(NYSE:GOLD)(TSX:ABX) – The Barrick Gold operated Kibali mine in the
DRC produced 191,612 ounces of gold1 in the first quarter of 2021,
keeping it on plan and on track to achieve its full year target,
Barrick president and chief executive Mark Bristow told a media
briefing here today.
The mine’s underground operation again drove
production and continuing improvements in the plant’s throughput
and recovery rates also contributed to Kibali’s on-plan delivery.
Efficiency improvement projects completed during the quarter,
including an upgrade of the hoisting infrastructure, are expected
to boost its performance further.
Power generation costs benefitted during the
quarter from higher river levels as the mine’s three hydropower
plants supplied the bulk of its energy requirements. The power grid
was further enhanced by the installation of a 9MW battery support
system. The new system will also decrease the need for
diesel-generated backup, in line with the mine’s strategy of
reducing its carbon footprint.
Strict adherence to Covid-19 prevention protocols
largely shielded the mine from the impact of the pandemic’s second
wave.
Looking ahead, Kibali continues to replace
resources and secure further open pit opportunities to balance its
underground mine, and to replace reserves and add flexibility to
the operation in support of its robust 10-year plan.
Kibali maintained its investment in community
development, among other things by advancing the Kibali-built Durba
concrete road by 1.5km. The provision of additional potable water
sources to the surrounding villages was also extended. During Q1,
the mine launched an innovative campaign to stimulate the Durba
economy by issuing local shopping vouchers to employees.
Bristow said that Kibali continued to support the
DRC’s Garamba National Park, one of the oldest in Africa and a
UNESCO World Heritage Site, and that there had not been a single
instance of elephant poaching during 2020. The support program
includes tracking collars for elephants, fuel for tracker aircraft
and infrastructural improvements. A plan to reintroduce white rhino
and giant eland to the park is the next big undertaking.
“We look forward to working closely with His
Excellency President Felix Tshisekedi and his new coalition
government in further strengthening our partnership with the DRC
and to resolve certain outstanding issues around the mining code
and the repatriation of cash,” Bristow said. Since the development
of Kibali started in 2010, it has contributed $3.5 billion to the
DRC’s economy.
Enquiries:
President and CEOMark Bristow+1
647 205 7694+44 788 071 1386
COO, Africa and Middle EastWillem
Jacobs +44 779 557 5271
DRC country manager Cyrille
Mutombo +243 812 532 441
Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.comWebsite:
www.barrick.com
Endnote 1
On a 100% basis
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 “continues”, “on track”,
“target”, “expected”, “further”, “will”, ”strategy”, “looking
ahead”, “opportunities”, “plan”, “advancing”, “next”, “look
forward”, “outstanding” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: Kibali’s production guidance and performance;
Kibali’s strategy to reduce its carbon footprint and reduce power
costs using its new battery support system; opportunities to
replace reserves and add flexibility to Kibali’s 10-year plan; the
positive impact of Kibali’s Covid-19 prevention protocols in
partnership with the DRC government; Barrick’s commitment to the
Garamba National Park and investments in local communities and the
economy; Barrick’s continued partnership with the DRC government
and the resolution of outstanding issues regarding the mining code
and repatriation of cash.
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; risk of loss due to acts of war, terrorism, sabotage and
civil disturbances; risks associated with projects in the early
stages of evaluation, and for which additional engineering and
other analysis is required; 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 whether some or all of targeted investments and
projects will meet the Company’s capital allocation objectives and
internal hurdle rate; 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 DRC and other jurisdictions in which the
Company or its affiliates do or may carry on business in the
future; 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;
risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic; litigation and legal and administrative proceedings;
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. Barrick
also cautions that its guidance may be impacted by the
unprecedented business and social disruption caused by the spread
of Covid-19. 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.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Sep 2023 to Sep 2024