Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the
“Company”) today announced that it has entered into an enhanced
strategic cooperation agreement with Shandong Gold Group Co., Ltd.
(“Shandong Gold”1), deepening Barrick’s partnership with one of
China’s leading mining companies.
The document builds on an earlier agreement
signed between the two companies in April 2017, when Shandong Gold
Mining Co., Ltd., acquired 50 percent of Barrick’s Veladero mine in
Argentina.
“Over the past year, we have been laying the
foundation for a distinctive, enduring, and trust-based
relationship with Shandong Gold,” said Barrick Executive Chairman
John L. Thornton. “Over thousands of hours and many site visits, we
have worked side by side to deepen our understanding of each
other’s values, strategic priorities, and operating capabilities.
This agreement will allow us to take our partnership to the next
level, as we jointly explore opportunities to enhance long-term
value for our respective owners, as well as our government and
community partners.”
“Based on an identical culture and development
concept, the joint operation of the Veladero mine in Argentina has
obtained good effect,” said Chen Yumin, Chairman of Shandong Gold.
“Shandong Gold and Barrick have maintained reciprocal visits of
high frequency in respect of mining technology, corporate culture,
community harmony, sustainable development and environmental
protection, which has promoted cultural integration and management
improvement. This signing of the Strategic Cooperation Agreement
represents a new level of our partnership.”
Key elements of the enhanced strategic
cooperation agreement include:
Lama EvaluationShandong Gold is
currently completing an independent evaluation focused on the
potential to develop a mining project at Lama in Argentina,
including a high-level evaluation of potential synergies between
Lama and the nearby Veladero operation. Following the completion of
this study, the Parties may agree to conduct additional studies and
technical work to evaluate a number of development options,
including: the construction of an open-pit mine at Lama; the
feasibility of using heap leach processing for low-grade and
easy-to-leach gold ore; and the feasibility of adopting low-cyanide
or other environmentally-friendly leaching reagents. Any decision
by Shandong Gold to invest in the project would be subject to
additional agreement between the Parties.
Strengthening Collaboration Between
Barrick and Shandong Gold
TeamsReflecting a mutual commitment to operational
excellence, safety, efficiency, and best-in-class mining practices,
the Parties have agreed to choose one of Shandong Gold’s mines as a
platform for learning and collaboration. The Parties will share
technical expertise and best practices related to mining
technology, information technology, information management, and
digital innovation.
Barrick and Shandong Gold have also agreed to
establish additional mechanisms to foster greater communication and
knowledge-sharing between their respective management and technical
teams. Such engagement may cover mining, engineering, construction,
social and environmental management, and finance. The Parties also
agree to provide access to their respective supplier networks,
service providers, investors, and capital providers.
Strengthening Cooperation on Investment
OpportunitiesBuilding on the Parties’ stated intent to
evaluate joint investment in organic mining projects currently
owned by Barrick or Shandong Gold, the Parties have agreed to
consider opportunities to work together on acquisition
opportunities or potential asset sales, if both parties agree it is
in their collective best interests, and would enhance the value of
such an opportunity.
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy Lloyd Senior
Vice PresidentCommunicationsTelephone: +1 416 307-7414Email:
alloyd@barrick.com
ENDNOTE 1 Unless otherwise stated, the
definition of Shandong does not include Shandong Gold Mining Co,.
Ltd and its subsidiaries and joint operations.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATIONCertain information contained in this press
release, including any information as to our strategy, projects, or
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”, “opportunity”, “will”, “would” “expect”, “explore”,
“may” 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 to develop a mining project at Lama in Argentina, (ii)
completion and outcome of current and future studies at Lama, and
(iii) the existence of future opportunities for Barrick and
Shandong Gold to work cooperatively on investment
opportunities.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Barrick 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 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; 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; adverse changes
in our credit ratings; the impact of inflation; fluctuations in the
currency markets; changes in U.S. dollar interest rates; risks
arising from holding derivative instruments; 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,
Argentina, and other jurisdictions in which Barrick does or may
carry on business in the future; risks related to international
operations, including economic and political instability in foreign
jurisdictions in which Barrick operates; damage to Barrick’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
handling of environmental matters or dealings with community
groups, whether true or not; the possibility that future
exploration results will not be consistent with Barrick’s
expectations; 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; risks
associated with the fact that certain of the initiatives described
in this press release are still in the early stages and may not
materialize; risks associated with working with partners in jointly
controlled assets; and 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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