Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Barrick
operated Pueblo Viejo mine continues to advance the engineering
design for the El Naranjo tailings storage facility (TSF) project
which will extend its life to 2040 and beyond, president and chief
executive Mark Bristow said here today1. The plant expansion and
associated new TSF is designed to sustain gold production above
800koz per year (100% basis) going forward1.
Speaking at a local media briefing, Bristow said that the
comprehensive engineering, environmental and community process,
conducted over several years, would enable Pueblo Viejo to double
the enormous contribution it had already made to the Dominican
Republic’s economy.
In line with its commitment to transparency, Bristow detailed
the process leading up to the issuance of the environmental licence
recently received for the new TSF. This started with a
comprehensive site selection in line with the Global Industry
Standard on Tailings Management (GISTM) and in consultation with
the Government and communities.
Following the site selection process, an Environmental and
Social Impact Assessment (ESIA) was completed which considered
potential impacts associated with the preferred and alternative
sites. This involved the completion of numerous specialist studies
undertaken by independent in-country and international experts,
including an independent peer review.
The company consulted with interested and affected parties over
the course of four years, including more than 3,000 community
engagements and two open public participation meetings. In line
with the company’s commitment to transparency and best practice,
open public meetings were advertised in local and national media
and allowed sufficient opportunity for all parties to raise
concerns, questions and comments throughout the process.
“Mining is the driver for global development and to date, Pueblo
Viejo has paid a total of $3.2 billion in direct and indirect taxes
since commencing commercial production in 2013. The extension of
the mine’s life will allow Pueblo Viejo to continue being a major
creator of value for the Dominican Republic and its people far into
the future,” Bristow said.
About Pueblo
ViejoPueblo Viejo is located in the Dominican
Republic, approximately 100 kilometers northwest of the capital
city of Santo Domingo and is operated by Pueblo Viejo Dominicana –
a joint venture between Barrick (60%) and Newmont (40%).
Construction of the Pueblo Viejo project started in 2008, with
first production in 2012. The company’s workforce is 97% Dominican.
In 2020, the conversion of the mine’s Quisqueya 1 power plant to
natural gas was successfully completed. This conversion from fuel
oil to natural gas will decrease greenhouse gas emissions by 30%
and nitrogen oxide by 85%, further reducing Pueblo Viejo’s impact
on the environment. An agribusiness project is also planned as an
additional benefit for the local communities.
Endnote
- Refer to the Technical Report on the Pueblo Viejo Mine,
Dominican Republic, dated March 17, 2023 and filed on SEDAR at
www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.
Enquiries:Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Technical InformationThe scientific and
technical information contained in this presentation has been
reviewed and approved by Chad Yuhasz, P.Geo, Mineral Resource
Management, Latin America & Asia Pacific and John Steele, CIM,
Metallurgy, Engineering and Capital Projects Executive – each a
“Qualified Person” as defined in National Instrument 43-101 -
Standard 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 “extend”, “will”,
“commitment”, “allow”, “continue”, “advance”, “project”, “expand”,
“could”, “would”, “should”, “may” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: the design and construction of the new El Naranjo
tailings storage facility project at Pueblo Viejo; the anticipated
benefits of the plant expansion and new TSF including the extension
of the life of the mine and expected minimum production profile;
the issuance of the environmental permit for the El Naranjo
tailings storage facility and related Environmental and Social
Impact Assessment process; and Barrick’s strategy, plans, targets
and goals in respect of environmental and social governance issues
in the Dominican Republic, including local community relations,
economic contributions, and value creation.
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); risks associated with
projects in the early stages of evaluation and for which additional
engineering and other analysis is required; changes in mineral
production performance, exploitation and exploration successes;
lack of certainty with respect to foreign legal systems, corruption
and other factors that are inconsistent with the rule of law;
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 Dominican
Republic 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 for the El Naranjo TSF; increased costs and physical and
transition risks related to climate change, including extreme
weather events, resource shortages, emerging policies and increased
regulations relating to greenhouse gas emission levels; 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; 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, including disruptions in the
supply of key mining inputs due to the invasion of Ukraine by
Russia; the impact of inflation, including global inflationary
pressures driven by supply chain disruptions caused by the ongoing
Covid-19 pandemic, global energy cost increases following the
invasion of Ukraine by Russia; and risks associated with diseases,
epidemics and pandemics, including the effects and potential
effects of the global Covid-19 pandemic
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.
We disclaim 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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