Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Loulo-Gounkoto
complex is set to maintain its status as one of the world’s Top 10
gold producers as it stays on track to meet this year’s guidance
and continues to replace the reserves depleted by mining, Barrick
president and chief executive Mark Bristow said here today.
Briefing local journalists, he noted that in the 26
years Barrick had been in the country, it had worked tirelessly
with successive governments and local partners to grow Mali’s
mining industry and to promote it as a global investment
destination, in the face of many social and political
challenges.
Over this time, Barrick has contributed almost $10
billion to the Malian economy in the form of taxes, royalties,
salaries and payments to local suppliers. Some 70% of the economic
benefit currently generated by the complex goes to its Malian
stakeholders. Loulo-Gounkoto has contributed between 5% and 10% to
the Malian GDP over the past 10 years.
Barrick has also developed a previously
non-existent mining skills base in the region and Loulo-Gounkoto’s
entire management team are citizens of Mali.
“Mali was the birthplace of Barrick’s philosophy of
genuine partnerships with its host governments. Close relationships
can over time be stressed by misconceptions but in the past we have
always been able to find solutions through open and transparent
dialogue. Mutually acceptable solutions can be achieved if there is
a genuine commitment to seek outcomes that deliver real and
long-term value for Mali and its people,” he said.
Meanwhile, exploration teams continue to find new
growth opportunities in the very prospective Loulo region. Updated
geological models have already identified new high-priority targets
with the potential of delivering the next generation of major
discoveries.
“We remain committed to Mali and, as we invest in
future growth here, we look forward to maintaining a mutually
beneficial partnership with the authorities and our in-country
stakeholders,” Bristow said.
Enquiries
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Group Regional Manager, West Africa Mahamadou
Samaké +223 66 75 61 36
West Africa and Saudi Arabia Operations
ManagerChiaka Berthe+223 66 74 75 88
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 “sustains”, “discoveries”,
“maintain”, “on track”, “opportunities”, “guidance”, “recognize”,
“develop”, “commitment”, “deliver”, “target”, “potential”,
“remain”, “can”, “will”, 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 ability to achieve its production
guidance for 2023 and maintain its production profile; Loulo
Gounkoto’s productive partnership with the government of Mali; the
Complex’s potential to continue to make major contributions to the
country’s economy and mining industry while developing the skills
of its in-country workforce; Loulo-Gounkoto’s ability to continue
to replace mineral reserves net of depletion; Barrick’s exploration
strategy and the potential to find new discoveries and growth
opportunities in the Loulo region; Barrick’s strategy, plans,
targets and goals in respect of environmental and social governance
issues, including with respect to greenhouse gas emissions
reductions and safety and health; and investments to support
community projects, local procurement, employment, education and
development programs in Mali.
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 diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; 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; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
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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