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All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) and its predecessor, Randgold Resources, has been a valuable partner to Mali for 27 years and, in the face of many challenges, continues to work tirelessly with the Transition Government of Mali and local stakeholders to plot a new course for the country's mining industry and promote it as an investment destination, says president and chief executive Mark Bristow.
Speaking to media here today, Bristow said during this time its mines had contributed almost $10 billion to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers. Over the past 10 years, they have accounted for between 5% and 10% of Mali's GDP and over Loulo-Gounkoto's life the state has received more than 70% of the economic benefits it generated. Barrick has also developed a world-class local skill base, evidenced by the fact that its flagship Loulo-Gounkoto complex is managed by an entirely Malian team.
As a Tier One 1 mining complex, Loulo-Gounkoto ranks among the world's largest gold producers, and its consistently strong performance makes it a major contributor to Barrick's bottom line. This year successful brownfields drilling again more than replaced the reserves depleted by mining while continuing exploration has identified new high-priority targets with the potential to deliver the Loulo district's next generation of world-class discoveries.
During the past quarter Loulo's solar farm extension to 60 megawatts and its new battery energy storage system were commissioned, in line with Barrick's global commitment to increasing its use of renewable energy sources. Its community development projects included the completion of a water distribution system which will serve 13,000 people in the Kunda village.
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Group Regional Manager, West Africa
Mahamadou Samaké
+223 66 75 61 36
West Africa and Saudi Arabia Operations Manager
Chiaka Berthe
+223 66 74 75 88
Website: www.barrick.com
Endnote
- A Tier One Gold Asset is an asset with a $1,300/oz reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all in sustaining costs per ounce 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 "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.
