Kibali drives sustainable value creation


All amounts are in US dollars

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) Investment in the Kibali gold mine in the Democratic Republic of Congo now exceeds $4 billion and has created a thriving regional economy in a remote part of the country thanks to local partnerships and entrepreneurs. , building up host communities and upgrading critical infrastructure.

At a press conference here today, Barrick Chairman and CEO Mark Bristow said Kibali was not just Africa’s biggest gold mine, it was also a world leader automation, sustainability initiatives, clean energy and job training.

“Thanks to Barrick’s local employment and advancement policy, 94% of Kibali’s workforce, including its management, are Congolese nationals. It is now also boosting female employment in the industry. traditionally male-dominated mining industry through targeted recruitment campaigns and development programs designed to prepare them for rewarding careers at all levels of the organization,” he said.

Kibali is on track to meet its full-year production guidance and again recorded an injury-free quarter. Its three world-class hydroelectric power stations mitigate the impact of rising fuel prices and significantly reduce the mine’s carbon footprint. Bristow said the stations were built long before climate change became a priority issue, demonstrating Barrick’s long-standing commitment to sustainability in all of its operations.

Kibali’s gold reserves have grown undepleted for three consecutive years, and ongoing conversion drilling is expected to continue this trend, despite producing over 5.7 Moz of gold to date 1 . Ongoing exploration offers new growth opportunities with the potential to expand the mineral resource base beyond the initial feasibility study.

Local sustainability projects include building a world-class aquaponics farm and erecting a vocational and technical training center to promote capacity building in the community. Implementation of Specifications mechanism started, after its approval by the government. This will be in addition to the current commitment to invest 0.3% of revenues in community projects identified in consultation with the mine’s community development committees.

Kibali also continues to invest in the future of African biodiversity through its support for Garamba National Park which has seen a substantial increase in the giraffe population and the near elimination of elephant poaching. It also sponsors a project to reintroduce the white rhinoceros to the park, essential in the long-term campaign to protect this endangered species.

“Kibali’s journey has created enormous value for all of his stakeholders and he is an outstanding example of what mutually beneficial partnerships can accomplish. His large gold endowment means he has a long future ahead of him as a engine of economic growth and community development,” Bristow said.


President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

DRC country manager
Cyrille Mutombo
+243 812 532 441

Investor Relations and Media
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Footnote 1
100% basis.

Technical informations
The scientific and technical information contained in this press release has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Head of Mineral Resources: Africa and Middle East, a “qualified person” as defined in the National Instruments 43-101 – Disclosure standards for mining projects .

Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, plans, 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 “ahead”, “on track”, “continue”, “plan”, “strategy”, “continue”, “expect”, “will”, “maintain”, “growth”, “opportunities “, “conceive” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: Kibali’s production forecast and performance; opportunities to increase reserves after depletion; the potential for growth in the mine’s mineral resource base; the environmental and operational benefits expected from Kibali’s investment in its infrastructure, including hydroelectric facilities; Kibali’s sustainability plans, including commitments to make certain investments; Barrick’s plan to reintroduce white rhinos to Garamba National Park; and Barrick’s commitment to the DRC and potential new growth opportunities.

Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set forth below which, although believed to be reasonable by the Company as of the date of this press 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. These 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, mining and exploration success; the possibility that future exploration results will not meet the Company’s expectations; the risks that exploration data will be incomplete and that considerable additional work may be required to complete a more in-depth assessment, including but not limited to drilling, engineering and socio-economic studies and investments; risk of loss due to acts of war, terrorism, sabotage and civil unrest; the steps required before the distribution of cash and cash equivalents held in Kibali in banks in the Democratic Republic of Congo; risks associated with projects in the early stages of assessment and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; timing of receipt or non-compliance with necessary permits and approvals; uncertainty as to whether some or all of Barrick’s targeted investments and projects will achieve 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 the DRC and other jurisdictions in which the Company or its subsidiaries do or may do business in the future; damage to the Company’s reputation due to the occurrence or perceived occurrence of a number of events, including negative publicity regarding the Company’s handling of environmental issues or relationships 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; legal and administrative litigation and proceedings; employee relations, including the loss of key employees; increased physical costs and risks, including extreme weather events and resource shortages, related to climate change; and the increased availability and costs associated with mining inputs and labor. Barrick also warns that its guidance could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods and gold bars, copper cathodes or gold or copper concentrates. losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover such risks).

Many of these uncertainties and contingencies may 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 our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All 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 filed with the SEC and Canadian provincial securities regulators for a more detailed discussion of some of the factors underlying the forward-looking statements and risks that could 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 statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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