All amounts are in USD unless otherwise stated
KINSHASA, Democratic Republic of the Congo, Oct. 8, 2024 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Close to a highly important mine within trucking distance of the factory. With the discovery poised to continue Kibali’s growth, Barrick President and CEO Mark Bristow says Africa’s largest gold mine is well into the future. The company is also consolidating new land prospects for both gold and copper to expand its footprint in the DRC.
Addressing media and local stakeholders here, Bristow said the newly defined ARK target, located four kilometers from the processing plant, has the potential to yield a multi-million ounce high-grade orebody through additional exploration. He said there is. This, in addition to the widening decline in KCD, supports Kibali’s ability to continue replacing depleted reserves with high-quality ounces. The mine is currently on track to meet its annual production and cost guidelines and remains one of the most cost-efficient producers on the continent.
Bristow noted that Kibali is a remote mine that has been driving the growth of a thriving local economy in a remote part of the country’s northeast for more than 15 years. This continues to be driven by a multi-stakeholder model in partnership with local businesses and communities. To date, it has spent $2.87 billion on local contractors and suppliers.
Kibali is currently working with the government on a series of initiatives aimed at further strengthening the region’s commitment to local content, benefiting over 500 local businesses. In addition, 41 of the 44 projects covered by Kibali’s Community Development Fund have been completed, and 9 of the 14 projects supported by the mine’s Cahiers des Charges initiative are nearing completion.
The mine’s biodiversity conservation efforts will take the next step as it fine-tunes plans to add 64 white rhinos to the 16 that were successfully relocated to Garamba National Park last year. It has become.
Kibali will continue to contribute to Barrick Group’s emissions reduction roadmap. After commissioning of a new 16 MW solar power plant and a battery energy storage system that augments three hydropower plants, renewable energy penetration will increase from 79% to 85%, providing energy for six months of the year. Usage will increase. Be fully renewable.
inquiry:
DRC Country Manager Cyril Mutombo +243 812 532 441
For investors and media
Cathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
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Certain information contained in or incorporated by reference in this press release constitutes “forward-looking statements”, including information regarding our strategies, projects, plans or future financial or operating results. All statements other than statements of historical fact are forward-looking statements. “On track”, “may”, “expects”, “continues”, “increases”, “commitment”, “grows”, “intends” and similar expressions , forward-looking statements. In particular, this press release contains forward-looking statements, including, but not limited to, forward-looking statements regarding: Barrick’s forward-looking production guidance. the anticipated production and exploration opportunities at Kibali and the potential to replace reserves net of depletion; Barrick’s strategies, plans, goals and objectives regarding environmental and social governance issues, including renewable energy, biodiversity, local content initiatives and local partnerships and community investments. Investments in Barrick’s community programs and projects. and Barrick’s commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions related to the factors described below, which are based on management’s experience and assumptions as of the date of this press release. considered to be reasonable by us in light of our knowledge. Current conditions and anticipated developments are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors may cause actual results to differ materially from those anticipated in the forward-looking statements, and you should not place undue reliance on such statements or information. Such factors include, but are not limited to: fluctuations in the spot and futures prices of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, electricity, etc.); Speculative nature of mineral exploration and development. changes in national and local laws, tax systems, 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 Democratic Republic of the Congo and other jurisdictions in which the Company or its affiliates operate or may operate in the future; changes in mineral production performance, mining and exploration success; the possibility that future exploration results will not match our expectations; disruptions to supply routes that could cause delays in construction and mining activities, including interruptions in the supply of key mining materials due to Russia’s invasion of Ukraine; risk of loss from acts of war, acts of terrorism, sabotage or civil war; Failure to comply with environmental and health and safety laws and regulations. the timing of any required permits or approvals received or failure to comply with them; uncertainty as to whether some or all of Barrick’s eligible investments and projects will meet the Company’s capital allocation objectives and internal hurdle rates; damage to our reputation due to the actual or perceived occurrence of various events, including negative publicity, whether real or untrue, regarding our response to environmental issues or our dealings with community organizations; risks related to new diseases, epidemics and pandemics; Litigation and Legal and Administrative Proceedings. employee relations, including the loss of key employees; increased costs and physical and transition risks associated with climate change, including extreme weather events, resource scarcity, new policies, and increased regulations related to greenhouse gas emission levels, energy efficiency, and risk reporting; increased availability and costs associated with mining inputs and labor; Additionally, mineral exploration, development and mining operations involve risks and hazards such as environmental hazards, industrial accidents, unusual or unexpected formations, stresses, cave-ins, flooding, gold bullion, cathode copper, gold or copper concentrate, etc. Masu. losses (and the risk that insurance is insufficient or uninsurable to cover these risks);
Many of these uncertainties and contingencies could affect our actual results and may cause actual results to be different from those expressed in or made by us or on our behalf. Results may differ materially from those implied. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements contained in this press release are subject to these cautionary statements. For more information about some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to do so, please refer to our most recent Form 40-F filed with the SEC and Canadian provincial securities regulators. See especially the /Annual Information Form. to achieve the expectations set forth in the forward-looking statements contained in this press release;
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