Hemlo Positioned for Future Value Delivery
October 31 2019 - 11:40AM
Operations at Hemlo are being modernized and refocused to secure
the gold mine’s continued viability, Barrick Gold Corporation
(NYSE:GOLD) (TSX:ABX) announced today.
Several programs have been introduced to improve
its performance and the next step will be to phase out the open pit
operation and move to an underground contract mining model. The
objective is to upgrade Hemlo to a Barrick Tier 2 asset and extend
its Life of Mine well into the future.
Barrick’s chief operating officer for North
America, Catherine Raw, said over the past 34 years Hemlo had been
a significant creator of value for its local community, business
partners and workforce. Recently, however, its performance
had lagged, highlighting the need for remedial action.
“By repositioning Hemlo as a smaller but more
profitable business, we are ensuring that it will continue to
deliver value to its community, employees and other stakeholders
for years to come. A longer sustainable mine life will create
longer-term employment opportunities and longer-term benefit
sharing with the local community and economy,” she said.
“Because of the move to contract mining and the
introduction of new technology, we are inviting the majority of
employees working underground to participate in a voluntary
separation program. We have already met with these employees
to inform them about the program and to assure them that they will
be treated fairly and with respect for their service to the
mine.”
Enquiries:
Mark BristowPresident and CEO+1 647 205 7694+44 788 071 1386 |
Ian Butler General Manager
(Hemlo)807-238-2140ibutler@barrick.com |
Kathy du PlessisInvestor and media relations+44 20 7557
7738barrick@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 “secure”, “will”,
“objective”, “ensure”, “continue”, “may” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: (i) the potential to upgrade Hemlo to
a Tier Two asset and extend its mine life; (ii) potential
underground mineralization, and potential for growth projects to
provide employment opportunities and contribute to the local
economy at Hemlo; and (iii) Barrick’s mission to create long-term
value for stakeholders.
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 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 Canada 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; litigation and legal and
administrative proceedings; 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.
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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