Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) –– Barrick Gold
Corporation’s Pueblo Viejo mine is continuing to advance a plant
expansion and tailings storage facility project designed to extend
its life to 2040 and beyond, president and chief executive Mark
Bristow said here today.
Speaking at a local media briefing, Bristow noted
that so far this year the Tier One1 mine had paid $522 million
in direct and indirect taxes, which brings its total tax payments
since it went into commercial production in 2013 to just under
$3 billion2. The extension of its life means that it would
continue to be a major creator of value for the Dominican Republic
and its people far into the future.
Of the mine’s 2,500 employees, 97% are Dominicans,
many drawn from its surrounding communities which have all
benefited substantially from its investment in upliftment programs.
At present, the mine is involved in such programs in
58 surrounding communities. These include an agribusiness
project intended to improve cacao cultivation in the area. In line
with Barrick’s global policy of favoring local contractors and
suppliers, Pueblo Viejo has also promoted the development of the
local economy, spending more than $160 million with them over the
past eight years2.
Bristow noted that Pueblo Viejo’s management had
been very successful in addressing the environmental liabilities
left by the mine’s former operator, significantly improving the
water quality of the two nearby rivers. The drive for gender
diversity was also paying dividends, with women now accounting for
16% of the workforce.
“Our goal in the Dominican Republic, as elsewhere
in the world, is to create long-term value for our stakeholders
through our strategy of sustainable development. Pueblo Viejo’s
expansion project has the potential to double the enormous
contribution it has already made to the Dominican Republic’s
economy. Without this project, however, that contribution could end
soon,” he said.
About Pueblo ViejoPueblo Viejo is
located in the Dominican Republic, approximately 100 kilometers
northwest of the capital city of Santo Domingo and is operated by
the Pueblo Viejo Dominicana Corporation — a joint venture between
Barrick (60%) and Newmont (40%). Construction of the Pueblo Viejo
project started in 2008, with first production in 2012. The
company’s workforce is 97% Dominican. In 2020, the conversion of
the mine’s Quisqueya 1 power plant to natural gas was successfully
completed. This conversion from fuel oil to natural gas will
decrease greenhouse gas emissions by 30% and nitrogen oxide by 85%,
further reducing Pueblo Viejo’s impact on the environment. An
agribusiness project is also planned as an additional benefit for
the local communities.
Enquiries Investor and Media
RelationsKathy du Plessis+44 20 7557 7738Email:
barrick@dpapr.com
Website: www.barrick.com
Endnote 1A 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.
Endnote 2On a 100% basis.
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 “progress”, “advance”,
“design”, “would”, “goal”, “potential”,” will”, “extend”,
“continue”, “strategy”, “expand” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to the anticipated benefits of Pueblo Viejo’s plant
expansion and life-extension project including planned investments,
economic contributions and the creation of value for the Dominican
Republic and the extension of the mine life to 2040 and beyond,
initiatives to develop the local economy and promote gender
diversity, the expected environmental benefits from the conversion
of the Quisqueya 1 power plant to natural gas, Pueblo Viejo’s
commitment to protecting the environment, biodiversity and cultural
heritage, and Barrick’s sustainability vision and partnership with
its host governments, communities and other 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 Barrick Gold Corporation (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; 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 exploration permits and other permits
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 the Dominican Republic 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 artisanal and illegal mining; 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. 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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