Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – The Kibali gold
mine’s investment in the Democratic Republic of Congo now exceeds
$4 billion and it has created a thriving regional economy in a
remote part of the country through partnering with and mentoring
local entrepreneurs, uplifting host communities and upgrading
essential infrastructure.
At a media briefing here today, Barrick president
and chief executive Mark Bristow said Kibali was not only Africa’s
largest gold mine, it was also a global leader in automation,
sustainability initiatives, clean energy and skills training.
“Thanks to Barrick’s policy of local employment and
advancement, 94% of Kibali’s workforce, including its management,
are Congolese nationals. It is now also driving the employment of
women in the traditionally male-dominated mining industry through
targeted recruitment campaigns and development programs designed to
equip them for rewarding careers at all levels of the
organisation,” he said.
Kibali is on track to meet its full-year production
guidance and has again posted an injury-free quarter. Its three
world-class hydropower stations are mitigating the impact of higher
fuel prices and significantly reducing the mine’s carbon footprint.
Bristow said the stations were built well before climate change
became a priority issue, demonstrating Barrick’s long-standing
commitment to sustainability in all its activities.
Kibali’s gold reserves have grown net of depletion
for three successive years, and ongoing conversion drilling is
expected to continue this trend, despite producing in excess of
5.7Moz of gold to date1. Ongoing exploration is delivering new
growth opportunities with the potential to grow the mineral
resource base beyond the original feasibility study.
Local sustainability projects include the
construction of a world-class aquaponics farm and the erection of a
vocational and technical training centre to promote capacity
building in the community. Implementation of the cahier des charges
mechanism has started, following its approval by the government.
This will add to the current commitment of investing 0.3% of
revenue in community projects identified in consultation with the
mine’s community development committees.
Kibali also continues to invest in the future of
Africa’s biodiversity through its support for the Garamba National
Park which has seen a substantial increase in the giraffe
population and the near-elimination of elephant poaching. It is
also sponsoring a project for the re-introduction of white rhino
into the park, critical in the long-term campaign to protect this
endangered species.
“Kibali’s journey has created enormous value for
all its stakeholders and it’s a standout example of what mutually
beneficial partnerships can achieve. Its great gold endowment means
that it has a long future ahead as an engine for economic growth
and community development,” Bristow said.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
DRC country manager Cyrille Mutombo +243 812 532
441
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.comWebsite: www.barrick.com
Endnote 1 100% basis.
Technical InformationThe
scientific and technical information contained in this press
release has been reviewed and approved by Simon
Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources
Manager: Africa & Middle East, a “Qualified Person” as
defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
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 “ahead”, “on track”,
“continue”, “envisage”, “strategy”, “pursue”, “expect”, “will”,
“maintain”, “growth”, “opportunities”, “design” and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: Kibali’s production guidance
and performance; opportunities to grow reserves net of depletion;
the potential to grow the mine’s mineral resource base; the
anticipated environmental and operational benefits from Kibali’s
investment in its infrastructure including hydropower stations;
Kibali’s sustainability projects, including commitments to make
certain investments; Barrick’s plan to reintroduce white rhinos to
the Garamba national park; and Barrick’s commitment to the DRC and
potential further growth opportunities.
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; the possibility that future exploration results will not
be consistent with the Company’s expectations; 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; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; steps required prior to the distribution of
cash and equivalents held at Kibali in banks in the Democratic
Republic of Congo; 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 Barrick’s 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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