(NYSE:GOLD)(TSX:ABX) – After a strong start in the first quarter of
2021, the Kibali gold mine, one of the largest in the world,
remained on track at the halfway mark of the year to achieve its
annual production guidance, Barrick president and chief executive
Mark Bristow said here today.
Speaking at a media briefing, Bristow added that
thanks to an aggressive near-mine exploration program, Kibali was
continuing to replace its reserves faster than it was mining them,
and now has a resource base that is approaching the 2013 levels
when the mine first went into production.
“This means that Kibali should be able to sustain
its production rate well beyond the 10-year timetable in its
current business plan, thus continuing to create economic benefits
for its stakeholders in a region where its presence has already had
a profoundly positive impact,” he said,
Since the development of Kibali started, it has
pumped $3.6 billion into the DRC economy in the form of taxes,
salaries, payments to local suppliers, and tangible contributions
to the infrastructure. In the year to date alone it has paid
$73.8 million to local businesses, in line with its policy of
giving preference to Congolese contractors and suppliers. It also
prioritizes local employment, and of the 5,341 employees and
contractors who were on site at the end of June, 94% were Congolese
nationals.
Bristow said Kibali was also a leader in its
health, safety and environmental protection programs. Covid-19
protection protocols at the mine had been intensified and a
vaccination program was well under way. It largely uses clean
energy, generated by its three hydropower plants. Its water
recycling and re-use rate of 78% was above target, reducing its
draw from the Kibali river. It continues to reforest the
surrounding area, with 6,716 trees planted during the past
quarter, and is also actively supporting the Garamba National
Park’s elephant protection and general improvement initiatives.
He said Barrick’s success in building and operating
a world-class gold mine in a remote part of the Congo was
attributable to the mutually beneficial partnerships it had forged
with its in-country stakeholders: the central, provincial and local
governments; its host community; civil society; and a large corps
of highly competent contractors and suppliers.
“We are strengthening our ties with the recently
appointed government and are working towards an amicable solution
of some outstanding legal and fiscal issues,” Bristow said.
“In the meantime, Barrick continues to invest and
re-invest in our future in the DRC. Our short-term focus is on
ensuring that Kibali will remain a major generator of economic
benefits for all its stakeholders well into the next decade. Beyond
that, our exploration teams are already hunting for the next
Kibali. Their success rate in finding world-class gold deposits is
outstanding.”
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
COO, Africa and Middle EastWillem Jacobs +44 779
557 5271
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
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 “maintains”, “on course”,
“remains”, “on track”, “guidance”, “program”, “continuing”,
“sustain”, “beyond”, “plan”, “prioritizes”, “under way”,
“supporting”, “initiatives”, “strengthening”, “working towards”,
“short-term”, “focus”, “opportunities”, “will” and “should” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: Kibali’s production
guidance and performance; opportunities to replace reserves and
extend Kibali’s 10-year plan; Kibali’s health, safety and
environmental protection programs, including its Covid-19
prevention protocols; Barrick’s commitment to the DRC and local
communities and economy, including its partnership with Garamba
National Park; Barrick’s continued partnership with the DRC
government and the resolution of outstanding legal and fiscal
issues; 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; 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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