(NYSE:GOLD)(TSX:ABX) Barrick Gold Corporation’s Loulo-Gounkoto mine
complex delivered production of 680,215 ounces of gold in 2020,
exceeding its full year guidance despite Covid-19 and other
challenges1.
At the same time, it improved its safety
performance, reducing its Lost Time Injury Frequency Rate2 by more
than half compared to 2019 and achieving a Lost Time Injury Free
year in its underground operations. The complex retained its
ISO 45001 and ISO 14001 health, safety and environmental
certifications.
The underground operations have reached a
world-class level of automation, hard on the heels of pace-setter
Kibali. The two existing underground mines, Yalea and Gara, will
shortly be joined by a third when Gounkoto underground delivers its
first ore tonnes planned for the second quarter of this year.
In another major technological advance, Loulo
commissioned Barrick’s first solar power plant in the Africa and
Middle East region, delivering 20MW of capacity into the microgrid.
Projects scheduled for completion in 2021 include the commissioning
of a water treatment plant, an expansion of power generating
capacity and a powerline upgrade to support the new Gounkoto
underground mine.
The complex continued to support and develop
local businesses, spending more than $375 million with local
contractors and suppliers in 2020. Its accelerator program,
designed to equip budding businessmen and women with commercial
skills, established 48 entrepreneurs and granted them credit
totalling about $390,000. Loulo-Gounkoto’s local content program
was further improved by the formation of a transport consortium
which incorporates most of its existing Malian transport
providers.
In a presentation to local media and
stakeholders at Loulo today, Barrick president and chief executive
Mark Bristow said that thanks to continuing successful exploration,
the complex’s gold reserves were now larger than they had been
15 years ago, and indications were that it would once more
have replaced ounces depleted by mining in 2020.
“The Loulo district lies at the heart of one of
the world’s most prolific gold regions. Over the past
15 years, this has delivered more world-class discoveries than
any other, and our extensive exploration programs are designed not
only to replenish our reserves but to find our next Tier One3
mine,” he said.
Loulo and Gounkoto paid and declared combined
dividends of $240 million for 2020. Over the past almost 24
years, Barrick and its legacy company Randgold Resources
contributed $7.7 billion to Mali’s economy in the form of
taxes, royalties, salaries and payments to local suppliers. Its
annual contribution amounts to between 5% and 10% of the country’s
GDP.
The company hosted Mali's minister of mines,
Lamine Seydou Traore, and a delegation from his department who
visited the mine and toured the operation with the Barrick
team.
Enquiries
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
Group Regional Manager, West Africa
Mahamadou Samaké +223 66 75 61 36
Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1On a 100% basis.
Endnote 2Lost Time Injury
Frequency Rate (LTIFR) is a ratio calculated as follows: number of
lost time injuries x 1,000,000 hours divided by the total number of
hours worked. Lost time injuries are injuries that occur in the
execution of duties that mean the person is unable to perform those
duties for at least one day.
Endnote 3A Tier One Gold Asset
is an asset with a reserve potential to deliver a minimum 10-year
life, annual production of at least 500,000 ounces of gold and
total cash costs per ounce over the mine life that are in the lower
half of the industry cost curve.
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 “will”, “indicate”, “design”,
“meet”, “schedule”, “will”, “continue” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: the development of the third
underground mine at Gounkoto and expected commencement of
production; capital projects scheduled for completion in 2021;
Loulo-Gounkoto replacing reserves depleted by mining in 2020;
future exploration; and Barrick’s commitment to Mali and local
communities.
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 Mali 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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