Since its merger with Randgold Resources at the beginning of last
year Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) has
moved a long way towards building a modern mining business, says
Executive Chairman John Thornton in the company’s Information
Circular for 2020 published today and available now at
www.barrick.com/investors/agm and also filed on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov).
The Circular follows the recent publication of
Barrick’s 2019 Annual Report in which President and Chief Executive
Mark Bristow said the work done during the past year had equipped
management well to take Barrick to the next level.
Included in the report is Barrick’s ten-year
production plan which projects production of around five million
ounces of gold per annum over the next decade.1
“We stand on the strong foundation of a stable
production profile and a very robust business, capable of
generating substantial free cash flow for at least the next decade.
There are also opportunities for growth outside our current ambit
which we continue to explore,” Bristow said.
In the Circular, Lead Director Brett Harvey says
that in line with a renewed emphasis on engagement, the Board has
resolved to have at least one of its meetings at an operational
site each year. In 2019, the Board met at Barrick’s offices in
Nevada and toured the Nevada operations.
Also in the Circular, Harvey noted that following a
rigorous search and selection process overseen by our Corporate
Governance & Nominating Committee, Barrick appointed Ms Loreto
Silva, the former Chilean Minister of Public Works, to the Board.
He said that Ms Silva brings to the Board significant knowledge of
large-scale infrastructure projects and wide-ranging expertise in
legal and government affairs, with a specific focus on South
America. In addition, he said that, as part of our continued
pursuit of greater gender diversity and renewal, we are
well-advanced in our search for a second highly qualified female
candidate who is expected to be an African with the appropriate
experience to bring to the Board an independent view, as well as an
understanding of doing business in Africa.
The Circular stresses that Barrick is fully engaged
in managing the impact of Covid-19 on its businesses and its
people, and has rolled out emergency response measures at all its
sites and operations. In keeping with its commitment to the health
and safety of employees and the community, this year’s Annual
Meeting of Shareholders on May 5 is expected to be conducted in a
virtual format.
The company will be monitoring conditions and
intends to make a physical meeting location available if
circumstances allow. Having held hybrid meetings for the last
several years, Barrick is well-positioned to leverage its prior
experience using a virtual meeting platform and to easily move the
entire meeting to a virtual format for this year. The Information
Circular details how to attend the virtual meeting and how to
vote.
Barrick’s 2020 Annual Meeting will be held on May
5, 2020 at 10:00 am (Toronto time) at web.lumiagm.com/171710479. A
live webcast of the meeting will also be available at
www.barrick.com/investors/agm.
Enquiries:
Mark BristowPresident and Chief Executive+1 647 205
7694+ 44 788 071 1386
Graham ShuttleworthSEVP and Chief Financial
Officer+1 647 262 2095+44 779 771 1338
Kathy du PlessisInvestor and Media Relations+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
Barrick is closely monitoring the global Covid-19
pandemic and Barrick’s guidance may be impacted if the operation or
development of our mines and projects is disrupted due to efforts
to slow the spread of the virus.
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 “project”, “opportunity”,
“growth”, “believe”, “expect”, “anticipate”, “will”, “can”,
“could”, “would” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: Barrick’s forward-looking production guidance and
estimates of future costs, including with respect to Barrick’s
10-year gold production profile; Barrick’s long-term growth
opportunities and potential value to be realized from those
opportunities; the potential impact of the global Covid-19 pandemic
on Barrick’s operations and guidance; and the Company’s intention
to make a physical location available on May 5, 2020 for the Annual
Meeting of Shareholders if circumstances related to Covid-19
allow.
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; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; disruption of supply routes which may cause delays in
construction and mining activities at the company’s more remote
properties; 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; 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 with
respect to whether some or targeted investments and projects will
meet the company’s capital allocation objectives and internal
hurdle rate; 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; adverse changes
in our credit ratings; the impact of inflation; fluctuations in the
currency markets; changes in U.S. dollar interest rates; 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, the United States and
other jurisdictions in which the company or its affiliates do or
may carry on business in the future; lack of certainty with respect
to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; the risks of operating in
jurisdictions where infectious diseases present major health care
issues; risks associated with the Covid-19 pandemic and its impact
on operations or Barrick’s supply chain; 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; the possibility that future
exploration results will not be consistent with the company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; litigation;
contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the company; risks associated with the
fact that certain of the initiatives described in the Annual Report
2019 are still in the early stages and may not materialize; our
ability to successfully integrate acquisitions or complete
divestitures; risks associated with working with partners in
jointly controlled assets; 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 the company’s ability to achieve the
expectations set forth in the forward-looking statements contained
in this press release. We disclaim 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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