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All amounts are in US dollars
KINSHASA, Democratic Republic of Congo, July 16, 2019 (GLOBE NEWSWIRE) – Kibali's gold mine is on track to meet or exceed its production forecast of 750,000 ounces by 2019, said Mark Bristow, president and chief executive of the operator and co-owner of Barrick Gold Corporation.
At a press briefing for local media gathered today, Mr Bristow said that this year marks the 10th anniversary of the acquisition of the Moto project, which has since been developed to become the world's largest. One of the largest gold mines in the world, bringing 2.7 billion dollars to the Congolese economy. the process.
It has also been a year since Kibali became the owner-operator of its underground mine, which is one of the most advanced in the industry in terms of automation. The system is currently under development at the next technological level, where it will allow operations with or without personnel in the same area.
According to Bristow, the autonomous operation of the autonomous mining industry is characterized by the transfer of specialized technical skills of expatriate instructors to the Kibali Congolese workforce. More than 90 percent of Kibali's 5,000 employees and contractors, including its leaders, are Congolese nationals.
It also makes a substantial contribution to the promotion of the local economy through its support to Congolese entrepreneurs and suppliers, who have turned the north-east of the country into a true commercial hub. In the first half of this year, Kibali paid some $ 79 million to its Congolese trading partners. In addition, it continues to develop infrastructure around the mine through initiatives such as the Durba Asphalt Project, which is paving a stretch of Uganda's main highway leading through the city center. Ambitious agribusiness projects designed to bring lasting benefits to the local community are also progressing.
"Ten years ago, we traveled to a remote part of Africa and discovered that what we believed to be a world-clbad opportunity, but one that would require a major investment and a lot of courage to grow. This opportunity became Kibali, which paid its first gold in September 2013 and reached full production in 2018, "said Bristow.
"We have invested in the DRC without any government incentive, only a clear and fair mining code. Last year, however, the government of the day unilaterally imposed a new code that, in our view, endangers the Congolese mining sector and could discourage future investment. We continue to engage with the government on this issue and were encouraged when the new President, His Excellency Felix Tshisekedi, outlined his vision of attracting foreign investment and developing the sector in a spirit of partnership, in front of the Executive Chairman of Barrick, John Thornton. gathered earlier this year. It is this partnership that has led to the creation of Kibali and supports Barrick's search for new world-clbad gold deposits in the DRC. "
Barrick Investigations
| President and CEO Mark Bristow +1 647 205 7694 +44 788 071 1386 |
COO, Africa and Middle East Willem Jacobs +44 779 557 5271 +243 820 678 040 |
Country Manager of the DRC Cyrille Mutombo +243 812 532 441 |
Investor Relations and Media Kathy du Plessis +44 20 7557 7738 E-mail: [email protected] |
Website: www.barrick.com
Caution regarding forward-looking information
Certain information in this news release, including information about Barrick's future strategy, plans, or financial or operating results, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "will", "develop", "advance", "continue", "permit", "engage" and similar expressions refer to forward-looking statements. In particular, this press release contains forward-looking statements, including but not limited to: production performance and production forecasts for 2019 for the Kibali mine; potential advances in automation technologies and the transfer of related technical skills; value creating projects, including infrastructure and agribusiness projects; engagement with the Government of the Democratic Republic of the Congo on a new mining code introduced last year; and future contributions to the economy of the Democratic Republic of the Congo.
Forward-looking statements are necessarily based on a number of estimates and badumptions; The estimates, as well as the material badumptions related to the factors set out below, that Barrick believes to be reasonable at the date of this press release in light of management's experience and perception of the current situation. and expected developments, are inherently subject to competitive uncertainties and uncertainties. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and such statements and information should not be unduly relied upon. These factors include, but are not limited to: the speculative nature of mineral exploration and development; changes in the performance of mining production, exploitation and exploration success; decrease in quantities or categories of reserves; changes in legislation, taxation, controls or regulations of national and local governments and / or changes in law enforcement, policies and practices, expropriation or nationalization of properties and political or economic developments in the Democratic Republic of the Congo; lack of certainty with respect to foreign legal systems, corruption, and other factors inconsistent with the rule of law; risk of loss resulting from acts of war, terrorism, sabotage and civil unrest; fluctuations in spot and forward prices for gold, copper and certain other products (such as silver, diesel fuel, natural gas and electricity); the timing of receipt or non-compliance of necessary permits and approvals; non-compliance with environmental, health and safety laws and regulations; litigation; damage to Barrick's reputation resulting from the actual or suspected occurrence of a number of events, including negative publicity about Barrick's treatment of environmental issues or relationships with community groups, whether true or not; increased costs, delays, suspensions and technical challenges badociated with the construction of capital projects; operational or technical difficulties related to mining or development activities, including geotechnical problems, and disruptions in the maintenance or provision of the necessary infrastructure and information technology systems; the impact of overall liquidity and credit availability on the timing of cash flows and the value of badets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in foreign exchange markets; challenges to title deeds, particularly on undeveloped properties, or access to water, electricity and other required infrastructure; employee relations, including the loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and the availability and increase of costs badociated with the inputs and labor of the mining industry. In addition, exploration, development and mining involve risks and hazards, including risks to the environment, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and other hazards. gold bullion, copper cathode or gold or losses of copper concentrates (and the risk of inadequate insurance or the inability to take out insurance to cover those risks) .
Many of these uncertainties and contingencies may affect our actual results and cause actual results to differ materially from those expressed or implied by the forward-looking statements made by us or on their 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. Reference is made in particular to the last Form 40-F / Annual Information Form filed with the SEC and the Canadian securities regulatory authorities for a more detailed discussion of some of the factors underlying the forward-looking statements and the risks that may affect Barrick & # 39; s ability to meet 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 as a result of new information, future events or otherwise, except as required by applicable law.
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