Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Africa’s largest
gold mine, Kibali, is again on track to replace its reserves beyond
the ounces depleted by mining in the previous year, while new
growth opportunities will also support its +10-year business plan
and its status as one of Barrick’s Tier One1 assets.
Barrick president and chief executive Mark
Bristow told media here today that Kibali’s prolific KCD orebody
was continuing to deliver additional value with current drilling
focused on converting resources into reserves and exploring the
lodes which are still open down plunge. In addition, the Mengu
Hill, Ikanva and Gorumbwa targets are showing the potential for
joining Kibali’s underground portfolio.
“Kibali is a highly cost-efficient operation
with its three world-class hydropower stations supplying much of
its energy requirements. They will be supplemented by a new 17MW
solar plant which, when completed in 2025, will raise the renewable
component of the mine’s energy mix from 81% to 93%,” Bristow
said.
Kibali’s green credentials also include its
continuing reduction in the use of fresh water from the Kibali
River and a reforestation program which to date has planted more
than 10,000 trees. The mine’s biodiversity support for the DRC’s
Garamba National Park is being extended with the re-introduction of
rhinos sourced in South Africa. The first 16 are expected in
Garamba by the end of the second quarter of this year and they will
be followed by another 60 over the course of the next three
years.
In line with Barrick’s global policy of
employing and advancing host country nationals, Arthur Kabila has
been appointed as Kibali’s first Congolese general manager. A
further eight key management and technical positions were filled by
Congolese last year.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44
788 071 1386
DRC country manager Cyrille Mutombo +243 812 532
441
Investor and Media RelationsKathy du Plessis+44
20 7557 7738+27 83 266 5847Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1A 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.
Technical Information The
scientific and technical information contained in this press
release has been reviewed and approved by Richard Peattie, MPhil,
FAusIMM, Mineral Resources Manager: Africa & Middle East, a
“Qualified Person” as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
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 “secure”, “on track”,
“opportunity”, “continue”, , “schedule”, “expect”, “will”,
“growth”, and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: Kibali’s potential to replace reserves net of
depletion; production guidance and performance; opportunities for
growth at Kibali including potential new exploration targets for
the Kibali underground; the potential to grow the mine’s mineral
resource base; Kibali’s renewable power strategy and the timeline
for the completion of a new solar plant and expected benefits; the
anticipated environmental and operational benefits from Kibali’s
investment in its infrastructure, including through a new cyanide
removal plant; Kibali’s sustainability projects, including fresh
water and reforestation projects and commitments to make certain
investments though its social development fund; Barrick’s
investment in Africa’s biodiversity including through the
reintroduction of white rhinos to the Garamba national park; and
Barrick’s commitment to the DRC and potential further growth
opportunities.
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; 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; risk of loss due to acts of war, terrorism, sabotage and
civil disturbances; steps required prior to the distribution of
cash and equivalents held at Kibali in banks in the Democratic
Republic of Congo; 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 Barrick’s 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; 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; 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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