(NYSE:GOLD) (TSX:ABX) Barrick Gold Corporation’s Tongon mine
produced a total of 284,863 ounces of gold in 2020, at the top end
of its guidance for the year1, driven by strong plant throughput
with runtime setting a record of 95.2% in October. This improved
throughput, combined with cost-reduction initiatives, is expected
to have a positive impact on per ounce costs compared to 2019.
Speaking to local media here today, Barrick
president and chief executive Mark Bristow said Tongon had to
overcome enormous obstacles to achieve this exceptional
performance. Built and commissioned in the midst of a civil war, it
has since operated in a very unstable socio-political environment
and has been impacted by a broad range of problems, including a
mill fire, recurring technical issues and an erratic grid power
supply.
“Despite all these challenges, Tongon has been
consistently profitable and in 2020 again paid a $150 million
dividend to its shareholders. It provided $1.2 million to the
government to support its campaign against Covid-19 while
implementing effective prevention measures at the mine to protect
its people and the business. And it maintained its commitment to
its host community with the installation and start-up of a number
of income-generating projects,” Bristow said.
He noted that Tongon had the best safety record in
the worldwide Barrick group. Until it suffered one Lost-Time Injury
on 28 October 2020, the mine had recorded more than 15 million
lost-time injury free work hours over 1,120 days. There were
no Class 1 or 2 environmental incidents2 during the year and the
mine retained its ISO 14001 and ISO 45001
certifications.
Continued exploration and the conversion of
resources to reserves have extended the life of the mine to 2023
and further opportunities for replacing reserves are being
pursued.
In line with Barrick’s policy of supporting local
business, Tongon spent $105 million – 66% of its total
procurement budget – with Ivorian contractors and suppliers in
2020. Since Tongon poured its first gold in 2010, it has paid more
than $1.6 billion into the Ivorian economy in the form of
taxes, infrastructure development, salaries and payments to local
suppliers.
Enquiries
President and chief executiveMark
Bristow+1 647 205 7694+44 788 071 1386
Regional operations manager West Africa
Chiaka Berthe+225 87 93 47 32+223 66 74 75 88
Investor & media relationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1On a 100% basis.
Endnote 2Class 1 - High
Significance is defined as an incident that causes significant
negative impacts on human health or the environment or an incident
that extends onto publicly accessible land and has the potential to
cause significant adverse impact to surrounding communities,
livestock or wildlife.
Class 2 - Medium Significance is defined as an
incident that has the potential to cause negative impact on human
health or the environment but is reasonably anticipated to result
in only localized and short-term environmental or community impact
requiring minor remediation.
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 “expect”, “continue”, “will”,
“indicate”, “design”, “meet”, “schedule”, “opportunity”, “will”,
“continue” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: expected cost improvements; opportunities to replace
reserves; Barrick’s support for local businesses and contributions
to the Ivorian 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 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 permits and
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 Côte d’Ivoire 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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