Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Kibali gold
mine remains on track to achieve its production guidance for the
year and grow its mineral reserves net of depletion, securing its
future as a Tier One1 operation for at least another 10 years,
Barrick president and chief executive Mark Bristow said today.
Speaking at a tour of the complex for government,
community and media representatives, Bristow said at the same time
continuing investment in technological innovation was keeping
Kibali at the forefront of developments in automated mining.
Machine learning has been implemented at the mine’s
three hydropower stations and reactive control of the enlarged
battery installation will further reduce the need for back-up
diesel generation, shrinking Kibali’s already relatively small
carbon footprint. New automation software for the underground
haulage loaders has been installed and the commissioning of a
system for remote stope bogging now enables operators to control
loaders from surface.
“Surface control is safer and more efficient, and
it also creates employment opportunities for women in an industry
where these are not abundant. It’s worth noting that all these
operators are Congolese, as Kibali continues to employ and upskill
locals in line with Barrick’s global policy of giving preference to
host country nationals. Congolese citizens currently make up 94% of
Kibali’s workforce including its leadership,” Bristow said.
“Five thousand of our employees and contractors go
home to surrounding villages at the end of their shifts and the
wellbeing of these communities is consequently a prime concern.
This is exemplified by the effectiveness of Kibali’s anti-Covid-19
campaign which included the construction of a community treatment
facility. With the support of the Congolese health authorities, we
secured a supply of the AstraZeneca vaccine and to date 21% of
employees and contractors have been vaccinated compared with the
DRC’s countrywide average of 0.15%.”
Bristow said the growth of Kibali had catalyzed and
supported the emergence of a thriving local economy in a region
previously largely reliant on subsistence farming. In the year to
date, the mine has spent $95 million with local contractors
and suppliers, many of whom were nurtured by the mine through
skills transfer and capacity building.
“To date Kibali has contributed $3.7 billion
to the Congolese economy in the form of payments to contractors and
suppliers, infrastructure community and support, salaries and
royalties, taxes and permits. The success of our continuing
exploration program around the mine confirms the potential for
reserve growth from new open pittable resources and extensions to
the high-grade underground orebodies, indicating that Kibali will
materially benefit the DRC and its people for years to come.”
Enquiries:President and CEOMark
Bristow+1 647 205 7694+44 788 071 1386
COO, Africa and Middle EastWillem Jacobs+44 779 557
5271
DRC country managerCyrille Mutombo+243 812 532
441
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Notes
- 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 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 “continue”, “remains on
track”, “keep”, “will”, “enable”, “potential”, “indicate”,
“guidance”, “opportunities”, “should” 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 and
extend Kibali’s mine life; securing Kibali’s status as Tier One
mine; the results of Kibali’s exploration program around the mine
and resulting potential for reserve growth; the anticipated
environmental and operational benefits from Kibali’s investment in
battery technology and automation programs; Kibali’s health, safety
and environmental protection programs, including its Covid-19
prevention protocols and initiatives to secure Covid-19 vaccines;
Barrick’s continued partnership with the DRC government and the
resolution of outstanding legal and fiscal issues; 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; 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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