Nevada Gold Mines (NGM) is demonstrating the impact of operator and
majority-owner Barrick’s strategy of combining the best people with
the best assets to deliver the best returns, Barrick president and
chief executive Mark Bristow said here today.
Speaking at an update for local media and community
leaders, Bristow said NGM — the world’s largest gold mining complex
— stood out from the rest of the industry not only because of its
size but because its wealth of projects and prospects secure its
future as a high-quality, long-life operation for decades to
come.
“The combination of the Nevada assets of Barrick
and Newmont has unlocked the vast geological potential of this
mineral-rich region by consolidating mines, processing facilities
and landholdings. Anchored by the massive Carlin and Cortez mines,
NGM is building up the third Tier One1 asset, Turquoise Ridge,
while Goldrush, a world-class project in its own right, heads up a
long pipeline of quality prospects,” he said.
“NGM has also built strong relations across the
full spectrum of the mines’ previously neglected stakeholders, and
its wide-ranging support for educational and other community
development initiatives is securing its social licence as a
valuable partner with Nevada and its people.”
Bristow cited Turquoise Ridge as an example of the
transformative effect of asset consolidation. The high-grade
underground orebody at Turquoise Ridge, then a Barrick property,
was mined for years without a full understanding of its geology and
was also constrained by the lack of its own processing plant. At
the same time, Newmont’s neighboring Twin Creeks was facing the
decline of production from its open pits and its processing
facilities had never been pushed to deliver. The ramp-up of
underground production at Turquoise Ridge, based on a completely
new geological model, will pick up speed when its third shaft is
completed next year, more than offsetting the drop in production
from the now-integrated Twin Creeks. The integration of the two
assets has also delivered new exploration opportunities in the gap
between the two.
During the past quarter, the Goldrush project’s
official Notice of Intent was published, putting NGM well on the
way to permitting its next major orebody. The updated feasibility
study and the successful processing of the first ore samples has
strengthened confidence that additional resources will be converted
to reserves later this year.
NGM continued to optimize its portfolio through the
South Arturo/Lone Tree asset swap, which removed a closure
liability from its balance sheet while securing additional ounces
and geological upside by bringing the other 40% of South Arturo
under its control. In the meantime, brownfields exploration is
confirming a significant upside through prospects such as a major
deposit in North Leeville and the promising Phoenix gold and copper
satellite.
Bristow said NGM was continuing to invest in
infrastructure capable of supporting mining far into the future.
This includes advancing data analysis capabilities and reducing
greenhouse gas (GHG) emissions. An example of the latter is the
second phase of the TS solar power facility which will increase its
solar capacity to 200MW and is the cornerstone of NGM’s commitment
to cutting GHG emissions by 20% by 2025.
Reviewing the past quarter, Bristow said improved
run times at all of NGM’s major processing facilities had lifted
NGM’s performance while the restoration of the Carlin mill
operations had set it up for a strong end to the year.
Enquiries Investor and Media
RelationsKathy du Plessis+44 20 7557 7738Email:
barrick@dpapr.com
Website: www.barrick.com
Endnote 1A 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
InformationCertain 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 “potential”, “will”,
“continue”, “prospects”, “securing”, “strategy” and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: Barrick’s plans to unlock the
geological potential of NGM and secure its future as a
high-quality, long-life complex for decades to come; the expected
benefits and timeline for completion of NGM’s growth projects
including the Goldrush and Turquoise Ridge Third Shaft projects;
the ramp-up of production at the Turquoise Ridge underground; NGM’s
ability to convert resources into reserves; the anticipated
benefits of the South Arturo asset swap and operational
improvements at the Carlin mill; NGM’s exploration strategy and
planned exploration activities; Barrick’s sustainability vision,
including the expected environmental benefits from the TS solar
power plant and NGM’s greenhouse gas emissions reduction target;
and Barrick’s partnership with Nevada, local communities and other
stakeholders.
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 Barrick Gold Corporation (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
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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
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cathode or gold or copper concentrate losses (and the risk of
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Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
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forward-looking statements are not guarantees of future
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