Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Twiga
Minerals, the joint venture between the Tanzanian government and
Barrick Gold Corporation, has revitalized the country’s gold mining
industry through a partnership that should serve as a model for
similar operations, particularly in developing regions, Barrick
president and chief executive Mark Bristow said today.
Briefing media at a mine visit, Bristow said in
2019 when Barrick took control over North Mara and
Bulyanhulu – the mines that now form the Twiga complex –
both were rundown and at a virtual standstill due to a deadlocked
dispute between the government and the previous operators.
“We settled the dispute and established Twiga as a
50:50 economic benefits sharing partnership, which also vested a
16% shareholding in each mine with the government. We reinvented
the mines which now, as a combined complex, produce gold at a Tier
One level, in other words one which can produce at least 500,000
ounces of gold annually for more than 10 years at the lower half of
the industry cost curve. So successful are these operations that,
since Barrick’s buyout of the minority shareholders, they have
contributed more than $2.8 billion to the Tanzanian economy in
the form of taxes, levies, dividends, salaries and payments to
local suppliers,” Bristow said.
“Equally important, we have fixed the
environmental, land claims and human rights issues that destroyed
these mines’ reputations and have restored their social licence to
operate as an integral member of their communities. Since its
establishment, Twiga has invested more than $12.5 million in
landmark projects – identified in collaboration with the community
development committees we established at the mines – to provide
access to quality healthcare, educational facilities, potable water
and alternative sources of income. Among these is an irrigation
system which is expected to substantially improve production for
2,356 farmers.”
Twiga has also committed $30 million to a
Future Forward School Programme. In partnership with the
government, it will build 1,090 classrooms and other facilities
across 161 schools nationwide, to accommodate some 49,000 of the
estimated 190,000 students who will start their A-levels in July
this year. In addition, it has pledged $40 million to
construct a 73 kilometre road from Kahama to Kakola.
Operationally, Bristow said the Twiga complex was
continuing its strong production performance and was well on track
to achieve its guidance for the year. Both mines are maintaining a
strong focus on the health and safety of their workers, and in
April Bulyanhulu won the Overall Tanzanian OSHA1 Compliance Award
for 2023 in the Mining Sector Category and North Mara was second
runner-up.
Globally, Barrick has a policy of prioritizing
local employment and at Twiga this has delivered a workforce which
is 96% Tanzanian, with almost half drawn from the communities
around the mines.
Bristow said conversion drilling at North Mara was
successfully replacing the reserves depleted by mining and first
ore was mined at the mine’s new Gena pit last quarter. Additional
opportunities for resource conversion have been identified at both
mines.
“Barrick is committed to expanding its presence in
Tanzania from our base here. We are currently consolidating key
prospecting licences in the country with a view to expanding our
existing reserves and resources as well as to discovering new
world-class gold deposits,” he said.
Barrick EnquiriesTanzania Country
ManagerMelkiory Ngido+255 686 945 222
Corporate communications and country liaison
managerGeorgia Mutagahywa +255 754 711 215Email:
georgia.mutagahywa@barrick.com
Investor and media relationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1Tanzanian Occupational
Safety and Health Authority
Cautionary Statement on Forward-Looking
Information Certain information contained or incorporated
by reference in this press release, including any information as to
our strategy, projects, 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 “opportunity”, on track”,
“potential” “expected”, “committed”, “expanding”, “maintaining”,
“currently”, “continue”, “would”, “will”, and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: the Tier One production profile of
North Mara and Bulyanhulu as a combined complex; North Mara and
Bulyanhulu’s ability to meet 2023 guidance; opportunities for
further growth in Tanzania, including through resource conversion,
development of the Gena pit at North Mara, the planned
consolidation of prospecting licenses and exploration for new
deposits; Barrick’s partnership with the Government of Tanzania;
Barrick’s sustainability initiatives in Tanzania and continued
investments in community projects; and Barrick’s contributions to
the local economy including its tax contributions, education
funding, local hiring and procurement programs and spending.
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 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 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 Tanzania and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; changes in mineral production
performance, exploitation, and exploration successes; the
possibility that future exploration results will not be consistent
with the Company’s expectations; disruption of supply routes which
may cause delays in construction and mining activities, including
disruptions in the supply of key mining inputs due to the invasion
of Ukraine by Russia; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; 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 some or all of Barrick’s targeted
investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; 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; risks associated with new
diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; litigation and
legal and administrative proceedings; employee relations including
loss of key employees; increased costs and physical and transition
risks related to climate change, including extreme weather events,
resource shortages, emerging policies and increased regulations
relating to related to greenhouse gas emission levels, energy
efficiency and reporting of risks; and availability and increased
costs associated with mining inputs and labor. Barrick also
cautions that its guidance may be impacted by the ongoing business
and social disruption caused by the spread of Covid-19. 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.
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Oct 2023 to Oct 2024