Barrick Comments on Potential Impact of Papua New Guinea Earthquake
March 02 2018 - 5:00PM
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the
“Company”) today confirmed that the power generation facility that
supplies electricity to the Porgera Joint Venture mine experienced
significant damage during the 7.5 magnitude earthquake that struck
Papua New Guinea on Feb. 26, 2018.
The Company is pleased to report that all
Porgera Joint Venture employees and contractors have been accounted
for, and no injuries have been reported. Barrick’s top priority is
to support Barrick (Niugini) Limited ("BNL") in protecting the
safety of those at site, and in the local communities, as recovery
efforts get underway. BNL is the 95 percent owner of the Porgera
Joint Venture, and is the manager of the operation. Barrick and
Zijin Mining each own 50 percent of BNL.
The Hides natural gas power plant is located in
the Hela province and is operated by BNL. Until full power can be
restored, the mine is expected to operate at reduced capacity,
supported by an existing onsite diesel power station, as well as
through the procurement of additional generating capacity. Barrick
is offering BNL its full support as BNL works to restore full power
to the site.
Based on an initial assessment, Barrick does not
expect this event to impact production to an extent that would
require a revision to the Company’s consolidated 2018 gold
production guidance of 4.5-5.0 million ounces. The Company will
continue to monitor developments on the ground and will provide
further updates if circumstances change.
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by
reference in this press release, including any information as to
the strategy, projects, plans or future financial or operating
performance of the Porgera Joint Venture mine and Barrick
constitutes “forward-looking statements”. All statements, other
than statements of historical fact, are forward-looking statements.
The words “expect”, “initial assessment”, “would”, “will” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to the impact of the
Papua New Guinea earthquake and Barrick’s forward-looking operating
and production guidance for the Porgera Joint Venture mine.
Forward-looking statements are necessarily based upon a number of
assumptions, including material assumptions 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, and are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies. Such factors include, but are not limited to:
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; 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; 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 Papua New Guinea and other jurisdictions in which
the Company does or may carry on business in the future; 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; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; risks associated with working with
partners in jointly controlled assets; 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 from those expressed or implied in any
forward-looking statements made by, or on behalf of, us.
Readers are cautioned not to put undue reliance on forward-looking
statements which are not guarantees of future events, and speak
only as of the date made. 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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