lower grade, but which better reflects the
opportunity at higher gold prices.
All assets are optimized on the full value of
the deposit and as such copper and silver are reported as dedicated
mineral resources and reserves for all assets where copper or
silver is produced and sold as a primary product or
by-product. Total attributable copper mineral reserves now
stand at 1,600 million tonnes at 0.38% for 13 billion pounds
of contained copper.1 The growth of copper mineral reserves
was primarily driven by Lumwana due to the reclassification and
remodeling of the Chimiwungo pit and cost improvements, with a
small additional contribution from Zaldivar.
Total attributable silver mineral reserves are
900 million tonnes at 5.03 g/t for 150 million ounces of contained
silver.1
Enquiries
President and chief executiveMark Bristow+1 647 205 7694+44 788 071
1386 |
Senior executive vice-presidentand chief financial officerGraham
Shuttleworth+1 647 262 2095+44 1534 735 333+44 779 771 1338 |
Investor and media relationsKathy
du Plessis+44 20 7557 7738Email:
barrick@dpapr.com |
Website:
www.Barrick.com
Technical Information
The scientific and technical information contained
in this press release has been reviewed and approved by Craig
Fiddes, North America Resource Modeling Manager; Chad Yuhasz,
P.Geo, Mineral Resource Manager, Latin America and Australia
Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, Mineral
Resources Manager: Africa and Middle East; and Rodney Quick, MSc,
Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive –
each a “Qualified Person” as defined in National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
Endnote
1
Estimated in accordance with National Instrument 43-101 as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2019, unless otherwise noted. Proven reserves of 280
million tonnes grading 2.42 g/t, representing 22 million ounces of
gold; 420 million tonnes grading 0.4%, representing 3,700 million
pounds of copper; and 150 million tonnes grading 4.31 g/t,
representing 21 million ounces of silver. Probable reserves of
1,000 million tonnes grading 1.48 g/t, representing 49 million
ounces of gold; 1,200 million tonnes grading 0.38%, representing
9,800 million pounds of copper; and 750 million tonnes grading 5.18
g/t, representing 120 million ounces of silver. Measured resources
of 530 million tonnes grading 2.21 g/t, representing 37 million
ounces of gold; 660 million tonnes grading 0.38%, representing
5,500 million pounds of copper; and 350 million tonnes grading
12.52 g/t, representing 140 million ounces of silver. Indicated
resources of 2,800 million tonnes grading 1.43 g/t, representing
130 million ounces of gold; 2,400 million tonnes grading 0.38%,
representing 21,000 million pounds of copper; and 2,000 million
tonnes grading 13.44 g/t, representing 870 million ounces of
silver. Inferred resources of 940 million tonnes grading 1.3 g/t,
representing 39 million ounces of gold; 430 million tonnes grading
0.2%, representing 2,200 million pounds of copper; and 460 million
tonnes grading 3.20 g/t, representing 47 million ounces of silver.
Complete mineral reserve and resource data, including tonnes,
grades, and ounces, as well as the assumptions on which the mineral
reserves for Barrick are reported (on an attributable basis), are
set out in Barrick’s Q4 2019 Report issued on February 12,
2020.
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 “growth”, “further”,
“expected”, “future”, “potential”, “can” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to Barrick’s potential mineralization and
metal or mineral recoveries; our future reserve growth potential,
including potential in a higher gold price environment; and our
projects and expected completion of feasibility studies at
Goldrush, Robertson and Pueblo Viejo.
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; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; diminishing quantities or grades of reserves; risks
that exploration data may be incomplete and considerable additional
work may be required to complete further evaluation, including but
not limited to drilling, engineering and socioeconomic studies and
investment; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
disruptions in the maintenance or provision of required
infrastructure and information technology systems; timing of
receipt of, or failure to comply with, necessary permits and
approvals; failure to comply with environmental and health and
safety laws and regulations; uncertainty whether some or targeted
investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; the impact of global liquidity
and credit availability on the timing of cash flows and the values
of assets and liabilities based on projected future cash flows;
adverse changes in our credit ratings; the impact of inflation;
fluctuations in the currency markets; changes in U.S. dollar
interest rates; risks arising from holding derivative instruments;
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 Canada, the
United States and other jurisdictions in which the Company or its
affiliates do or may carry on business in the future; lack of
certainty with respect to foreign legal systems, corruption and
other factors that are inconsistent with the rule of law; 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; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; litigation; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; business
opportunities that may be presented to, or pursued by, the Company;
our ability to successfully integrate acquisitions or complete
divestitures; risks associated with working with partners in
jointly controlled assets; 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. 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. We disclaim 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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