Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Barrick’s two gold
mines in Tanzania, North Mara and Bulyanhulu, boosted their
combined output to 547,0001 ounces in 2022, achieving another step
towards their potential Tier One2 status in the group’s asset
portfolio as a combined complex. At the same time, exploration is
continuing to deliver opportunities to grow the mineral reserves
net of depletion at both mines.
North Mara’s transition to owner-mining is
successfully ramping up its ongoing open pit expansion with
improved efficiencies and costs, while technological advances in
the underground operation are increasing productivity. The restart
of mining at the Gena pit is on track. At Bulyanhulu the main focus
is on ramping up the development of its declines to access the new
Deep West mineral reserves and defining further exploration
potential in Reef 2.
Briefing media and other stakeholders here today,
Barrick president and chief executive Mark Bristow said since the
company took over control of the mines in 2019 it had completely
transformed what were effectively dead or dying operations into
valuable assets in terms of their current performance, their future
prospects and their social licence.
“Today the mines are recognized by both the
government and communities as socially responsible businesses
creating and sharing enormous benefits for all their stakeholders,
and as a key partner in Tanzania’s socio-economic development,” he
said.
“Last year North Mara was officially recognized as
Tanzania’s largest taxpayer and Bulyanhulu was awarded the Best
Compliant Employer prize by the National Social Security Fund.
North Mara and Bulyanhulu also received the first and second
runner-up recognition awards, respectively, for the Export of
Minerals and the generation of foreign currency. They’ve both come
a very long way and we look forward to continuing that journey
through our Twiga partnership with the government.”
Since the take-over in 2019, Barrick has pumped
$2.4 billion into the Tanzanian economy. Last year it paid
$303 million in taxes, royalties, levies, dividends and
shareholder loan repayments and $476 million to local
suppliers.
As the mines have grown they have continued to
prioritize local employment. Their workforce is already 96%
Tanzanian, with 45% of new hires drawn from the surrounding
communities. Through their community development committees, the
mines have invested more than $10 million in projects to
improve healthcare, education, access to potable water and the road
infrastructure.
Barrick Enquiries
Corporate communications and country liaison
managerGeorgia Mutagahywa +255 754 711 215Email:
georgia.mutagahywa@barrick.com
Investor and media relationsKathy du Plessis+44 20
7557 7738+27 83 266 5847Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1On a 100% basis.
Endnote 2A Tier One Gold Asset is
an asset with a reserve potential to deliver a minimum 10-year
life, 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.
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 “potential”, “create”,
“continue”, “opportunity”, “on track”, “future prospects”,
“projects”, “look forward”, “continue”, “would”, “will”, and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: future production
and cost levels for the North Mara and Bulyanhulu mines and their
Tier One potential as a combined complex; opportunities to grow
mineral reserves at North Mara and Bulyanhulu through exploration;
the anticipated benefits of North Mara’s open pit expansion project
and increased productivity from the underground operation through
optimization and technological advancements; the potential for
Barrick’s partnership with the Government of Tanzania to deliver
long-term value to the Tanzanian economy and create benefits for
employees, suppliers and other local stakeholders; Barrick’s
sustainability initiatives in Tanzania including planned
investments by Barrick in Tanzania including to develop healthcare,
education, potable water and road infrastructure; Barrick’s
contributions to the local economy, including local hiring and
procurement programs and spending.
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; risks related to disruption of supply routes which may
cause delays in construction and mining activities, including
disruptions in the supply of key mining inputs due to the invasion
of Ukraine by Russia; 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 the 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 Tanzania and other jurisdictions in which the
Company or its affiliates do or may carry on business in the
future; our ability to convert resources into reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; the impact of inflation,
including global inflationary pressures driven by supply chain
disruptions caused by the ongoing Covid-19 pandemic and global
energy cost increases following the invasion of Ukraine by Russia;
risks associated with working with partners in jointly controlled
assets; 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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