Precious Metals

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) The Kibali gold mine's investment in the Democratic Republic of Congo now exceeds $4 billion and it has created a thriving regional economy in a remote part of the country through partnering with and mentoring local entrepreneurs, uplifting host communities and upgrading essential infrastructure.

At a media briefing here today, Barrick president and chief executive Mark Bristow said Kibali was not only Africa's largest gold mine, it was also a global leader in automation, sustainability initiatives, clean energy and skills training.

"Thanks to Barrick's policy of local employment and advancement, 94% of Kibali's workforce, including its management, are Congolese nationals. It is now also driving the employment of women in the traditionally male-dominated mining industry through targeted recruitment campaigns and development programs designed to equip them for rewarding careers at all levels of the organisation," he said.

Kibali is on track to meet its full-year production guidance and has again posted an injury-free quarter. Its three world-class hydropower stations are mitigating the impact of higher fuel prices and significantly reducing the mine's carbon footprint. Bristow said the stations were built well before climate change became a priority issue, demonstrating Barrick's long-standing commitment to sustainability in all its activities.

Kibali's gold reserves have grown net of depletion for three successive years, and ongoing conversion drilling is expected to continue this trend, despite producing in excess of 5.7Moz of gold to date 1 . Ongoing exploration is delivering new growth opportunities with the potential to grow the mineral resource base beyond the original feasibility study.

Local sustainability projects include the construction of a world-class aquaponics farm and the erection of a vocational and technical training centre to promote capacity building in the community. Implementation of the cahier des charges mechanism has started, following its approval by the government. This will add to the current commitment of investing 0.3% of revenue in community projects identified in consultation with the mine's community development committees.

Kibali also continues to invest in the future of Africa's biodiversity through its support for the Garamba National Park which has seen a substantial increase in the giraffe population and the near-elimination of elephant poaching. It is also sponsoring a project for the re-introduction of white rhino into the park, critical in the long-term campaign to protect this endangered species.

"Kibali's journey has created enormous value for all its stakeholders and it's a standout example of what mutually beneficial partnerships can achieve. Its great gold endowment means that it has a long future ahead as an engine for economic growth and community development," Bristow said.

Enquiries:

President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

DRC country manager
Cyrille Mutombo
+243 812 532 441

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com

Endnote 1
100% basis.

Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa & Middle East, a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

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 "ahead", "on track", "continue", "envisage", "strategy", "pursue", "expect", "will", "maintain", "growth", "opportunities", "design" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Kibali's production guidance and performance; opportunities to grow reserves net of depletion; the potential to grow the mine's mineral resource base; the anticipated environmental and operational benefits from Kibali's investment in its infrastructure including hydropower stations; Kibali's sustainability projects, including commitments to make certain investments; Barrick's plan to reintroduce white rhinos to the Garamba national park; and Barrick's commitment to the DRC and potential further growth opportunities.

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; the possibility that future exploration results will not be consistent with the Company's expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; steps required prior to the distribution of cash and equivalents held at Kibali in banks in the Democratic Republic of Congo; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; 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 Barrick's 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 the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; 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
NYSE:NEM

Precipitate Gold: Exploring in Prospective Mining Jurisdictions in the Dominican Republic

Precipitate Gold Corp. (TSXV:PRG) has launched its campaign on the Investing News Network’s resource channel.

Precipitate Gold is a mineral exploration company with district-scale strategic land positions in the Dominican Republic. The company is currently advancing its Pueblo Grande and Juan de Herrera projects in the Dominican Republic, where the company is also working to expand its existing portfolio. Precipitate Gold always works to acquire 100 percent of the properties that it owns, ensuring that there are no outstanding vendor payments or working commitments.

Keep reading...Show less
TSXV:BGF

Beauce Gold: Placer to Hard Rock Gold Exploration in Southern Quebec

Beauce Gold Fields Inc. (TSXV:BGF) has launched its campaign on the Investing News Network’s resource channel.

Beauce Gold is a gold exploration company focused on placer and hard rock exploration in the Beauce region of southern Quebec. Beauce is using a model similar to that used in the Klondike and Cariboo gold districts with the hopes that the model will allow the company to trace the placer gold back to its source, sparking a new gold rush. The Beauce region was home to Canada’s first gold rush in 1860, which was host to the largest historical placer gold deposit in the eastern half of North America.

Keep reading...Show less
TSXV:AHM.H

Antler Hill: Gold and Copper Exploration in Argentina’s San Juan Province

Antler Hill Mining (TSXV:AHM.H) has launched its campaign on the Investing News Network’s resource channel.

Antler Hill is a junior exploration company in the process of acquiring two properties in San Juan Province, Argentina. The country is viewed as a mining-friendly jurisdiction thanks to the federal government’s clear support of the mining industry through pro-mining tax incentives. The Amiches goldsilver project is located in the El Indio gold belt approximately 100 kilometers south of Barrick Gold’s (TSX:ABX,NYSE:GOLD) Veladero mine. Amiches remains predominantly unexplored with small trenching and sampling projects previously conducted on the property. In 2018 Antler Hill collected grab samples that graded 15 g/t gold and 190 g/t silver as well as 3.3 g/t gold and 70 g/t silver.

Keep reading...Show less

Visible Gold in First Holes Drilled into No9 Vein at Elizabeth

Tempus Resources Ltd ("Tempus" or "the Company") (ASX:TMR)(TSX.V:TMRR)(OTCQB:TMRFF) is pleased to announce that it has intersected wide zones of mineralisation containing visible gold in two drill holes targeting the No. 9 Vein (EZ-22-19 and EZ-22-20) at the Elizabeth Gold Project in Southern British Columbia, Canada

HIGHLIGHTS

News Provided by ACCESSWIRE via QuoteMedia

[subscribe_company_profile use_post="101618410"]

Keep reading...Show less
Sarama Resources

Management’s Discussion and Analysis of Financial Results

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to present the Management’s Discussion and Analysis of Financial Results for the three months (second quarter) and six months ended June 30, 2022


Keep reading...Show less
Sarama Resources

Condensed Interim Consolidated Financial Statements

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to present the Condensed Interim Consolidated Financial Statements for the three months and six months ended June 30, 2022 (Unaudited).


Keep reading...Show less
Gold Springs Resource Demonstrates Extension of Gold Mineralization of its South Jumbo Resource

Gold Springs Resource Demonstrates Extension of Gold Mineralization of its South Jumbo Resource

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company" or "GRC"), has received assays from the final drill holes at South Jumbo as part of the 2022 drill campaign on its large Gold Springs project located in USA, on the border of Nevada and Utah, one of the best mining jurisdictions in the world.

Highlights include:

Keep reading...Show less

Barrick Supports Flood Relief in Balochistan

All amounts expressed in US dollars.

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is contributing $150,000 to Balochistan's Provincial Disaster Management Authority (PDMA) to support its relief efforts in the wake of unprecedented floods in the region. Remote communities in the province were hardest hit by the heavy monsoon rains which killed more than 500 people in Pakistan.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
a fork in the road

Inflation High, Markets Volatile — Experts Talk Strategies for Navigating Tough Times

Markets got a mid-August bump after July’s US Consumer Price Index (CPI) data showed inflation slowed to 8.5 percent during the seventh month of the year.

After breaching a 41 year high of 9.1 percent in June, lower energy costs and better-than-expected job additions drove inflation lower for the first time since June 2020.

The positive news pushed all of North America’s major markets higher as many speculated that with easing inflationary pressures US Federal Reserve will be less likely to raise interest rates by another 75 basis points.

Keep reading...Show less

Latest Press Releases

Related News

×