Barrick Provides Update on Discussions with Government of Tanzania
25 Juni 2018 - 5:30AM
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the
“Company”) today provided an update on ongoing discussions with the
Government of Tanzania concerning the proposed framework for Acacia
Mining plc's (“Acacia”) operations in Tanzania.
Discussions between the Government of Tanzania
and Barrick are constructive. Progress has been made on the
drafting of definitive agreements necessary for the implementation
of the proposed framework.
In order to allow the process to continue in an
orderly manner and without an arbitrary deadline, Barrick is not
providing a timetable for the completion of the discussions at this
time. If Barrick is able to conclude discussions satisfactorily
with the Government, the proposal will be provided to the
Independent Committee of the Acacia Board of Directors for its
consideration.
Barrick holds a 63.9 percent equity interest in
Acacia, a publicly traded company listed on the London Stock
Exchange that is operated independently of Barrick.
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain information contained in this press
release, including any information as to Barrick’s strategy, 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
“would”, “if”, “will” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to Barrick’s expectations regarding the potential
benefits resulting from a new partnership between Acacia and the
Government of Tanzania; the ultimate terms and timeline for
completion of any definitive agreement between Acacia and the
Government of Tanzania to resolve the dispute relating to the
imposition of the concentrate export ban and allegations by the
Government of Tanzania that Acacia under-declared the metal content
of concentrate exports from Tanzania; and whether Acacia will
approve the terms of any final agreement reached between Barrick
and the Government of Tanzania with respect to this dispute.
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: 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; lack of certainty with respect to foreign
legal systems, corruption, and other factors that are inconsistent
with the rule of law; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; fluctuations in the spot and
forward price of gold, copper, or certain other commodities (such
as silver, diesel fuel, natural gas, and electricity); timing of
receipt of, or failure to comply with, necessary permits and
approvals; failure to comply with environmental and health and
safety laws and regulations; litigation; 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; the speculative nature of
mineral exploration and development; changes in mineral production
performance, exploitation, and exploration successes; diminishing
quantities or grades of reserves; increased costs, delays,
suspensions, and technical challenges associated with the
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges, and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; the impact of global liquidity and credit
availability on the timing of cash flows and the values of assets
and liabilities based on projected future cash flows; the impact of
inflation; fluctuations in the currency markets; contests over
title to properties, particularly title to undeveloped properties,
or over access to water, power, and other required infrastructure;
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. 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.
The Company 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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