World Gold Council Report Underscores Barrick’s Leading Role in Sharing the Benefits of Mining
November 30 2021 - 11:07AM
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) today welcomed the
release of the World Gold Council’s report highlighting the role of
its members in contributing to socio-economic development in the
countries and communities in which they operate. According to the
report, available at www.gold.org, this contribution amounted to
almost $38 billion in 38 countries last year, in the form of
payments to governments, employees and suppliers.
Barrick’s status as an industry leader in
socio-economic development was underscored by the comparison
between its performance and the industrywide figures reported by
the World Gold Council:
- 97% of Barrick’s employees and
contractors were host country nationals, compared to 95% reported
cumulatively by the World Gold Council member companies;
- Barrick paid $1.8 billion out of the
total $7.6 billion reported in taxes, royalties and dividends to
host governments;
- $4.5 billion of the total $26 billion
spent on goods and services was spent with local and national
suppliers; and
- Barrick’s total economic contributions
amounted to $12.1 billion out of the total $37.9 billion
contribution reported for the 2020 year.
Barrick president and chief executive Mark Bristow
said that the company’s ability to share the benefits of mining was
one of the key ways it measured its success. “We partner with our
host communities and countries to transform their natural resources
into tangible benefits and mutual prosperity. Additionally, we hire
talented individuals from the communities closest to our mines and
train them to world-class standards; we leverage our supply chain
to facilitate the growth of thriving and self-sustaining
businesses; and our taxes further contribute to the economic
development of the countries and communities in which we operate,”
he said.
“This all happened against the backdrop of the
Covid-19 pandemic when our prompt and effective responses protected
our businesses from the worst of the virus and provided a further
opportunity for us to demonstrate our commitment to partnerships,”
Bristow said.
Barrick spent more than $30 million on
Covid-related community support measures in 2020 and prepaid more
than $300 million in taxes and royalties. It also supported
communities through a number of initiatives ranging from medical
supply donations to local hospitals, loans to small businesses,
setting up food banks and delivering food packages.
Enquiries:
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, plans, or future operating performance, constitutes
“forward-looking statements”. All statements, other than statements
of historical fact, are forward-looking statements. The words
“leading”, “transform”, “leverage”, “contribute”, “further”,
“opportunity”, “commit”, “support” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to the amount of Barrick’s economic contributions and
commitment to socio-economic development in the countries and
communities in which it operates through the hiring of local
nationals, the payment of taxes, royalties and dividends and
payments to local suppliers; and Barrick’s response to the Covid-19
pandemic and related community support initiatives.
Forward-looking statements are necessarily based upon a number of
assumptions, including material assumptions considered reasonable
by Barrick as at the date of this press release in light of
management’s experience and perception of current conditions and
expected developments, and are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies.
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 not
to put undue reliance on forward-looking statements which are not
guarantees of future events, and speak only as of the date made.
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. All of the forward-looking statements made in this press
release are qualified by these cautionary statements. 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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