Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX)
Barrick Gold Corporation’s Kibali mine beat its
2019 production guidance of 750,000 ounces of gold by a substantial
margin, delivering 814,027 ounces in another record year1.
Barrick president and chief executive Mark
Bristow told a media briefing here that Kibali’s continuing stellar
performance was a demonstration of how a modern, Tier One gold mine
could be developed and operated successfully in what is one of the
world’s most remote and infrastructurally under-endowed regions.
He also noted that in line with Barrick’s policy of
employing, training and advancing locals, the mine was managed by a
majority Congolese team, supported by a corps of majority Congolese
supervisors and personnel.
Already one of the world’s most highly automated
underground gold mines, Kibali continues its technological advance
with the introduction of truck and drill training simulators and
the integration of systems for personnel safety tracking and
ventilation demand control. The simulators will also be used to
train operators from Barrick’s Tanzanian mines.
“The completion of the Kalimva Ikamva
prefeasibility study has delivered another viable opencast project
which will help balance Kibali’s opencast/underground ore ratio and
enhance the flexibility of the mine plan. Down-plunge
extension drilling at Gorumbwa has highlighted future underground
potential and ongoing conversion drilling at KCD is delivering
reserve replenishment. All in all, Kibali is well on track
not only to meet its 10-year production targets but to extend them
beyond this horizon,” Bristow said.
“We’re maintaining a strong focus on energy
efficiency through the development of our grid stabilizer project,
scheduled for commissioning in the second quarter of 2020. This
uses new battery technology to offset the need for running diesel
generators as a spinning reserve and ensures we maximize the use of
renewable hydro power. The installation of three new elution
diesel heaters will also help improve efficiencies and control
power costs. It’s worth noting that our clean energy strategy
not only achieves cost and efficiency benefits but also once again
reduces Kibali’s environmental footprint.”
Bristow said despite the pace of production and
the size and complexity of the mine, Kibali was maintaining its
solid safety and environmental records, certified by ISO 45001 and
ISO 14001 accreditations. It also remained committed to
community upliftment and local economic development. In 2019,
it spent $158 million with Congolese contractors and suppliers and
in December, it started work on a trial section for a new concrete
road between Durba and the Watsa bridge.
Barrick enquiries |
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President and chief executiveMark Bristow+1 647 205 7694+44 788 071
1386 |
COO, Africa and Middle EastWillem Jacobs +44 779 557 5271+243 820
678 040 |
DRC country manager Cyrille Mutombo +243 812 532 441 |
Investor and media relationsKathy du Plessis+44 20 7557 7738Email:
barrick@dpapr.com |
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Website: www.barrick.com |
Technical InformationThe scientific and
technical information contained in this press release has been
reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, MAusIMM,
Mineral Resources Manager: Africa and Middle East of Barrick, a
“Qualified Person” as defined in National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
Endnotes 1On a preliminary 100%
basis. Our 2019 attributable gold production forecast is 330 - 350
thousand ounces for Kibali.
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
“continue”, “will”, “develop”, “advance” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: 2019 preliminary production and
operating performance with respect to the Kibali mine; continued
and potential advancements in automation technology; benefits of
the completion of the Kalimva Ikamva prefeasibility study; future
underground potential and potential reserve replenishment; timing
of commissioning of the grid stabilizer project, and the benefits
from such project including reduced environmental footprint; and
future contributions to the economy of the Democratic Republic of
Congo.
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: the speculative nature of mineral
exploration and development; changes in mineral production
performance, exploitation, and exploration successes; diminishing
quantities or grades of reserves; 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 the Democratic Republic of Congo; 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; fluctuations in the spot and forward price of gold,
copper, or certain other commodities (such as silver, diesel fuel,
natural gas, and electricity); 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; 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;
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; 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;
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. 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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