Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) –Seventeen years
after it went into production, Barrick’s Loulo-Gounkoto mining
complex in Mali continues to demonstrate its value as a key
socio-economic partner to the country.
In 2022 it maintained its historically consistent
performance by meeting its production guidance and solidified its
long-term outlook and is expected to replace its mined ounces for
the fourth successive year. The initial development of a third
underground mine at Gounkoto was commissioned and is on track to
start ore production from stoping in the second quarter of this
year. Key geological structures within the Loulo district have
indicated the potential for further discoveries.
Speaking to media here today, Barrick president and
chief executive Mark Bristow said last year the complex contributed
$260 million directly to the Malian economy in the form of
dividends, royalties and taxes. Indirect contributions, including
payments of salaries and to suppliers, totalled $570 million.
“We continue to promote and develop our local
partnerships, creating and contracting an all-Malian joint venture
to mine the new Gara West open pit and engaging a Malian contractor
to work with an international mining company on the pushback of the
new Yalea pit. It’s worth noting that our strong partnership
network has been a significant factor in enabling Loulo-Gounkoto to
maintain an exemplary performance in the face of the many
challenges recently experienced by Mali,” Bristow said.
“Host community investment is making a significant
difference in the surrounding areas through the ongoing development
of infrastructure, agriculture, education and healthcare. Malian
nationals account for 100% of the complex’s management team and 96%
of its workforce. Our drive to diversify our employment profile is
delivering results and three of Loulo-Gounkoto’s female mining
engineers have been enrolled in the management development
programme at Cape Town University’s Graduate School of
Business.”
In line with Barrick’s global green energy
strategy, Loulo-Gounkoto is expanding its solar power plant by
40MW, targeting an annual CO2-e saving of more than 62kt. Since its
commissioning in August 2020, the plant has cut emissions by
57kt.
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
Website: www.barrick.com
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 “continue”, “expect”, “on
track”, “maintain”, “commitment”, “create”, “target”, “value”, 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 including its ability to
replace reserves depleted by mining; the development of the third
underground mine at Gounkoto including anticipated benefits and the
timeline for production; the potential for further discoveries and
investments in exploration at Loulo-Gounkoto’s to extend the life
of mine; Barrick’s commitment to recruiting and developing host
country nationals at Loulo-Gounkoto; Barrick’s commitment to Mali
and investment in the development of local communities, including
to support local procurement, infrastructure, agriculture,
education and healthcare 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; 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; 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; 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; 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 Mali and other jurisdictions in which
the Company or its affiliates do or may carry on business in the
future; 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; 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