Nevada Gold Mines (NGM), established a year ago today, has posted
an exceptional performance in its first 12 months of
operation, delivering real value to all its stakeholders, says Mark
Bristow, president and chief executive of Barrick Gold Corporation
(NYSE:GOLD) (TSX:ABX). Barrick operates NGM, the world’s largest
gold mining complex, and owns 61.5% of the business, with Newmont
Corporation holding the rest.
In its first year of combined operation, NGM not
only met the production and cost targets set out at the start of
the joint venture, but did so despite the past few months of stress
experienced as a result of the Covid-19 pandemic. Bristow said this
was a significant achievement, considering that the merger had
required the integration of multiple assets, including three Tier
One1 mines into a unified complex under a new leadership team. At
the same time, the company has been working with the State of
Nevada and its stakeholders to provide financial and logistical
support to mitigate the impact of the pandemic on its employees,
local communities and the State.
“The new team was drawn from both legacy companies.
It started with a clean slate in a fit-for-purpose structure,
integrating the two bodies of knowledge to produce new models and
fresh opportunities, and introduced a strong geological focus to
the operations. It was the strength of the team and the structure,
incidentally, that enabled NGM to deal so quickly and effectively
with the unprecedented threat posed by the pandemic,” he said.
“By removing the fences that had previously
separated geologically connected assets, mines and projects that
clearly belonged together could be combined into larger and more
efficient operations, with substantial savings as an immediate
benefit. Even more important, this merger has created a platform
from where we can see a bright new future for NGM as the leader of
its industry in every respect: truly a case of the best assets and
the best people delivering the best returns.”
Barrick Enquiries
Mark BristowPresident and CEO+1 647 205 7694+44 788
071 1386
Catherine Raw COO, North America +1 416 307
5157
Kathy du PlessisInvestor and media relations+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1
A Tier One Gold Asset is a mine with a stated life
in excess of 10 years, 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.
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Information
Certain information contained in this press
release, including any information as to Barrick’s strategy,
emergency response plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
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this press release contains forward-looking statements including,
without limitation, with respect to the benefits expected to be
realized from the Nevada Gold Mines joint venture, including
improved efficiency from integrated operations and cost savings;
future production and cost performance from Nevada Gold Mines; and
measures taken by Nevada Gold Mines to mitigate the impact of the
Covid-19 pandemic and support its employees, community stakeholders
and the State of Nevada.
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