(NYSE:GOLD)(TSX:ABX) – Barrick Gold Corporation’s giant
Loulo-Gounkoto gold complex’s third underground mine has reached
its first mining level and is scheduled to start delivering ore
tonnes to the plant during the current quarter, president and chief
executive Mark Bristow told a media briefing here today.
At the same time, a prefeasibility study has
started on two more mines on the Loulo permit: an underground
operation at Loulo 3 and a large open pit at Yalea South. These,
Bristow said, would add mining sources and improve feed
flexibility, providing further support for the complex’s robust
10-year plan. Meanwhile exploration programs designed to replace
depleted reserves are continuing to deliver good results.
The complex produced 193,014 ounces of gold in Q1
and is on track to achieve its full-year guidance of 640,000 to
700,000 ounces1. Given its strong performance and the relatively
high gold price, the joint venture board paid a combined dividend
for the Loulo-Gounkoto complex of $80 million in the quarter.
Covid-19 testing and care capacities were upgraded
during the quarter through the acquisition of new equipment and the
complex has been largely unaffected by the third wave of the
pandemic.
Bristow said the complex was continuing to invest
in the development of the local community. One of its latest
initiatives is the Accelerator program, which trains smaller
suppliers and service providers in all aspects of business to
enable them to grow and diversify. In addition, they are mentored
by some of Loulo-Gounkoto’s larger, long-established suppliers and
contractors. Since the program was introduced eight months ago, 63%
of the participants have diversified their revenue streams and 80%
now have five-year growth plans and long-term goals.
“Loulo-Gounkoto remains a pillar of the Malian
economy as well as a driver of local economic development. Over the
past 24 years, Barrick and its legacy company Randgold Resources
have contributed $7.7 billion to the economy, of which $3 billion
went to the state in the form of dividends, taxes and royalties.
Our long partnership with the country and its people is a testament
to how mutually beneficial a relationship of this kind can be,”
Bristow said.
Enquiries
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Group Regional Manager, West Africa Mahamadou
Samaké +223 66 75 61 36
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.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 “schedule”, “further”,
“will”, “continue” “on track”, “guidance”, “initiatives”, “plans”,
“goals”, “remain”, “would”, “could” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: Loulo-Gounkoto’s production guidance
and performance; the development of the third underground mine at
Gounkoto and expected commencement of production; the expected
results of the prefeasibility study and anticipated benefits from
two additional mines on the Loulo permit including new mining
sources and improved feed flexibility in support of the
Loulo-Gounkoto complex’s 10-year plan; exploration programs at
Loulo-Gounkoto to replace reserves depleted by mining; and
Barrick’s commitment to Mali and investment in the development of
local communities, including training and development programs.
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; the expected timing for the
completion of the prefeasibility study for two new mines on the
Loulo permit; 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 Mali 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.
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