Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The 26-year-long
partnership between Barrick (previously Randgold) and the state of
Mali has built the country’s gold mining industry into a world
leader and positioned it strongly for further growth, president and
chief executive Mark Bristow said here today.
Speaking at a media briefing, Bristow said the
Loulo-Gounkoto complex, one of the world’s top 10 gold producers,
was the biggest business in terms of enterprise value in the whole
of West Africa. Together with the Morila mine, the complex has
contributed $9.3 billion to the Malian economy and accounted
for between 5% and 10% of the country’s GDP over the past 10 years.
Loulo-Gounkoto is one of Mali’s largest taxpayers and employers,
with a workforce of some 7,000, 97% of whom are Malian nationals.
Over the life of the complex the state has received more than 70%
of the economic benefits it created.
“We are continuing to invest in the future of
Loulo-Gounkoto. Successful exploration is more than replacing the
ounces we mine as well as identifying new growth opportunities with
the potential to deliver the next generation of major discoveries
in the Loulo region. The new underground mine at Gounkoto — the
complex’s third — has developed its first production stopes and the
Yalea South cutback is ahead of plan,” Bristow said.
“We foresee that the complex will be a major
contributor to the Malian economy for years to come. The
achievement of that vision will require the continued commitment to
the mutually rewarding partnership which has brought us this far
and delivered sustainable benefits to all stakeholders, including
the country’s citizens.”
In line with Barrick’s global policy of local
procurement, Malian suppliers accounted for 74% of the complex’s
purchases, amounting to $298 million, during the first half of
this year.
Turning to Loulo-Gounkoto’s operations, Bristow
said the complex was continuing to perform strongly and was on
track to achieve its production guidance for this year. It remains
tightly focused on the safety of its workers and there were no
lost-time injuries again during the past quarter.
As part of Barrick’s transition to renewable
energy, the complex is extending its solar power installation and
battery storage system by 40MW. The project is already feeding 10MW
into the mines micro-grid and it is expected that its second phase
will be commissioned well ahead of the current end-2024 completion
date.
Enquiries
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Group Regional Manager West Africa Mahamadou Samaké
+223 66 75 61 36
West Africa and Saudi Arabia Operations
ManagerChiaka Berthe+223 66 74 75 88
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 “opportunities”, “on track”,
“guidance”, “recognize”, “develop” 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 productive partnership with the
government of Mali; the Complex’s potential to continue to make
major contributions to the country’s economy and mining industry;
Loulo-Gounkoto’s ability to achieve its production guidance for
2023; Barrick’s ability to continue to replace mineral reserves net
of depletion; Barrick’s strategy, plans, targets and goals in
respect of environmental and social governance issues, including
with respect to greenhouse gas emissions reductions and safety and
health; and investments to support community projects, local
procurement, employment, education and development programs in
Mali.
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 diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; 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; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
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 and transition risks related to climate change,
including extreme weather events, resource shortages, emerging
policies and increased regulations relating to related to
greenhouse gas emission levels, energy efficiency and reporting of
risks; and availability and increased costs associated with mining
inputs and labor. Barrick also cautions that its guidance may be
impacted by the ongoing 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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