Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s Loulo,
Gounkoto and the former Morila mines have contributed $8.7 billion
to the Malian economy in the 25 years the company has been in the
country and over the past decade have accounted for between 5% and
10% of its GDP.
Speaking to local media here today, president
and chief executive Mark Bristow said that throughout Barrick’s
long partnership with Mali it had supported the country during some
difficult times in its history. Its relationship with successive
governments continues to be mutually beneficial, with the
Loulo-Gounkoto complex — one of the company’s elite Tier One1
assets — on track to meet its 2022 production guidance.
“In line with our long-term commitment to Mali,
we continue to invest in exploration to extend the life of the
complex, which regularly more than replaces the gold it mines each
year. The Loulo district is still delivering high-quality targets
and we’re upgrading the complex’s infrastructure to support both
open pit pushbacks and extensions at Yalea and Gara. In the
meantime, the new Gounkoto underground mine is progressing its
development towards scheduled commencement of stoping next year,”
he said.
Bristow noted that Loulo-Gounkoto was an
outstanding example of Barrick’s policy of recruiting and
developing the people of its host countries. Malian nationals
account for 95% of the complex’s workforce and they are led by an
all-Malian management team. Similarly, it has invested in the
growth of local business partners, ranging from key contractors to
fuel and lubricant suppliers. In the year to date, it has spent
$395 million with these partners, representing 80% of its total
purchases.
Loulo-Gounkoto has also significantly improved
the quality of life in its surrounding communities through its
investment in projects designed to provide them with access to
healthcare, education, food security and potable water. An ongoing
program to train local entrepreneurs in business development has
been initiated, with the first cohort recently graduating.
Malaria remains one of Africa’s biggest health
problems and Loulo-Gounkoto is taking aggressive action to reverse
the recent rise in the infection rate after a long period in which
it steadily decreased. This includes a door-to-door awareness
campaign in the local villages, a workshop held alongside the
country’s national director of malaria control, close cooperation
with regional healthcare authorities and working with other mining
companies to identify and leverage synergies in the various malaria
response plans.
Enquiries
President and CEOMark Bristow+1 647 205 7694+44
788 071 1386
Group Regional Manager, West Africa Mahamadou
Samaké +223 66 75 61 36
Investor and Media RelationsKathy du Plessis+44
20 7557 7738Email: 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.
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 “continue”, “on track”,
“commitment”, “value”, “guidance”, 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 production guidance and
performance; the potential for investments in exploration at
Loulo-Gounkoto’s to extend the life of mine; the anticipated
benefits from infrastructure upgrades and the new Gounkoto
underground mine; Barrick’s commitment to recruiting and developing
host country nationals at Loulo-Gounkoto; Barrick’s commitment to
Mali and investment in the development of local communities,
including to support local procurement, employment, education and
development programs, as well as to support efforts to reverse the
recent rise in malaria infection rates.
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; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; 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; 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; the impact of inflation, including
global inflationary pressures; 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 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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