Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The planned
third-quarter ramp-up at Kibali, Africa’s largest gold mine, has
positioned it strongly to achieve its production guidance for the
year, maintaining Barrick’s track record of delivery in the
Democratic Republic of Congo.
Speaking to journalists here, president and chief
executive Mark Bristow said Kibali was also well on its way to
again replace the ounces mined during the year, with positive
results from the down plunge at Lodes 3000 and 5000 and good
progress with the development of the Lode 11000 decline expected to
yield further resource to reserve conversions.
Kibali derives most of its energy needs from its
three hydropower stations with plans for a 16MW solar farm with a
battery energy storage system to augment the hydropower supply
during the dry season well under way. Following completion of this
project, the mine will run entirely on renewable energy for six
months of the year reducing its greenhouse gas emissions by 19.7kt
CO2e annually.
Part of the World Gold Council’s new documentary,
GOLD: A Journey with Idris Elba, released on
YouTube today, was filmed at Kibali. Bristow said the mine was
driving sustainable value creation through local partnerships,
spending over $180 million with Congolese suppliers in the
year to date and continuing to invest in community development
programs.
“As Barrick has shown, responsible mining has the
unique ability to make a transformative impact on the economies of
developing and underdeveloped countries. It is a force for good for
all its stakeholders, especially host countries and communities,
and that force is amplified when there is a genuine partnership
between miners and governments,” he said.
These include Cahier des Charge, part of our social
development program aligned with the Mining Code, which has
launched eleven projects this year with seven nearing completion.
Barrick’s investment in this program will total $8.9 million
over five years. Additionally, the mine’s community development
fund, which contributes 0.3% of revenue to projects, now has 44
projects under its wing.
Kibali also continues to lead the way in
biodiversity, with an assessment underway for the transfer of a
further 30 white rhinos to the Garamba National Park, where 16 were
re-introduced earlier this year by a Barrick-led initiative.
Enquiries:
DRC country manager Cyrille Mutombo +243 812 532
441
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 “plan”, “ramp-up”, “achieve”,
“track”, “progress”, “develop”, “drive”, “continue”, “transform”,
“launch”, and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: Kibali’s ability to achieve its 2023 production
guidance; Kibali’s potential to continue to replace reserves net of
depletion; the potential for underground development to yield
further conversions of resources to reserves; Kibali’s renewable
power strategy and anticipated benefits from the completion of a
new solar farm; the anticipated benefits from Kibali’s local
procurement initiatives and investment in local partnerships and
communities; Barrick’s investment in community programs and
projects including through the Cahiers des Charges program;
Barrick’s sustainability strategy and investment in Africa’s
biodiversity including through the reintroduction of 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 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; changes in mineral production
performance, exploitation, and exploration successes; the
possibility that future exploration results will not be consistent
with the Company’s expectations; disruption of supply routes which
may cause delays in construction and mining activities, including
disruptions in the supply of key mining inputs due to the invasion
of Ukraine by Russia; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; 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; 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 and transition
risks related to climate change, including extreme weather events,
resource shortages, emerging policies and increased regulations to
related to greenhouse gas emission levels, energy efficiency and
reporting of risks; and availability and increased costs associated
with mining inputs and labor. Barrick also cautions that its
guidance may be impacted by the ongoing 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.
Barrick Gold (NYSE:GOLD)
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Barrick Gold (NYSE:GOLD)
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