The renewed commitment of Barrick Gold Corporation
(NYSE:GOLD)(TSX:ABX) to Latin America, designed to optimize its
existing operations and create a platform for a next generation of
mines, has made significant progress since its launch at the
beginning of this year, president and chief executive Mark Bristow
said here today.
Speaking at a meeting with local community leaders and media,
Bristow said the company’s assets in the region were a major part
of its global portfolio and there was enormous potential for new
discoveries capable of amplifying Barrick’s ability to create real
value for all its stakeholders.
“Barrick holds a highly prospective land package, with mining
rights covering some 34,000 hectares, in the El Indio gold
belt. This legendary gold province, which spans Argentina,
Chile and Peru, has already yielded five significant discoveries
and we believe its mineral wealth still offers a very substantial
upside,” he said.
“We have a new regional exploration strategy that is being
implemented by a best-in-class team drawn from the merged Barrick
and Randgold. In Argentina alone, we plan to invest more than
$30 million in exploration over the next two years.”
Turning to the operations, Bristow said the current expansion of
Pueblo Viejo is expected to maintain the mine’s Tier One1 status
for years to come. At Veladero, work to reclaim its full
potential and extend its life was already showing results, with the
mine increasing production by 26,000 ounces in the second quarter
of this year. He noted that over the past 14 years
Veladero had contributed some $8.9 billion to the Argentine
economy through taxes, royalties, salaries and payments to local
suppliers. In addition, the mine has established a new trust
fund that could deliver more than $70 million in community
infrastructure between 2020 and 2028, depending on
production. At Pascua Lama, the focus is on going back to
basics in order to review the original project’s parameters and
defining its future potential.
In Chile, the Norte Abierto and Alturas projects are
progressing, while in Peru the Lagunas Norte mine is being placed
on care and maintenance while the team assesses the sulphide
resource potential, and at Pierina closure planning is
continuing.
Bristow said Barrick acknowledged that there were legacy
challenges in each of these countries. It was engaging with
their governments and communities to resolve these and to build
productive new partnerships with its hosts to ensure that the new
value that is created benefits all stakeholders.
“We are an organization that has grown out of pioneering
exploration, discoveries and development. Given our
established presence here, our local geological knowledge and
exploration skills, we are committed to becoming a
leader in the region,” he said.
Enquiries:
Mark Bristow President and CEO +1 647 205 7694 +44 788 071
1386 |
Mark Hill Chief Operating Officer LATAM and Asia Pacific +1 (416)
307 7429 +1 (416) 358 4667 |
Kathy du Plessis Relations with Media and Investors +44 20 7557
7738 barrick@dpapr.com |
Website: www.barrick.com
Endnotes:
- A Tier One Gold Asset is a mine with a stated life in excess of
10 years with 2017 production of at least 500,000 ounces of gold
and 2017 total cash cost per ounce within the bottom half of Wood
Mackenzie’s cost curve tools (excluding state-owned and
privately-owned mines). For purposes of determining Tier One Gold
Assets, total cash cost per ounce is based on data from Wood
Mackenzie as of August 31, 2018, except in respect of Barrick’s
mines where Barrick may rely on its internal data which is more
current and reliable. The Wood Mackenzie calculation of total cash
cost per ounce may not be identical to the manner in which Barrick
calculates comparable measures. Total cash cost per ounce is a
non-GAAP financial performance measure with no standardized meaning
under IFRS and therefore may not be comparable to similar measures
presented by other issuers. Total cash cost per ounce should not be
considered by investors as an alternative to operating profit, net
profit attributable to shareholders, or to other IFRS measures.
Barrick believes that total cash cost per ounce is a useful
indicator for investors and management of a mining company’s
performance as it provides an indication of a company’s
profitability and efficiency, the trends in cash costs as the
company’s operations mature, and a benchmark of performance to
allow for comparison against other companies. Wood Mackenzie is an
independent third party research and consultancy firm that provides
data for, among others, the metals and mining industry. Wood
Mackenzie does not have any affiliation to Barrick.
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 “plan”, “project”, “potential”, “develop”, “capable of”,
“believe”, “expect”, “could” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: (i) the potential for new discoveries in Latin
America; (ii) Barrick’s plans to invest in Latin American
exploration; (iii) the expansion of Pueblo Viejo; (iv) the ability
of Barrick to create partnerships with host governments; and (v)
Barrick’s plans for its Latin American assets.
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; disruption of supply routes which may cause delays in
construction and mining activities; diminishing quantities or
grades of reserves; increased costs, delays, suspensions and
technical challenges associated with the development and
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; 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 targeted investments and projects will meet
the Company’s capital allocation objectives and internal hurdle
rate; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based
on projected future cash flows; the impact of inflation;
fluctuations in the currency markets; 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 Canada, the United States and Latin
American countries; 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;[lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with
the rule of law; 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; litigation and legal and administrative
proceedings; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; risks associated with working with
partners in jointly controlled assets (including Pueblo Viejo and
Veladero); 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. 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.
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