Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX)
The underground operation at Kibali Gold Mine
set new mining and shaft production records in the third quarter to
keep the Barrick Tier 1 gold mine on track to meet or beat its
guidance of 750,000 ounces for the year1. Throughput and recovery
for the quarter were at or above the nameplate level.
Briefing local media here today, Barrick
president and chief executive Mark Bristow said Kibali – already a
world leader in automation – was taking this to the next level with
the commissioning of a Newtrax system which would provide real-time
data collection, enhance predictive maintenance, track and manage
the fleet, and implement a digital safety system with personnel
tracking. The mine is also working towards a proof of concept of a
highly advanced system which will allow manned and unmanned
operations in the same area.
“In line with our policy of local employment and
advancement, we continue to transfer the specialized skills
required for automated mining to our Congolese workforce. The
success of this policy is evident in Kibali’s consistently
excellent performance and shows what can be achieved with a
world-class asset in a remote and under-developed region of
Africa,” Bristow said.
Positive drill results over the last few years
from Ikmava-Kalimva as well as KCD underground are expected to
result in reserve growth net of annual depletion. Ongoing
exploration has positioned Kibali for continued reserve replacement
for years to come, with further potential open pit extensions in
Gorumbwa, Sessenge and the potential KCD super pit, in addition to
the definition of the new KCD underground 11000 Lode.
He noted that Kibali was maintaining its solid
health, safety and environmental record despite the size and
complexity of the operation.
“Following the transition of political power in
the DRC, which happened peacefully in the face of many challenges,
we plan to engage the new administration in a review of the 2018
mining code. We believe it is still possible to arrive at a
dispensation which is more equitable to the industry,” he said.
Barrick Enquiries
President and chief executiveMark
Bristow+1 647 205 7694+44 788 071 1386 |
COO, Africa and Middle EastWillem Jacobs +44 779 557 5271+243 820
678 040 |
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
Technical InformationThe
scientific and technical information contained in this press
release has been reviewed and approved by Simon Bottoms, CGeol,
MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa and Middle
East of Barrick, a “Qualified Person” as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
Endnotes 1 100%
basis
Cautionary Statement on Forward-Looking
Information Certain information contained in this press
release, including any information as to Barrick’s strategy, 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”, “would”, “will”, “expect”, “believe”, “develop”,
“advance”, “enable”, “engage” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: 2019 operating performance and production guidance
with respect to the Kibali mine; potential advancements in
automation technology and the transfer of related technical skills
including the Newtrax system; value-creating projects including
infrastructure and agribusiness projects; engagement with the
government of the Democratic Republic of Congo in relation to a new
mining code introduced last year; and future contributions to the
economy of the Democratic Republic of Congo.
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 Barrick 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: the speculative nature of mineral
exploration and development; changes in mineral production
performance, exploitation, and exploration successes; diminishing
quantities or grades of reserves; 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 Democratic Republic of Congo; lack of
certainty with respect to foreign legal systems, corruption, and
other factors that are inconsistent with the rule of law; risk of
loss due to acts of war, terrorism, sabotage and civil
disturbances; fluctuations in the spot and forward price of gold,
copper, or certain other commodities (such as silver, diesel fuel,
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increased costs, delays, suspensions, and technical challenges
associated with the construction of capital projects; operating or
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assets and liabilities based on projected future cash flows; the
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over title to properties, particularly title to undeveloped
properties, or over access to water, power, and other required
infrastructure; employee relations including loss of key employees;
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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.
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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