The transformation of Lumwana from a marginal copper asset into a
world-class operation demonstrates the commitment of Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX) to expanding its copper holdings
in Africa and globally, president and chief executive Mark Bristow
said today.
Speaking at a media briefing at the mine, Bristow
said since 2019 Lumwana’s fortunes had been turned around
completely. Its life has been extended and it has been built into a
profitable business, with significant growth opportunities. A solid
year to date performance has kept it on track to achieve its annual
production guidance.
Now one of Zambia’s largest copper producers, it
employs more than 4,400 people, 99.3% of them Zambian nationals. It
has an exceptional safety record, with no fatalities since 2016 and
a lost time injury frequency rate of less than 1.0% over the past
10 years1.
“As a lower-grade mine, Lumwana is volume-driven
and there is a strong focus on driving down operational costs by
achieving efficiencies through scaled operations. This year’s
production has already benefited from the improved runtimes
provided by a new fleet of trucks and shovels. The planned upgrade
of the conveyor system will secure steady ore delivery to the
plant, boosting throughput and production next year,” Bristow
said.
“Promising drill results at the Lubwe satellite
target are increasing our confidence that we will be able to
develop a super pit and still keep producing at today’s rates and
more. Should the super pit prove viable, it will substantially
extend the mine’s life with a two year pre-feasibility study
scheduled to commence in 2023. In addition to Lubwe, the assessment
of the Kamaranda and Kababisa prospects is ongoing with drill
programmes planned for the fourth quarter and potential to add
additional satellites. It’s worth noting that the government’s new
mineral royalty tax regime, scheduled to come into effect in
January next year, will unlock additional free cash flow for
Barrick, allowing us to reinvest in Lumwana.”
Barrick Enquiries
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
Chief Operating Officer Africa & Middle
EastSebastiaan Bock+2 773 274 9677
Investor and media relationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
Lost time injury frequency rate (LTIFR) is a ratio
calculated as follows: number of lost time injuries x 1,000,000
hours divided by the total number of hours worked
Cautionary Statement on Forward-Looking
Information
Certain information contained 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
“create”, “on track”, “commitment”, “contribute”, “will”,
“continue”, “could”, “should” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: Barrick’s copper strategy and commitment to
expanding copper holdings in Africa and globally; Lumwana’s
production guidance and performance; Lumwana’s potential for future
growth and ability to further extend the life of mine, including
through the development of a super pit ; Lumwana’s safety
performance; improvements in operational performance and
efficiencies; exploration targets; the anticipated impact of
Zambia’s new royalty tax regime; Barrick’s commitment to employing
host country nationals and creating long-term value for its host
countries and communities including in Zambia; and Barrick’s future
investments in community projects and contributions to the Zambian
economy.
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 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 Zambia and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; 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; the impact of inflation, including global
inflationary pressures; 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; 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; timing of receipt of, or failure
to comply with, necessary permits and approvals; disruption of
supply routes which may cause delays in construction and mining
activities; 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;
risk of loss due to acts of war, terrorism, sabotage and civil
disturbances; litigation and legal and administrative proceedings;
contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company; our ability to
successfully integrate acquisitions or complete divestitures;
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.
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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