Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – The ability of
Africa’s largest gold mine to replace its reserves beyond depletion
will secure its position as one of Barrick Gold Corporation’s Tier
One1 assets well into the future, president and chief executive
Mark Bristow said here today.
Speaking to local media, Bristow said the 13 year
old mine, which has just improved its performance for the third
consecutive quarter, still had an enormous upside. With its
exploration prospect pipeline continuing to expand, it was well set
to maintain its business plan for at least another 10 years.
Kibali’s underground operations are being further
extended by two years through the addition of the 11,000 Lode to
the mine plan. This lode continues to deliver promising results,
unlocking additional value, and remains open down plunge. Drilling
is also under way at the Mengu Hill, Agbarabo, Rhino, Zambula and
Makoro targets which are showing potential as additional
underground and open pit satellites.
Bristow said with an in-country investment of $4.2
billion, Kibali had made a significant contribution to the
Congolese state’s coffers. More importantly, it had transformed the
country’s previously undeveloped north-eastern region into a
thriving new economic frontier.
During the past quarter, minister of mines HE
Antoinette N'Samba Kalambayi launched the steering committee which
will manage Kibali’s social development fund, based on 0.3% of the
mine’s annual turnover. An amount of $13.7 million, accrued over
the past three years, has already been earmarked for community
projects which will be launched this year. The new 2,500-seat
Catholic church in Kokiza has recently been officially handed over
to and accepted by the Diocese and its approximately 30,000 strong
congregation who were resettled in the new township between 2010
and 2016.
Barrick also continues to invest in the future of
Africa’s biodiversity with the planned reintroduction of 76 white
rhinos to the Garamba National Park, a critical move in the
long-term plan to protect this endangered species.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
DRC country manager Cyrille Mutombo +243 812 532
441
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.
Technical InformationThe
scientific and technical information contained in this press
release has been reviewed and approved by Simon
Bottoms, CGeol, MGeol, FGS, FAusIMM, in both his capacity as
Mineral Resources Manager: Africa & Middle East and Mineral
Resource Management and Evaluation Executive (Mr. Bottoms held the
title of Mineral Resources Manager: Africa & Middle East until
September 30, 2022, and was promoted to Mineral Resource Management
and Evaluation Executive effective October 1, 2022), a “Qualified
Person” as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
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”, “strategy”,
“pursue”, “expect”, “will”, “maintain”, “growth”, “opportunities”,
“design” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: Kibali’s potential to replace reserves net of
depletion; production guidance and performance; exploration
projects at Kibali; the potential to extend the life of Kibali
including through underground and open pit expansions; the
potential to grow the mine’s mineral resource base; the anticipated
environmental and operational benefits from Kibali’s investment in
its infrastructure; Kibali’s sustainability projects, including
commitments to make certain investments though its social
development fund; Barrick’s investment in Africa’s biodiversity
including through the reintroduction of white rhinos to the Garamba
national park; 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; steps required prior to the distribution of
cash and equivalents held at Kibali in banks in the Democratic
Republic of Congo; 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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