Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Africa’s
biggest gold mine, Kibali, stepped up production significantly in
the past quarter as part of its planned ramp-up and is well on
track to achieve its annual guidance. At the same time, successful
exploration is expected to more than replace reserves depleted by
mining again this year.
Briefing media here today, Barrick president and
chief executive Mark Bristow said the 10-year-old mine was now
rolling out its business plan for the next decade, securing its
status as one of the company’s elite portfolio of Tier One mines —
those capable of producing 500,000 ounces or more of gold for at
least 10 years at a cost below the industry average.
The mine draws most of its power from its three
hydropower stations on the Kibali river. A planned 16MW solar farm,
designed to back up the hydropower during the Democratic Republic
of Congo’s (DRC’s) dry season, is expected to increase the
renewable power contribution to the mine’s energy grid from 79% to
88%, with Kibali running entirely on renewables during the wet
season.
Bristow said the creation of a world-class mine and
a thriving local economy in one of the DRC’s remotest and least
developed regions represented a triumph for the successful
partnership between Barrick, the country’s government and its host
communities.
“Our stakeholders in the DRC have benefited
enormously from Kibali, which over the past 10 years has
contributed $4.6 billion to the country in the form of
dividends, royalties and taxes. In line with our local procurement
policy, Kibali gives preference to Congolese suppliers and
contractors, who to date have received $2.5 billion from the
mine,” Bristow said.
“Barrick’s commitment to the DRC is also evident
from the extensive support we have given the Garamba National Park,
contributing to the conservation of high value biodiversity. Most
recently we have led the drive to reintroduce white rhinos to the
park, where they were last seen 13 years ago. Last month 16 of
these rhinos were successfully introduced to Garamba with a further
60 scheduled for delivery over the next three years.”
Kibali’s Cahier des Charges program launched eleven
projects in 2023 with seven of these scheduled for completion this
July. The mine is investing $8.9 million in this initiative
over five years. The community development fund is also
implementing a number of new projects.
Enquiries:
DRC country manager Cyrille Mutombo +243 812 532
441
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 “ramp-up” “continue”,
“expect”, “growth”, “opportunities”, “invest”, “will” and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: Kibali’s potential to continue
to replace reserves net of depletion; production guidance and
performance, including the roll out of Kibali’s next 10-year
business plan and ability to maintain its Tier One status; Kibali’s
ability to meet 2023 guidance; opportunities for further growth at
Kibali, including through planned ramp-up and exploration; Kibali’s
renewable power strategy and anticipated benefits from the
completion of a new solar farm; the anticipated benefits from
Kibali’s local procurement initiatives; Barrick’s sustainability
strategy and investment in Africa’s biodiversity including through
the reintroduction of white rhinos to the Garamba national park;
and Barrick’s commitment to the DRC and potential further growth
opportunities.
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 the DRC 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
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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