Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Significant
exploration successes could extend the Tongon gold mine’s life,
Barrick president and chief executive Mark Bristow said today.
Speaking at a local media briefing, Bristow said 10
years after it went into production Tongon could get a new lease on
life thanks to promising results from near-mine exploration
campaigns designed to replace the mine’s depleted reserves. In
addition to work on the promising Seydou North and Tongon West
targets, Tongon has filed the documentation for the extension of
its Nielle mining licence by a further 10 years, to support the
drive to add to its life-of-mine.
Bristow said Barrick, through its predecessor
Randgold Resources, had been investing in and partnering with Côte
d’Ivoire through the country’s many challenges and development
stages.
“The successful commissioning of Tongon in the
midst of a civil war was a landmark achievement in the development
of a gold mining industry in the highly prospective but
underexplored Côte d’Ivoire. Since then, the mine has been
consistently profitable – it has just declared a $150 million
dividend for the second quarter of this year – and boasts one of
the best safety records in the Barrick group. Over time it has
invested $1.77 billion in the Ivorian economy in the form of taxes,
salaries, payments to local suppliers and infrastructure
developments,” Bristow said.
In Barrick’s spirit of partnership with its host
communities, Tongon has provided the local villages, located in one
of the poorest parts of the country, with access to electricity and
new markets through a network of power lines, roads and bridges,
built new primary schools and clinics, boosted the development of a
regional economy by employing local contractors and suppliers, and
prefinanced a number of income-generating projects. Most
recently it has provided a surgical unit for the Mbengue
clinic.
“A longer life for Tongon means that it will be
able to continue creating benefits to share with our Ivorian
stakeholders for years to come,” Bristow said.
Enquiries
President and chief executiveMark Bristow+1 647
205 7694+44 788 071 1386
Regional operations manager West Africa Chiaka
Berthe+225 87 93 47 32+223 66 74 75 88
Investor & 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 ”point to”, “could”,
“promising”, “targets”, “extension”, “further”, “drive”, “will”,
“continue”, “years to come” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: a potential extension to Tongon’s life-of-mine,
including associated licencing filings; ongoing exploration and
opportunities to replace reserves; and Barrick’s support for local
businesses, partnership with host communities and contributions to
the Ivorian 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 Côte d’Ivoire 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 artisanal and illegal mining; 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
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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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