Barely a year after it was established, Twiga Minerals Corporation
has demonstrated the value-creating capacity of a true partnership
between a mining company and its host nation, Barrick president and
chief executive Mark Bristow said here today at a press briefing
following his quarterly mine visits.
Twiga is a joint venture between Barrick and the
Government of Tanzania, and oversees the management of Barrick’s
assets in the country as well as the implementation of the economic
benefit-sharing agreement. It was formed when Barrick took over the
operations of the former Acacia Mining in September last year and
subsequently entered into a framework agreement with the
government. In terms of the agreement, Barrick will pay the
government $300 million to settle past disputes with Acacia.
In addition to the first $100 million tranche of
the settlement, Barrick’s assets in Tanzania have since paid more
than $200 million to the government in taxes and royalties, and
last week Twiga declared a maiden interim dividend of $250
million.
“The fact that so much value has been delivered in
such a short time is a tribute to the power of what I believe is
the first partnership of its kind in Africa. With the framework
agreement now fully implemented, we have settled most of the
landowner disputes and are well on our way to ensure that we are
fully compliant with our environmental permits as well as with the
government’s local content legislation,” Bristow said.
“A rehabilitated and re-energized North Mara is
ahead of plan in the year to date and Bulyanhulu has resumed
underground mining operations and is scheduled to restart
processing of underground ore by the end of 2020 as a long-life
underground mine. We are gearing up to potentially make North Mara
and Bulyanhulu into a combined Tier One complex, capable of
producing at least 500,000 ounces of gold annually for more than 10
years in the lower half of the industry’s cost profile1. We shall
also be looking to expand the life of operations as well as other
new Tanzanian opportunities within the Twiga framework.”
Barrick has been awarded 10 new exploration
licenses in Tanzania and plans to spend $8 million on exploration
there this year.
The company’s commitment to stakeholder partnership
encompasses its host communities and a community development
committee has already been established at North Mara. On the
environmental front, a comprehensive water management plan is being
implemented. Since Barrick assumed operational control in 2019 some
50% of the water in the North Mara tailings dam has been removed to
date.
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
Endnote 1
On a 100% basis
Technical Information
The scientific and technical information contained
in this news release has been reviewed and approved by Simon
Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager,
Africa and Middle East, a “Qualified Person” as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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 “being”, “potential”, “will”,
“on our way”, “scheduled”, “looking” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: payment to be made to the government
of Tanzania; progress being made towards compliance with
environmental permits and local content legislation; scheduled
production from Bulyanhulu; the potential for North Mara and
Bulyanhulu to become a Tier One complex and potential expansions to
the life of mine; planned exploration activities; and the
implementation of North Mara’s water management plan.
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; 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 Tanzania 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. 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.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Sep 2023 to Sep 2024