Loulo Gold Mine -
Barrick
Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Loulo-Gounkoto gold
complex is set to remain a major contributor to the Malian economy
well into the future as it continues to replace the ore depleted by
mining, Barrick president and chief executive Mark Bristow said
here today.
Mines operated in Mali by Barrick and its
predecessor Randgold have spent some $8 billion in the country in
the form of taxes, royalties, salaries and payments to local
suppliers over the past 24 years. To date this year, it has paid
$318 million to the government in taxes, royalties and dividends
and invested more than $13 million in community wellbeing projects
ranging from health and education to economic development
initiatives such as its Business Accelerator program, designed to
equip budding entrepreneurs with management skills.
Speaking at a media briefing, Bristow said
Loulo-Gounkoto was on track to meet its annual production guidance,
with its new underground mine at Gounkoto — the complex’s third
underground operation — ramping up production. Through successful
exploration it is on track to increase mineral reserves net of
depletion for the third successive year and promising results from
the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential
for further life-of-mine extensions.
“Loulo-Gounkoto is one of the world’s greatest gold
mining operations and it continues to confirm its status as a
member of the industry’s elite Tier One1 club as well as the
largest private sector contributor to Mali’s GDP,” Bristow
said.
“In addition to the enormous value it creates for
its stakeholders, Loulo-Gounkoto also aspires to a high level of
social responsibility. Almost 40% of employees have been vaccinated
against Covid-19 and 335 people have been vaccinated in the
surrounding community. Security staff and other employees who come
into contact with the community have undergone rigorous training in
human rights. Work is also under way to secure the new
certification standardized by the International Cyanide Management
Institute.”
Loulo-Gounkoto is maintaining its commitment to the
employment and advancement of host country nationals, in line with
Barrick’s global policy, and people from the nearby Kenieba village
have been successfully trained to operate key equipment at the new
Gounkoto underground mine. The complex is almost entirely staffed
and managed by Malian citizens.
Enquiries
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
Group Regional Manager, West Africa
Mahamadou Samaké +223 66 75 61 36
Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
A Tier One Gold Asset is an asset with a reserve
potential to deliver a minimum 10-year life, annual production of
at least 500,000 ounces of gold and total cash costs per ounce over
the mine life that are in the lower half of the industry cost
curve.
Cautionary Statement of 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 “continue”, “ramp up”, “on
track”, “promise”, “potential”, “aspire”, “maintain”, “commitment”,
“value”, “under way”, “guidance”, “would”, “should” and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: Loulo-Gounkoto’s production
guidance and performance; the ramp up of production from the new
underground mine at Gounkoto; Loulo-Gounkoto’s ability to continue
to increase mineral reserves net of depletion; opportunities for
further life-of-mine extensions from the Yalea Ridge and
Gounkoto-Faraba targets; and Barrick’s commitment to Mali and
investment in the development of local communities, including to
support Covid-19 vaccination initiatives, human rights training,
and local employment and development programs.
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; 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; 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 Mali 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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