Barrick's Tanzanian Assets Deliver Record Production and Create Long-Term Value

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) Barrick's two gold mines in Tanzania, North Mara and Bulyanhulu, boosted their combined output to 547,000 1 ounces in 2022, achieving another step towards their potential Tier One 2 status in the group's asset portfolio as a combined complex. At the same time, exploration is continuing to deliver opportunities to grow the mineral reserves net of depletion at both mines.

North Mara's transition to owner-mining is successfully ramping up its ongoing open pit expansion with improved efficiencies and costs, while technological advances in the underground operation are increasing productivity. The restart of mining at the Gena pit is on track. At Bulyanhulu the main focus is on ramping up the development of its declines to access the new Deep West mineral reserves and defining further exploration potential in Reef 2.

Briefing media and other stakeholders here today, Barrick president and chief executive Mark Bristow said since the company took over control of the mines in 2019 it had completely transformed what were effectively dead or dying operations into valuable assets in terms of their current performance, their future prospects and their social licence.

"Today the mines are recognized by both the government and communities as socially responsible businesses creating and sharing enormous benefits for all their stakeholders, and as a key partner in Tanzania's socio-economic development," he said.

"Last year North Mara was officially recognized as Tanzania's largest taxpayer and Bulyanhulu was awarded the Best Compliant Employer prize by the National Social Security Fund. North Mara and Bulyanhulu also received the first and second runner-up recognition awards, respectively, for the Export of Minerals and the generation of foreign currency. They've both come a very long way and we look forward to continuing that journey through our Twiga partnership with the government."

Since the take-over in 2019, Barrick has pumped $2.4 billion into the Tanzanian economy. Last year it paid $303 million in taxes, royalties, levies, dividends and shareholder loan repayments and $476 million to local suppliers.

As the mines have grown they have continued to prioritize local employment. Their workforce is already 96% Tanzanian, with 45% of new hires drawn from the surrounding communities. Through their community development committees, the mines have invested more than $10 million in projects to improve healthcare, education, access to potable water and the road infrastructure.

Barrick Enquiries

Corporate communications and country liaison manager
Georgia Mutagahywa
+255 754 711 215
Email: georgia.mutagahywa@barrick.com

Investor and media relations
Kathy du Plessis
+44 20 7557 7738
+27 83 266 5847
Email: barrick@dpapr.com

Website: www.barrick.com

Endnote 1
On a 100% basis.

Endnote 2
A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are 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 "potential", "create", "continue", "opportunity", "on track", "future prospects", "projects", "look forward", "continue", "would", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: future production and cost levels for the North Mara and Bulyanhulu mines and their Tier One potential as a combined complex; opportunities to grow mineral reserves at North Mara and Bulyanhulu through exploration; the anticipated benefits of North Mara's open pit expansion project and increased productivity from the underground operation through optimization and technological advancements; the potential for Barrick's partnership with the Government of Tanzania to deliver long-term value to the Tanzanian economy and create benefits for employees, suppliers and other local stakeholders; Barrick's sustainability initiatives in Tanzania including planned investments by Barrick in Tanzania including to develop healthcare, education, potable water and road infrastructure; Barrick's contributions to the local economy, including local hiring and procurement programs and spending.

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 mineral production performance, exploitation, and exploration successes; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; risks related to 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; 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 the targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; 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 and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; our ability to convert resources into reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; risks associated with working with partners in jointly controlled assets; 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 risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the unprecedented 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

ABX:CA
The Conversation (0)

Barrick Announces Sale of Stake in Donlin Gold Project for Up To $1.1 Billion

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) ("Barrick") today announced that it has reached an agreement to sell the 50 percent interest in the Donlin Gold Project in Alaska held by Barrick's subsidiary Barrick Gold U.S. Inc. to affiliates of Paulson Advisers LLC ("Paulson") and NOVAGOLD Resources Inc. (NYSE American, TSX:NG) for $1 billion in cash. In addition, Barrick has granted NOVAGOLD an option to purchase the outstanding debt owed to Barrick in connection with the Donlin Gold Project for $90 million if purchased prior to closing, or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
John Feneck, gold bars.

John Feneck: Gold Backdrop Looks “Amazing,” Plus 7 Stocks to Watch Now

John Feneck, portfolio manager and consultant at Feneck Consulting, outlines his updated outlook for gold as the yellow metal continues to reach new highs.

He also discusses seven gold and "special situations" companies that are on his radar.

Keep reading...Show less
Athena Gold

Athena Gold Upsizes Flow-Through Private Placement, Announces Concurrent Hard Dollar Unit Offering

Athena Gold Corporation (CSE:ATHA) (OTCQB:AHNR) ("Athena Gold" or the "Company") is pleased to announce that due to strong demand, the Company has increased the size of the non-brokered flow-through private placement previously announced on April 7, 2025, from $500,000 to $700,000 (the "FT Offering"). The FT Offering, as amended, will now consist of up to 14,000,000 flow-through common shares (the "FT Shares") (increased from 10,000,000 FT Shares) at a price of $0.05 per FT Share. All other terms of the FT Offering remain unchanged.

Non-Flow-Through Unit Private Placement

Keep reading...Show less
Castle Minerals (ASX:CDT)

Analyst Spotlight: Castle Minerals' Path to Significant Gold Discovery in Ghana

A recent research report by Terra Studio highlights Castle Minerals’ (ASX:CDT) investment value proposition as a gold exploration company with significant potential in Ghana's gold-rich region. With an enterprise value of just AU$3.4 million, Terra Studio considers Castle Minerals significantly undervalued given its promising drill results, strong government support for its graphite project, and potential for continued discoveries amid record-high gold prices.

Keep reading...Show less
Gold coin stacks with up arrow.

Gold Price Hits New Record, Breaking US$3,300 for First Time

The gold price reached yet another record high on Wednesday (April 16), breaking US$3,300 per ounce.

The precious metal has gained significant momentum since the beginning of the year. In trading on Wednesday it surged past the US$3,200 mark, climbing as high as US$3,354.10 per ounce. The price retreated below the US$3,300 mark on Thursday (April 17).

The rise comes after statements from US Federal Reserve Chairman Jerome Powell made at the Economic Club of Chicago on Wednesday. In his remarks, he said that he expects US President Donald Trump's tariff policy to negatively impact US economic growth and further fuel inflation.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security. And each time the gold price rises, there are calls for even higher record-breaking levels.

Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.

Keep reading...Show less

Latest Press Releases

Related News

×