(NYSE:GOLD) (TSX:ABX) – Barrick Gold Corporation’s Tanzanian mines,
North Mara and Bulyanhulu, are both set to meet their 2021
production targets as well as to replace depleted reserves through
brownfields exploration, president and chief executive Mark Bristow
said here today.
Speaking at the mine to local media, Bristow said
the production ramp-up at Bulyanhulu was gaining momentum with
plant performance ahead of expectations and recoveries at a
consistent rate of 93%. An 11% increase in tonnage was driven
partly by an investment in three new fully automated loaders and
three additional drills. Successful conversion and optimization of
mineral resources in the upper portion of Deep West has been
completed and is expected to add significant mineral reserves to
the asset base, unlocking further value in the mine plan. In line
with its long-term commitment to Tanzania, Barrick has also secured
exploration targets elsewhere within Bulyanhulu’s mining
licence.
Still at Bulyanhulu, a world-class analytical
photon assay laboratory — the first of its kind in Africa and in
Barrick’s global operations — has been commissioned. This new
technique delivers faster, safer and more accurate analysis of
gold, silver and complementary elements. This system provides an
environmentally friendly, chemical-free, more sustainable
replacement for traditional fire assay methods, significantly
reducing CO2 emissions and hazardous waste. A new crusher was also
commissioned and is being optimized to support increasing
production.
At North Mara the commissioning of a brine
treatment plant is scheduled for the fourth quarter of this year as
part of Barrick’s successful drive to eliminate the mine’s
historical environmental issues. This has also included a new water
treatment plant and an upgraded tailings facility. During the past
quarter the mine’s Gokona underground operation was connected to
the national power grid, which will cut its diesel consumption by
43%. North Mara’s two open pits have been redesigned and integrated
with the underground mine.
Bristow said Barrick was continuing to improve the
quality of life in the villages around North Mara, in partnership
with the mine’s community development committee. Key projects
include construction of a tarmac road, classrooms, paediatric wards
and laboratories, and support for agribusiness.
“Since Barrick launched a business development
program in Tanzania, we’ve continued to empower the participating
enterprises, unlocking more opportunities to expand our mines’
local content spend which has increased from 26% of their total
expenditure in the first quarter of this year to 40% in the second.
In the year to date, Barrick has invested 73% of its total spend
with Tanzanian companies, 44% of which went to local businesses,”
Bristow said.
“It’s also worth noting that thanks to our policy
of employing and upskilling host country nationals, 97% of our
workforce here are Tanzanians, 40% of whom were hired from the
mines’ surrounding communities. Recently, for example, Bulyanhulu
recruited 19 mining and process plant trainees through their
village councils.”
In partnership with the Tanzanian health
authorities, Barrick is ensuring the continued roll-out of Covid-19
vaccines. So far, 12% of its workforce in the country have been
vaccinated.
Since Barrick formed its pioneering partnership
with the government through the Twiga partnership in 2020, it has
paid $118 million in salaries, $496 million in taxes, levies and
royalties and $609 million for locally sourced goods and services.
It has also paid a maiden cash dividend of $250 million.
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
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 “on track”, “set to meet”,
“expect”, “unlock”, “scheduled”, “will”, “continue”, “ensure” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: production guidance
and performance at North Mara and Bulyanhulu and the potential for
those mines to replace depleted reserves; expected additions to
reserves from the successful conversion and optimization of mineral
resources at Bulyanhulu; anticipated benefits from Bulyanhulu’s new
photon assay laboratory and operational improvements at North Mara;
planned investments and construction in the local community and
public health initiatives to support the roll-out of Covid-19
vaccines; and contributions to the local economy, including local
content programs and spending.
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; 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 the 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 Tanzania 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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