Twiga Partnership Shows the Transformative Impact of Mining, Says Barrick
September 29 2023 - 6:50AM
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) and the Tanzanian
government are demonstrating how mining can be an enormous force
for good when miners and their host governments work together to
create sustainable value for all stakeholders, says president and
chief executive Mark Bristow.
Speaking to media here today, Bristow said
Barrick’s pioneering Twiga partnership with the government, which
equally shares the economic benefits generated by the North Mara
and Bulyanhulu mines, should be a model for successful cooperation,
notably in developing countries. Not only is Barrick now the
largest contributor to the Tanzanian economy through taxes,
salaries, dividends, payments to local suppliers, and investment in
community projects, but it is also proving the country’s
investability to other international mining companies.
Since taking over the two moribund mines in
2019, Barrick has transformed them into a world-class gold mining
complex making a substantial contribution to the company’s bottom
line. In that time, it has contributed more than $3 billion to the
Tanzanian economy, with Twiga this year recognized as the largest
dividend payer of all the companies in which the government has an
interest. The mines spent 84% of their procurement budgets with
local companies, and Tanzanian citizens account for 96% of their
workforce.
In the same spirit of partnership, Barrick has
committed $40 million to a roadbuilding program and a further $30
million to the improvement of the country’s education
facilities.
Both mines are well on track to achieve their
production guidance for 2023 as well as to replace reserves
depleted by mining. In the meantime, exploration across Barrick’s
licence areas has highlighted new development opportunities across
these areas, including a potential new underground mine at North
Mara.
“Our Twiga partnership is not only adding value
to the Tanzanian economy but to the quality of the lives of the
communities around its mines as they continue to grow. Our
continued engagement with these communities and their village
leaders, local NGOs and human rights organizations demonstrates
Barrick’s partnership philosophy and our commitment to upholding
human rights standards in the regions in which we operate,” Bristow
said.
Barrick Enquiries
Tanzania country managerMelkiory Ngido+255 686 945 222 |
Corporate communications and country liaison managerGeorgia
Mutagahywa +255 754 711 215Email:
georgia.mutagahywa@barrick.com |
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 “on track”, “create”,
“potential” “expected”, “committed”, “expanding”, “maintaining”,
“currently”, “continue”, “can”, “should”, “would”, “will”, and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: the production
profile of North Mara and Bulyanhulu as a combined complex; North
Mara and Bulyanhulu’s ability to meet 2023 guidance and replace
reserves depleted by mining; opportunities for further growth in
Tanzania, including through resource conversion, the development of
a potential new underground mine at North Mara, and exploration for
new deposits; Barrick’s partnership with the Government of
Tanzania; Barrick’s sustainability initiatives in Tanzania and
continued investments in community projects; and Barrick’s
contributions to the local economy including its tax contributions,
education funding, local hiring and procurement programs and
spending.
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 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 Tanzania and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; changes in mineral production
performance, exploitation, and exploration successes; the
possibility that future exploration results will not be consistent
with the Company’s expectations; 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; 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; 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 and transition
risks related to climate change, including extreme weather events,
resource shortages, emerging policies and increased regulations
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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