Barrick Gold Corporation’s Kibali mine is on track to deliver at
the upper end of its 2020 guidance, president and chief executive
Mark Bristow said here today.
Kibali was the first underground gold mine in the
DRC and one of the largest in the world. It is a global leader in
automation and continues to improve efficiency and productivity
through ongoing technological innovation. In the third quarter it
set a new ore delivery record from underground, exceeding nameplate
for the first time since the shaft was commissioned in 2018.
“Automation is often associated with reduced
employment but we use it as an opportunity to further upskill our
workers and to reduce our need for expatriate specialists. It is
worth noting that Kibali – one of Barrick’s elite corps of Tier One
mines – is led by a predominantly Congolese management team in line
with our policy of employing and advancing host country nationals,”
Bristow said.
A Tier One mine is one capable of producing at
least 500,000 ounces of gold annually for at least 10 years at the
lower end of the industry’s cost profile. Bristow said brownfields
exploration was extending Kibali’s life by replacing reserves
depleted by mining. Barrick’s exploration teams are also hunting
for the next Kibali elsewhere in the DRC.
During the past quarter, battery technology was
successfully integrated into the Kibali power grid to augment the
mine’s three hydropower stations and offset the cyclical load of
the winder. In line with Barrick’s global move to cleaner energy
sources, the new technology will further reduce the mine’s carbon
footprint and use of thermal power.
Following a meeting with President Tshisekedi today
Bristow said they had agreed that Kibali had brought a thriving
local economy to what was previously one of the most deprived
regions in the DRC.
“The continuing paved extension to the Durba road
will provide construction work for local contractors for the next
three years. Community support continues to be reinforced through
other initiatives such as the Renzi agribusiness project and the
planned palm oil project. We also remain committed to transferring
skills to the community, and the upgrading of the Kokiza Training
Centre for engineers is scheduled to start later this year,” he
said.
Additionally, utility buildings initially built as
isolation wards during the Ebola outbreak and subsequently used as
a quarantine centre for Covid-19 cases, will now be transitioned to
a tropical disease centre to serve local communities.
Enquiries:
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
COO, Africa and Middle EastWillem
Jacobs +44 779 557 5271
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 “on track”, “continue”,
“will” and similar expressions identify forward-looking statements.
In particular, this press release contains forward-looking
statements including, without limitation, with respect to: Kibali
meeting the upper end of its 2020 guidance; continued improvements
to efficiency and productivity through innovation; replacements of
reserves through brownfields exploration; Barrick’s clean energy
strategy, and expected benefits; and Barrick’s commitment to the
DRC and local communities and 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 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 2020 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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