New Nevada Gold Mines Solar Power Plant Advances Barrick’s Clean Energy Drive
April 13 2022 - 8:30AM
Nevada Gold Mines (NGM) is investing in a 200 (MW) solar power
plant designed to accelerate its decarbonization program in line
with the Barrick Gold Corporation’s Greenhouse Gas Reduction
Roadmap. NGM is majority owned and operated by Barrick
(NYSE:GOLD)(TSX:ABX).
NGM today announced they are partnering with First
Solar (Nasdaq:FSLR) to manufacture all modules required to support
the 200 megawatts (MW) construction, entirely in the United
States.
NGM has commenced detailed engineering and expects
to begin construction in the third quarter of 2022. The modules
supplied by First Solar are expected to be delivered in the
beginning of the second quarter of 2023 and will power both phases
of the power plant.
Ensuring that the selected contract partner for
this project fully supported NGM’s values was a top priority for
the company. NGM chose to contract with a supplier who is committed
to fair labor practices, investing in American manufacturing and
American jobs, and is one which will deliver high performance solar
panels with the lowest carbon footprint and the best environmental
profile available today. Although this process has been
time-consuming, it has allowed the company to optimize the project
schedule to commission both phase I and phase II by early 2024.
NGM has committed to a 20% carbon reduction by
2025. This will be achieved through the 200 (MW) solar array
construction and the conversion of NGM’s coal fired power plant to
cleaner burning natural gas.
“The project is the latest in a series of
carbon-reducing initiatives across the group’s global operations,”
says Barrick group sustainability executive Grant Beringer. “The
solar power plant will complement the transition of NGM’s coal
power plant to a dual fuel process, which will enable it to
generate electricity from natural gas, reducing carbon emissions by
as much as 50 percent.”
NGM has a strong focus on environmental management
practices and is a committed custodian of the unique lands, waters,
flora, and fauna within the state of Nevada. Barrick is targeting
an overall 30 percent reduction in emissions by 2030 against its
2018 baseline with the goal of achieving net-zero by 2050.
Enquiries Investor and Media
RelationsKathy du Plessis+44 20 7557 7738Email:
barrick@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 “advance”, “drive”, “invest”,
“expect”, “ensure”, “allow”, “optimize”, “target”, “goal”,
“commit”, “vision”, “develop”, “maintain”, “will”, and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: Barrick’s and NGM’s climate
change strategy and associated greenhouse gas emission reduction
targets, including Barrick’s ultimate vision to achieve net zero
emissions by 2050; the anticipated environmental benefits of the
new solar power plant at NGM and partnership with First Solar; and
NGM’s focus on environmental management in the State of Nevada.
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 Barrick’s and NGM’s 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; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; non-renewal of key licences by
governmental authorities; 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 United States and other jurisdictions in which
the company or its affiliates do or may carry on business in the
future; timing of receipt of, or failure to comply with, necessary
permits and approvals; uncertainty whether some or targeted
investments and projects will meet the company’s capital allocation
objectives and internal hurdle rate; lack of certainty with respect
to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; risks associated with illegal
and artisanal mining; risks associated with new diseases, epidemics
and pandemics, including the effects and potential effects of the
global Covid-19 pandemic; 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; the possibility that future exploration results will
not be consistent with the company’s expectations; risk of loss due
to acts of war, terrorism, sabotage and civil disturbances;
litigation; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; our ability to successfully integrate
acquisitions or complete divestitures; 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 the company’s ability to achieve the
expectations set forth in the forward-looking statements contained
in this press release.
We disclaim 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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