Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has been recognised
as the largest contributor to government revenue in 2021,
confirming its position as a key partner in the socio-economic
development of Tanzania.
President and chief executive Mark Bristow told
media here today that since the company took control of North Mara
and Bulyanhulu in September 2019, its total in-country investment
has totalled $1.995 billion1. In the first half of this year, it
has paid $158 million in taxes, royalties and levies, $42 million
in distributions to the Government of Tanzania in the form of
dividends and shareholder loans as well as $210 million to local
suppliers. It has also now paid $140 million of its $300 million
settlement with the government.
“When we took over these mines they were a moribund
burden on the government and their investors. In a very short time,
we redesigned and re-engineered them, creating what are in effect
two new mines. They are well placed to deliver their annual
production guidance and have the potential to achieve a combined
Tier One2 status in Barrick’s portfolio, meaning that they are
capable of producing at least 500,000 ounces of gold annually for
more than 10 years at the lower end of the cost spectrum as a
combined complex,” Bristow said.
“We are continuing to replace resources depleted by
mining and we are targeting new opportunities as well, increasing
our footprint around Bulyanhulu through the acquisition of six
highly prospective licences. We’re also updating the geological
models in the North Mara region and identifying potential targets
elsewhere in Tanzania.”
In line with Barrick’s policy of local employment,
Tanzanian nationals now account for 96% of the two mines’
workforces and 64% of their senior management are Tanzanians. The
mines are also driving the increased employment of women in a
traditionally male-dominated industry through targeted recruitment
and development programs.
Barrick has committed $6 for every ounce of gold
sold by the two mines to improving healthcare, education,
infrastructure and access to potable water in their communities. A
further $70 million has been allocated to investment in
value-adding national projects, including mining related training
and scientific facilities at Tanzanian universities.
During the past quarter Bulyanhulu was named the
overall winner of the Tanzanian OSHA (Occupational Safety and
Health Authority) award for 2022 while North Mara received the
award for the best community health outreach program.
Enquiries
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Country manager, TanzaniaGeorgia Mutagahywa+255 754
711 215Email: georgia.mutagahywa@barrick.com
Investor and media relationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnotes
- 100% basis
- 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 “would”, “commit”, “advance”,
“generate”, “expect”, “will”, “continue” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: Barrick’s contributions to the local
economy, including local content programs and spending as well as
anticipated contributions to value-adding national projects; the
ability of the North Mara and Bulyanhulu mines to deliver on their
annual production guidance, replace resources depleted by mining
and achieve Tier One status as a combined complex; Barrick’s
partnership with the Government of Tanzania under the framework
agreement; planned investments by Barrick in Tanzania including to
develop healthcare, education and infrastructure; and expected
production and cost levels for the North Mara and Bulyanhulu mines
on a combined basis.
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; 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; 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 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.
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