Nevada Gold Mines (NGM) continues to demonstrate the impact of
Barrick Gold Corporation’s (NYSE:GOLD)(TSX:ABX) strategy of
combining the best assets with the best people as new projects and
prospects secure its future as a high-quality, long-life operation
for decades to come, says NGM chairman Mark Bristow.
Speaking during a visit by a group of equity
analysts and investors to see first-hand the development of the
Goldrush underground project, the open pit operations and
processing facilities at Cortez, and the Third Shaft project and
core shack at Turquoise Ridge, Bristow said NGM had unlocked
significant synergies by consolidating mines, teams, processing
facilities and landholdings.
Since the formation of the joint venture with
Newmont three years ago, NGM has produced 10 million ounces of gold
(on a 100% basis) and distributed significant cashflows to the
joint venture partners. Barrick operates NGM, the world’s largest
gold mining complex, and owns 61.5% of the business with Newmont
Corporation holding the rest.
NGM has also added 14.7 million ounces of proven
and probable mineral reserves (on a 100% basis before
depletion)2,4,5 and 8.5 million ounces of inferred mineral
resources (on a 100% basis)3,4,5. This growth has been further
enhanced by Barrick’s wholly-owned Fourmile project with 0.35
million ounces of indicated mineral resources and 2.2 million
ounces of inferred mineral resources as at December 31, 2021,5
which is not currently included in the NGM joint venture.
Bristow said that greatly improved knowledge of
the orebodies had supported robust 10-year plans and increased the
pre-merger life of mine substantially, while new opportunities for
further optimization as well as new discoveries and innovations
continued to extract more value from the assets.
“NGM’s flagship development project is Goldrush,
a world-class underground deposit at the Cortez complex, with a
life of mine plan1 in excess of 20 years. It is expected to employ
500 people during construction and 570 during operation,” he
said.
“NGM has also built strong relations across the
full spectrum of the mines’ stakeholders, and its wide-ranging
support for educational and other community development initiatives
is securing its social license as a valuable partner with Nevada
and its people.”
These initiatives include support for the
College of Southern Nevada, its partnership with Discovery
Education as well as its ongoing work with the University of
Nevada, Reno and the Great Basin College to develop mining-focused
curricula.
“Internally, NGM has launched a unique talent
development program at their ‘training mines’ for underground and
surface mining as well as process operations with the aim of
providing the company with well-rounded, safety-focused employees
and maintaining quality control through structured, comprehensive,
competency-based training. In addition, leadership development
programs have been rolled out with a focus on safety,” said Greg
Walker, Executive Managing Director.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788 071 1386 |
Investor and Media RelationsKathy du Plessis+44 20 7557 7738Email:
barrick@dpapr.com |
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved
by Craig Fiddes, SME-RM, Manager – Resource Modeling,
Nevada Gold Mines; John Steele, CIM, Metallurgy, Engineering
and Capital Projects Executive; and Rodney Quick,
MSc, Pr.Sci.Nat, Mineral Resource Management
and Evaluation Executive — each a “Qualified Person”
as defined in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
Endnotes |
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1. |
Refer to the Technical Report on the Cortez Complex, Lander and
Eureka Counties, State of Nevada, USA, dated December 31, 2021, and
filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March
18, 2022. |
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|
2. |
Proven and probable mineral reserves added since the formation of
the NGM joint venture on July 1, 2019, calculated before depletion
based on NGM’s total proven and probable mineral reserves estimated
as of December 31, 2021, including the 40% interest in South Arturo
that NGM acquired in 2021 and that it did not already own, compared
to the total pro forma proven and probable mineral reserves of NGM
estimated as of December 31, 2018, including NGM’s then 60%
interest in South Arturo. See endnote 4 and endnote 5. |
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3. |
Inferred mineral resources added since the formation of the NGM
joint venture on July 1, 2019, based on NGM’s total inferred
resources estimated as of December 31, 2021, including the 40%
interest in South Arturo that NGM acquired in 2021 and that it did
not already own, compared to the total pro forma inferred resources
of NGM estimated as of December 31, 2018, including NGM’s then 60%
interest in South Arturo and excluding Barrick’s 100% owned
Fourmile project. See endnote 4 and endnote 5. |
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4. |
The pro forma reserves and resources figures of Nevada Gold Mines
set out below were derived by adding the respective reserves and
resources in respect of Nevada operations reported by Barrick in
its 2018 Annual Information Form and Newmont in its press release
dated February 21, 2019 reporting its 2018 Reserves and Resources
and its annual report on Form 10-K for the fiscal year ended
December 31, 2018 in respect of the relevant Nevada properties. The
pro forma reserves and resources are provided for illustrative
purposes only. Barrick and Newmont calculated such figures based on
different standards and assumptions, and accordingly such figures
may not be directly comparable and the pro forma reserves and
resources may be subject to adjustments due to such differing
standards and assumptions. In particular, Barrick mineral reserves
and resources have been prepared according to Canadian Institute of
Mining, Metallurgy and Petroleum 2014 Definition Standards for
Mineral Resources and Mineral Reserves as incorporated by National
Instrument 43-101 – Standards of Disclosure for Mineral Projects,
which differ from the requirements of U.S. securities laws.
Newmont’s reported reserves were prepared in compliance with
Industry Guide 7 published by the SEC, however at that time, the
SEC did not recognize the terms “resources” and “measured and
indicated resources”. Newmont had determined that its reported
“resources” would be substantively the same as those prepared using
Guidelines established by the Society of Mining, Metallurgy and
Exploration (SME) and that its reported measured and indicated
resources (combined) were equivalent to “Mineralized Material”
disclosed in its annual report on Form 10-K.Reserves and resources
of Barrick in Nevada are stated on an attributable basis as of
December 31, 2018 and include Goldstrike, Cortez, Goldrush, South
Arturo (60%) and Turquoise Ridge (75%). Proven reserves of 84.4
million tonnes grading 4.36 g/t, representing 11.8 million ounces
of gold. Probable reserves of 155.6 million tonnes grading 2.93
g/t, representing 14.7 million ounces of gold. Measured resources
of 13.5 million tonnes grading 4.22 g/t, representing 1.8 million
ounces of gold. Indicated resources of 101.6 million tonnes grading
4.34 g/t, representing 14.2 million ounces of gold. Inferred
resources of 28.7 million tonnes grading 5.2 g/t, representing 4.8
million ounces of gold. Complete mineral reserve and resource data
for all Barrick mines and projects referenced in this press release
as of December 31, 2018, including tonnes, grades, and ounces, as
well as the assumptions on which the mineral reserves for Barrick
are reported, are set out in Barrick’s 2018 Annual Information Form
issued on March 22, 2019.Reserves and resources of Newmont in
Nevada are stated on an attributable basis as of December 31, 2018
and include Carlin, Phoenix, Twin Creeks (including Newmont’s 25%
equity in Turquoise Ridge) and Long Canyon. Proven reserves of 46.6
million tonnes grading 3.84 g/t, representing 5.8 million ounces of
gold. Probable reserves of 378.1 million tonnes grading 1.32 g/t,
representing 16.0 million ounces of gold. Measured resources of
19.7 million tonnes grading 2.2 g/t, representing 1.4 million
ounces of gold. Indicated resources of 244.4 million tonnes grading
1.27 g/t, representing 10.0 million ounces of gold. Inferred
resources of 45.5 million tonnes grading 1.81 g/t, representing 2.7
million ounces of gold. Complete mineral reserve and resource data
for all Newmont mines and projects referenced in this press release
as of December 31, 2018, including tonnes, grades, and ounces, as
well as the assumptions on which the mineral reserves for Newmont
are reported, are set out in Newmont’s press release dated February
21, 2019 reporting its 2018 Reserves and Resources and its annual
report on Form 10-K for the fiscal year ended December 31,
2018. |
Below is additional
reserve and resource data in respect of Nevada Gold Mines as of
December 31, 2018: |
|
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|
2018 PROFORMA GOLD MINERAL RESERVES |
|
|
PROVEN |
PROBABLE |
PROVEN & PROBABLE |
|
|
Tonnes |
Grade |
Contained ozs |
Tonnes |
Grade |
Contained ozs |
Tonnes |
Grade |
Contained ozs |
|
|
|
Mt |
(gm/t) |
Moz |
Mt |
(gm/t) |
Moz |
Mt |
(gm/t) |
Moz |
|
|
Barrick in Nevada |
84 |
4.36 |
12 |
160 |
2.93 |
15 |
240 |
3.43 |
27 |
|
|
Newmont in Nevada |
47 |
3.84 |
5.8 |
380 |
1.32 |
16 |
420 |
1.60 |
22 |
|
|
NEVADA GOLD MINES |
131 |
4.18 |
18 |
530 |
1.79 |
31 |
660 |
2.26 |
48 |
|
|
2018 PROFORMA GOLD MINERAL RESOURCES (Exclusive of Mineral
Reserves) |
MEASURED |
INDICATED |
M&I |
INFERRED |
Tonnes |
Grade |
Contained ozs |
Tonnes |
Grade |
Contained ozs |
Tonnes |
Grade |
Contained ozs |
Tonnes |
Grade |
Contained ozs |
Mt |
(gm/t) |
Moz |
Mt |
(gm/t) |
Moz |
Mt |
(gm/t) |
Moz |
Mt |
(gm/t) |
Moz |
Barrick in Nevada |
14 |
4.22 |
1.8 |
102 |
4.34 |
14 |
115 |
4.32 |
16 |
29 |
5.2 |
4.8 |
Newmont in Nevada |
20 |
2.19 |
1.4 |
240 |
1.27 |
10 |
270 |
1.34 |
11 |
46 |
1.8 |
2.7 |
NEVADA GOLD MINES |
33 |
3.02 |
3.2 |
350 |
2.17 |
24 |
380 |
2.24 |
27 |
74 |
3.1 |
7.5 |
5. |
Estimated in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects as required by Canadian
securities regulatory authorities. Estimates are as of December 31,
2021, unless otherwise noted. Reserves and resources for NGM
as of December 31, 2021 are stated on a 100% basis. Proven reserves
of 99 million tonnes grading 4.82 g/t, representing 15 million
ounces of gold. Probable reserves of 422 million tonnes grading
2.58 g/t, representing 35 million ounces of gold. Measured
resources of 168 million tonnes grading 4.13 g/t, representing 22
million ounces of gold. Indicated resources of 923 million tonnes
grading 1.85 g/t, representing 55 million ounces of gold. Inferred
resources of 305 million tonnes grading 1.6 g/t, representing
16 million ounces of gold. Complete mineral reserve and
mineral resource data for all mines and projects referenced in this
press release as of December 31, 2021, including tonnes,
grades, pounds, and ounces, can be found on pages 34-47 of
Barrick’s 2021 Annual Information Form / Form 40-F on file
with the Canadian provincial securities regulators on SEDAR
at www.sedar.com and the Securities and Exchange
Commission on EDGAR at www.sec.gov. |
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
Barrick’s and NGM’s 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 “projects”, “prospects”,
“secure”, “future”, “support”, “continue”, “expect”, “potential”,
“will”, and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: NGM’s plans for its next growth phase including the
potential for new opportunities and discoveries and the future
inclusion of Barrick’s Fourmile project in the joint venture;
opportunities for further optimization of NGM’s mine plans; NGM’s
ability to replace reserves depleted by production the anticipated
mine life and benefits of the Goldrush project, including local
employment during construction and operation; Barrick’s and NGM’s
strategy, plans, targets and goals in respect of social issues,
including local community relations and investments; and the
anticipated safety benefits of NGM’s training and leadership
development programs.
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); risks
associated with Goldrush and projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; risks related to the possibility that future
exploration results will not be consistent with the Company’s
expectations, that quantities or grades of reserves will be
diminished, and that NGM’s resources may not be converted to
reserves; risks associated with the fact that certain of the
initiatives described in this press release are still in the early
stages and may not materialize; changes in mineral production
performance, exploitation and exploration successes; 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; 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 the United States or other countries in which Barrick does or
may carry on business in the future; risks relating to political
instability in certain of the jurisdictions in which Barrick
operates; timing of receipt of, or failure to comply with,
necessary permits and approvals, including for the development of
Goldrush; non-renewal of or failure to obtain key licenses by
governmental authorities; failure to comply with environmental and
health and safety laws and regulations; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; the
liability associated with risks and hazards in the mining industry,
and the ability to maintain insurance to cover such losses;
increased costs and physical risks, including extreme weather
events and resource shortages, related to climate change; 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 related to
operations near communities that may regard Barrick’s operations as
being detrimental to them; litigation and legal and administrative
proceedings; operating or technical difficulties in connection with
mining or development activities, including geotechnical
challenges, tailings dam and storage facilities failures, and
disruptions in the maintenance or provision of required
infrastructure and information technology systems; increased costs,
delays, suspensions and technical challenges associated with the
construction of capital projects; risks associated with working
with partners in jointly controlled assets; risks related to
disruption of supply routes which may cause delays in construction
and mining activities; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; risks associated with Barrick’s
infrastructure, information technology systems and the
implementation of Barrick’s technological initiatives; global
inflationary pressures driven by supply chain disruptions caused by
the ongoing Covid-19 pandemic and global energy cost increases
following the invasion of Ukraine by Russia; risks related to the
demands placed on the Company’s management, the ability of
management to implement its business strategy and enhanced
political risk in certain jurisdictions; uncertainty whether some
or all of Barrick’s targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate;
business opportunities that may be presented to, or pursued by, the
Company; our ability to successfully integrate acquisitions or
complete divestitures; risks related to competition in the mining
industry; employee relations including loss of key employees;
availability and increased costs associated with mining inputs and
labor; and risks associated with diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic. Barrick also cautions that its 2022 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.
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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