Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) is actively
seeking to extend the life of its Tongon gold mine while at the
same time exploring new opportunities elsewhere in Côte d’Ivoire,
president and chief executive Mark Bristow said here today.
Speaking at a briefing for local media visiting
the mine, Bristow noted that Tongon was now in its 10th year of
operations while its developer Randgold Resources, since merged
with Barrick, had been involved in Côte d’Ivoire for more than 20
years, spending in excess of $90 million (CFA 52 billion) on
exploration alone during that time.
“Tongon was discovered and developed in the
midst of a civil war and since then has had to contend with almost
every conceivable challenge including social and political unrest
in the region, a protracted work stoppage and an erratic power
supply. Thanks to a committed and courageous management team
– comprised almost entirely of Ivorian nationals – the mine has
nevertheless been consistently profitable, delivering significant
value to all its stakeholders and pointing the way for the growth
of the country’s mining industry and economy,” Bristow said.
“On current reserves, Tongon has under three
years of life left, but we hope to extend that by converting
near-mine resources to reserves, exploring the potential of
satellite deposits and probing targets along the Badenou trend in
the Tongon lease area. We are also seeking to advance the
agribusiness projects designed to provide economic opportunity and
food security for the local community after the mine’s
closure.”
Elsewhere in Côte d’Ivoire, extensive
exploration work is under way on all the permits within the
company’s large portfolio, which covers the most prospective parts
of the country. Bristow said the success of this program
depended in part on the government’s continued support in the
processing of applications and facilitating access to
permits. He added that since the President had appointed a
dedicated Minister of Mines, there had been a significant change in
how the Government was working with the industry to address key
issues that had proved to be impediments in the past.
Turning to the mine’s current performance,
Bristow said Tongon had rebuilt the capacity compromised by last
year’s extended work stoppages, and at the halfway stage of 2019
was on track to achieve its production target of approximately
290 000 ounces of gold. Its continuing engagement with
the Government and the national power utility has resulted in a
significant improvement in the stability of the power supply on the
back of the expansion of the regional infrastructure. It is
also maintaining a positive industrial relations climate on the
mine.
The mine’s safety record remains exemplary and
to date it has worked more than 8.7 million Lost-Time Injury-Free
Hours. Its safety and environmental certifications have been
renewed and its water management has improved further. In
conjunction with an NGO, Tongon continues effectively to manage
public health on the mine and in the surrounding community through
malaria and HIV/AIDS prevention programs.
Enquiries:
Mark BristowPresident and chief
executive+1 647 205 7694+44 788 071 1386 |
Mahamadou Samaké Group regional
manager West Africa +223 66 75 61 36 |
Kathy du PlessisInvestor &
media relations+44 20 7557 7738barrick@dpapr.com |
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained in this press release, including
any information as to Barrick’s strategy, 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 “should”,
“continue”, “committed” and “will” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: the benefits of the Government-endorsed
reconciliation agreement between the Tongon mine, the employees and
the community, future investments in community projects,
permitting strategy, the availability of power to the mine and the
potential for future mine life extensions, additions to reserves,
and exploration success.
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 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: 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 Côte d’Ivoire; lack of certainty with respect to
foreign legal systems, corruption, and other factors that are
inconsistent with the rule of law; risk of loss due to acts of war,
terrorism, sabotage and civil disturbances; fluctuations in the
spot and forward price of gold, copper, or certain other
commodities (such as silver, diesel fuel, natural gas, and
electricity); timing of receipt of, or failure to comply with,
necessary permits and approvals; failure to comply with
environmental and health and safety laws and regulations;
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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; the impact of global liquidity and credit
availability on the timing of cash flows and the values of assets
and liabilities based on projected future cash flows; the impact of
inflation; fluctuations in the currency markets; contests over
title to properties, particularly title to undeveloped properties,
or over access to water, power, and other required infrastructure;
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
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forward-looking statements are not guarantees of future
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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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