Barrick Comments on Revised Pascua-Lama Sanction
18 Gennaio 2018 - 02:18PM
All amounts expressed in U.S. dollars
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the
“Company”) is analyzing a revised sanction related to the Company’s
Pascua-Lama project issued on January 17 by Chile’s
Superintendencia del Medio Ambiente (SMA).
The Pascua-Lama project is currently operating
under a temporary closure plan in Chile. During this period, the
Company has continued to manage all aspects of the project in a
responsible manner.
The sanction is part of a re-evaluation process
ordered by the country’s Environmental Court in 2014 and relates to
historical compliance matters at the Pascua-Lama project. The
revised sanction includes a reduction of the original
administrative fine imposed by the SMA in 2013, from approximately
$16 million to $11.5 million. Based on a preliminary review of the
resolution, the SMA has not revoked Pascua-Lama’s environmental
permit (RCA) but has ordered the closure of existing facilities on
the Chilean side of the project, in addition to certain monitoring
activities. The Company will complete a detailed analysis of these
requirements and will provide further details in due course.
The closure of existing surface facilities in
Chile is consistent with the Company’s plan to advance a
prefeasibility study for an underground mining operation at
Pascua-Lama, which would address a number of community concerns by
reducing the overall environmental impact of the project. In
order to complete the prefeasibility study, the Company is
currently undertaking a number of optimization studies.
INVESTOR CONTACTDaniel
OhSenior Vice PresidentInvestor Engagement and
GovernanceTelephone: +1 416 307-7474Email: doh@barrick.com
MEDIA CONTACTAndy Lloyd Senior
Vice PresidentCommunicationsTelephone: +1 416 307-7414Email:
alloyd@barrick.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain information contained in this press
release constitutes "forward-looking statements”. All statements,
other than statements of historical fact, are forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to the timing and results of the prefeasibility study at
Pascua-Lama.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions 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; diminishing
quantities or grades of reserves; increased costs, delays,
suspensions and technical challenges associated with the
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 the Pascua-Lama project 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 Chile, Argentina and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; lack of certainty with respect to
foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; 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; 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;
contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company and risks associated with
working with partners in jointly controlled assets. ; 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.
We disclaim 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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