Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that
the Pueblo Viejo power plant is expected to receive its first
natural gas in Q1 2020 in a move that will lower greenhouse gas
emissions and cut costs, in line with the Group’s clean and
efficient energy strategy.
Pueblo Viejo entered into a 10-year supply
agreement with AES Andrés DR, SA in May 2018 for the provision of
natural gas and the construction of a gas pipeline from the AES gas
terminal to the Quisqueya I power plant for the mine. This
will also benefit the San Pedro region which has not previously had
access to this cleaner alternative fuel.
Barrick president and chief executive Mark
Bristow says since the commissioning of the Quisqueya I power plant
in 2013, Pueblo Viejo has looked for ways to reduce the impact of
its air emissions on the environment and the cost of energy
production.”
“The conversion of Quisqueya I to natural gas
will help reduce Pueblo Viejo’s power generation costs by some
30%. Greenhouse gases will also be cut by 30% and nitrogen
oxide by 85%, and the mine’s dependence on oil will be
significantly decreased,” Bristow said.
The gas pipeline is facilitating the conversion
of other power plants in the region which will translate into
further reduction in greenhouse emissions and significant savings
in energy costs within the Dominican national grid. Recently
other power producers in the area have announced the conversion
into natural gas of an additional 525 Mw.
Pueblo Viejo is also contributing to the
Dominican electricity sector with the construction of the Bonao III
power substation as part of a public/private alliance with the
Dominican Transmission Entity and Empresa Generadora de
Electricidad Haina (EGE Haina) which owns the power plant Quisqueya
2 located next to Quisqueya I. The substation is expected to
help to provide more stability to the country’s national grid.
Finalization is scheduled for mid-next year.
Bristow noted, “The conversion agreement, the
natural gas pipeline and the Bonao III substation represent a step
forward, not only for Pueblo Viejo but for the Dominicans, as it
shows not just environmental benefits, but also a significant
reduction of the country’s electricity cost, less dependency on
crude oil and more stability for the national power grid.”
ENQUIRIES:
President and CEOMark Bristow+1 647 205 7694+44 788 071 1386 |
Chief Operating Officer LATAM and Asia PacificMark Hill+1 (416) 307
7429+1 (416) 358 4667 |
Relations with Media and InvestorsKathy du Plessis+44 20 7557
7738Email: barrick@dpapr.com |
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained in this press
release, including any information as to Barrick’s strategy, 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
“expect”, “strategy”, “will”, and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to the anticipated benefits of the conversion to
natural gas of the Quisqueya I power plant including lower power
generation costs, reduced greenhouse gas emissions and planned
improvements to the national power grid. .
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 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); increased costs and
physical risks, including extreme weather events and resource
shortages, related to climate change; the speculative nature of
mineral exploration and development; changes in mineral production
performance, exploitation, and exploration successes; diminishing
quantities or grades of reserves; increased costs, delays,
suspensions, and technical challenges associated with the
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges, and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; 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 Canada or the Dominican Republic; lack of certainty
with respect to foreign legal systems, corruption, and other
factors that are inconsistent with the rule of law; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
timing of receipt of, or failure to comply with, necessary permits
and approvals; failure to comply with environmental and health and
safety laws and regulations; litigation and legal and
administrative proceedings; damage to the Barrick’s reputation due
to the actual or perceived occurrence of any number of events,
including negative publicity with respect to the Barrick’s handling
of environmental matters or dealings with community groups, whether
true or not; the impact of global liquidity and credit availability
on the timing of cash flows and the values of assets and
liabilities based on projected future cash flows; the impact of
inflation; fluctuations in the currency markets; contests over
title to properties, particularly title to undeveloped properties,
or over access to water, power, and other required infrastructure;
employee relations including loss of key employees; business
opportunities that may be presented to, or pursued by, the Company;
our ability to successfully complete divestitures; risks associated
with working with partners in jointly controlled assets; 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.
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