Barrick Gold Corporation’s Loulo-Gounkoto complex has again
demonstrated its mettle, exceeding its 2019 guidance with
production of 714,802 ounces of gold1.
Barrick’s president and chief executive Mark
Bristow told a briefing for local media that the complex continued
to perform consistently to plan and was still managing to replace
depleted reserves through successful brownfields exploration and
resource conversion.
“With the development of the complex’s third
underground mine scheduled to start in the fourth quarter of this
year, and an intensive exploration program in the Kenieba region,
Loulo-Gounkoto has significant growth potential and is well-placed
to meet all the targets of its 10-year plan,” he said.
In line with Barrick’s clean energy strategy,
Loulo-Gounkoto is pioneering the group’s first solar power
project. This is being developed in four phases, with the
first scheduled for commissioning at the end of the first quarter
and the last in the fourth quarter of this year. It will add
20MW to the complex’s grid, reduce the unit cost of its power and
cut carbon emissions by some 40,000 tonnes per year. Bristow
said it would serve as a model for the introduction of solar power
elsewhere across Barrick, particularly at its North American
operations.
Also being implemented at present is the Ramjack
Newtrax project, which is setting the foundation for the automation
and monitoring of the complex’s underground mines through a fiber
network.
Despite the high activity level, the complex
maintained its solid safety record with Lost Time Injuries (LTIs)
at Loulo decreasing from four to two year-on-year, and Gounkoto
recording its second successive LTI-free year.
Bristow said Loulo-Gounkoto continued to invest
in community health, education and economic development programs.
One of these is the agricultural complex established and
funded to the tune of $2.2 million. This has produced its
first crop of 48 young farmers who have been installed on 30 new
farms and provided not only with the necessary technical and
entrepreneurial skills, but with the credit to apply these
effectively.
During 2019, Loulo-Gounkoto spent $313 million
with local contractors and suppliers and continued developing local
businesses by creating a $500,000 provision for an incubation
project designed to incorporate local contractors into the mining
industry.
“Over the past 23 years, Barrick and its legacy
company Randgold Resources have contributed $7.2 billion to the
Malian economy in the form of taxes, royalties, salaries and
payments to local suppliers. Over the same period, our mines
in Mali paid $2.7 billion in dividends, taxes and royalties to the
state – almost three times the $1 billion dividend received by
Barrick,” Bristow said.
“It is a cardinal principle of Barrick that our
host countries and communities should share equitably in the
benefits created by our operations. Some, such as skills
development and employment creation, cannot be measured, but as
these figures demonstrate, the quantifiable value we deliver to
Mali is very substantial,” Bristow said.
“This is also the product of a long and
constructive partnership between the government of Mali and
ourselves, and in this regard it is gratifying to report that we
have made significant progress towards settling the dispute between
us over tax and related issues which allows us to look forward to
continuing to grow our partnership with the Mali government and its
people.”
Barrick enquiries
President and chief executiveMark Bristow+1 647 205 7694+44 788 071
1386 |
COO, Africa and Middle EastWillem Jacobs +44 779 557 5271+243 820
678 040 |
Group regional manager West
Africa Mahamadou Samaké +223 66 75 61 36 |
Investor and media relationsKathy
du Plessis+44 20 7557 7738Email: barrick@dpapr.com |
Website: www.barrick.com
Endnotes1 On a preliminary 100% basis. Our 2019
attributable production forecast is 520 - 570 thousand ounces for
Loulo-Gounkoto.
Cautionary Statement on Forward-Looking
InformationCertain information contained in this press
release, including any information as to Barrick’s strategy, 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
“committing”, “scheduled”, “developing”, “creating”, “continue”,
“guidance”, “replacing”, “progress” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: Loulo-Gounkoto’s preliminary
production; Loulo-Gounkoto’s growth potential, and ability to meet
its 10-year plan; mineral reserve and mineral resource replacement
at the Loulo-Gounkoto complex; Loulo-Gounkoto’s current projects,
including the development of the complex’s third underground mine,
exploration program, solar power project and the Ramjack Newtrax
automation and monitoring project, and the expected benefits of
those projects; future investments in community projects; and
Barrick’s expectations for the settlement of tax and related
disputes with the government of Mali and the growth of our
partnership with the Mali government and its people.
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 Barrick 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; changes in national and local government
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or over access to water, power, and other required infrastructure;
employee relations including loss of key employees; increased costs
and physical risks, including extreme weather events and resource
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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.
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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
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Barrick disclaims any intention or obligation to
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of new information, future events or otherwise, except as required
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