Barrick accepts Environmental Court ruling, continues to seek new opportunities in Chile
September 18 2020 - 12:21PM
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) said today it
accepted the Antofagasta Environmental Court’s decision to uphold
the closure order and sanctions Chile’s environmental regulator
imposed on Compañía Minera Nevada, the Barrick subsidiary that
holds the Chilean portion (Pascua) of the Pascua-Lama project.
Barrick said the ruling drew a line under a legal
process that started in 2013 and the company would not appeal
it. Construction was suspended that year and Pascua would now
be transitioned from care and maintenance to closure in accordance
with the Environmental Court’s decision.
Following the ruling, Marcelo Álvarez, Barrick’s
executive director for Chile and Argentina, said Pascua-Lama
remained an important project and work is already under way to
re-evaluate its potential. This involves a comprehensive internal
review of its technical, economic and social aspects as well as
different approaches to permitting and development should the
ongoing studies deliver a project that meets Barrick’s investment
filters. He confirmed that any new project development would comply
with current legislation in both Chile and Argentina.
“Barrick is a very different company since its
merger with Randgold and we now have a strong focus on establishing
good relations with the communities and authorities,” he said.
“Barrick sees great potential in a region that has
always encouraged the development of sustainable mining projects,
and is committed to further investment in Chile and
Argentina and to building productive partnerships with the
government, business associates and communities. As elsewhere
in the Barrick group, we will ensure that the economic benefits we
create are shared equitably with our stakeholders and that our
operations are conducted with due care for health, safety and the
environment.”
While the project was suspended, Pascua-Lama
continued to treat and monitor water quality in order to meet
its environmental commitments. The Environmental Court
acknowledged that none of the earlier infringements which prompted
the closure order had caused irreparable damage.
Enquiries
Marcelo ÁlvarezExecutive directorBarrick Chile+56 9 6397
9258
Kathy du PlessisBarrick investor and media
relationsBarrick@dpapr.com+44 557 7738
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, 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 “continue”, “seek”,
“focus”, “establish”, “encourage”, “potential”, “commitment”,
“ensure”, “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 strategy for the Pascua-Lama project
including with respect to the project’s transition from care and
maintenance to closure; the decision not to appeal the decision
from the Environmental Court; ongoing water treatment and
monitoring and environmental compliance; the re-evaluation of
Pascua-Lama’s potential including a review of the project’s
approach to permitting and development; future investments in Chile
and Argentina and potential partnerships and contributions to local
economies; and future health, safety and environmental
performance.
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;
litigation and legal and administrative proceedings; failure to
comply with environmental and health and safety laws and
regulations; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; 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; non-renewal of key licenses by
governmental authorities; timing of receipt of, or failure to
comply with, necessary permits and approvals; uncertainty whether
some or all of Barrick's targeted investments and projects will
meet the Company’s capital allocation objectives and internal
hurdle rate; the impact of inflation; 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 Chile, Argentina 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; risks associated with illegal and artisanal
mining; risks associated with new diseases, epidemics and
pandemics, including the effects and potential effects of the
global Covid-19 pandemic; disruption of supply routes which may
cause delays in construction and mining activities; 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; 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; 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. 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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