Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Originally
scheduled for closure in 2020, the life of Barrick’s Tongon gold
mine continues to be extended through successful exploration
campaigns.
Speaking at a media briefing here today general
manager Hilaire Diarra said that since Tongon poured its first gold
in 2010, the mine has contributed $2.2 billion to the Ivorian
economy in the form of taxes, infrastructure development, salaries
and payments to local suppliers.
“Extending its life will help ensure that Tongon
is still able to share the value it creates with all its Ivorian
stakeholders continuing its investment in community infrastructure
development and income-generating projects. Exploration has further
delivered the Seydou North, Tongon West and Djinni satellite
targets adding to the life of mine. Barrick has now also been
awarded a new exploration permit for Boundiali and drilling is
ongoing at the Fonondara conversion project,” he said.
“In spite of the fact that throughout its life
Tongon has had to contend with serious operational issues, as well
as a challenging socio-political environment, since pouring first
gold it has never had an unprofitable quarter, which is a tribute
to the dedication of the mine’s successive management teams. At the
halfway mark of this year, it is on track to once again achieve its
annual production guidance.”
Enquiries
Côte d’Ivoire Country ManagerFabrice Tamane+ 225
(08) 50 66 45
Regional Operations Manager, West Africa and
Saudi Arabia Chiaka Berthe+225 87 93 47 32
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 in this
presentation, including any information as to Barrick’s strategy,
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
“guidance”, “planned”, “target”, “maintain”, “commitment”,
“potential”, “future”, “develop”, “extend”, “drives”, “test”,
“evaluation”, “upcoming”, “underway” “exploring”, “opportunities”,
“advance”, “progress”, “prioritized”, “developing”, “continue”,
“prospects”, “will” and similar expressions identify
forward-looking statements. In particular, this presentation
contains forward-looking statements including, without limitation,
with respect to: forward-looking production targets and guidance,
including Tongon’s ability to achieve its production guidance for
2023; exploration projects at Tongon and the potential to further
extend its life of mine; future investments in community projects,
including in infrastructure, education and disease prevention
programs; potential mineralization and new discoveries; workforce
localization and training; Barrick’s strategy, plans, targets and
goals in respect of environmental and social governance issues,
including biodiversity initiatives and greenhouse gas emissions
reductions; and the growth of our partnership with the Ivorian
government and local communities.
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 Barrick as at the date of this
presentation 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); risks associated with
projects in the early stages of evaluation and for which additional
engineering and other analysis is required; risks related to the
possibility that future exploration results will not be consistent
with Barrick’s expectations, that quantities or grades of reserves
will be diminished, and that resources may not be converted to
reserves; risks associated with the fact that certain of the
initiatives described in this presentation are still in the early
stages and may not materialize; changes in mineral production
performance, exploitation and exploration successes; 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; the speculative nature of mineral exploration and
development; lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with
the rule of law; 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; risks associated with artisanal and illegal
mining; 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 Côte d’Ivoire or other countries in which Barrick does or may
carry on business in the future; risks relating to political
instability in certain of the jurisdictions in which Barrick
operates; timing of receipt of, or failure to comply with,
necessary permits and approvals; non-renewal of key licenses by
governmental authorities; failure to comply with environmental and
health and safety laws and regulations; 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; contests
over title to properties, particularly title to undeveloped
properties, or over access to water, power and other required
infrastructure; the liability associated with risks and hazards in
the mining industry, and the ability to maintain insurance to cover
such losses; damage to Barrick’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to Barrick’s handling of environmental
matters or dealings with community groups, whether true or not;
risks related to operations near communities that may regard
Barrick’s operations as being detrimental to them; litigation and
legal and administrative proceedings; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges, tailings dam and storage
facilities failures, and disruptions in the maintenance or
provision of required infrastructure and information technology
systems; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects;
risks associated with working with partners in jointly controlled
assets; risks related to disruption of supply routes which may
cause delays in construction and mining activities; risks
associated with Barrick’s infrastructure, information technology
systems and the implementation of Barrick’s technological
initiatives; risks related to competition in the mining industry;
employee relations including loss of key employees; availability
and increased costs associated with mining inputs and labor; and
risks associated with diseases, epidemics and pandemics, including
the effects and potential effects of the global Covid-19 pandemic.
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 presentation 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
presentation.
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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