Barrick Gold Corporation – Barrick supports flood relief in Balochistan
All amounts are expressed in US dollars.
TORONTO, August 12, 2022 – Barrick Gold Corporation (NYSE: GOLD)(TSX: ABX) is donating $150,000 to the Provincial Disaster Management Authority (PDMA) of Balochistan to support its flood relief efforts unprecedented in the region. Remote communities in the province were the hardest hit by heavy monsoon rains that killed more than 500 people in Pakistan.
In a phone call today with the province’s chief minister, Abdul Quddus Bizenjo, Barrick’s chairman and chief executive, Mark Bristow, expressed the company’s condolences for the loss of life and suffering inflicted to the people of Balochistan.
He said the contribution to the emergency fund was a demonstration of the spirit of partnership in which Barrick, Baluchistan and Pakistan had embarked on the replenishment and restart of the Reko Diq project, which holds one of the largest undeveloped copper-gold deposits in the world. Baluchistan will have a 25% fully funded share in the project (10% free and 15% federally funded). Pakistani state-owned companies will own an additional 25% and Barrick, with 50%, will operate the mine.
“Baluchistan will benefit immensely from its stake in the mine. Even before the start of construction, once the legalization process is completed and the project is reconstituted, we will begin to implement social development programs representing an estimated investment of 70 million dollars over the construction period. Additionally, Reko Diq will advance royalties of up to $5 million in the first year, up to $7.5 million in the second, and up to $10 million thereafter until construction begins.” , Bristow said.
At the peak of construction, the project is expected to employ around 7,500 people and once in production will create 4,000 full-time jobs. Its local procurement policy will stimulate the development of a robust local economy.
“Reko Diq has an estimated lifespan of at least 40 years, so it will generate substantial benefits for its stakeholders in Balochistan for generations to come,” Bristow said.
Kathy du Plessis
Investor Relations and Media
+44 20 7557 7738
E-mail: [email protected]
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 “onboard”, “spirit”, “implement”, “reconstitute”, “estimate”, “approximately”, “future”, plan, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: Barrick’s planned contribution to the Balochistan Provincial Disaster Management Authority; the status of Reko Diq as one of the largest undeveloped copper-gold deposits in the world and the potential benefits to Balochistan from its development; future ownership of the Reko Diq project, including the fully funded 25% share to be owned by Balochistan; the proposed tax terms applicable to the Reko Diq project and the joint venture through which it will be held; the timing and process for reconstituting a joint venture to carry out the future development and operation of the Reko Diq Project; the intended mine life of the Reko Diq project; anticipated sharing of benefits from the Reko Diq project with governments and Barrick’s host communities, including investments in social development programs and payment of advance royalties as well as potential levels of local employment during construction and operation of the project; and expectations regarding financial performance and other outlook or advice.
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 Barrick as of the date of this press release in light of management’s experience and perception of expected conditions and developments, are inherently subject to significant commercial, economic and competitive uncertainties and hazards. 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 diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, mining and exploration success; risks associated with projects in the early stages of appraisal and development and for which additional engineering, technical and other analyzes are required; disruption of supply routes which may cause delays in development, construction and mining activities; reduction in the quantities or qualities of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operational or technical difficulties related to mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required information technology infrastructure and systems; failure to comply with environmental, health and safety laws and regulations; inability to obtain key licenses from governmental authorities; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the expropriation or nationalization of property and the political or economic development of the Islamic Republic of Pakistan or the province of Balochistan; timing of receipt or non-compliance with necessary permits and approvals; lack of certainty about foreign legal systems, corruption and other factors inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to Barrick’s reputation due to the occurrence or perceived occurrence of a number of events, including negative publicity regarding Barrick’s handling of environmental issues or dealings with community groups, whether true or not ; the possibility that future exploration results will not meet Barrick’s expectations; the risks that exploration data will be incomplete and that considerable additional work will 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; dispute; disputes over title deeds, particularly title to undeveloped properties, or access to water, electricity and other necessary infrastructure; business opportunities that may be presented to, or pursued by, Barrick; risks associated with working with partners in jointly controlled assets; 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 increased costs associated with mining inputs and labor. 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 by any forward-looking statements made by us 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.
We disclaim 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.
Source: Barrick Gold Corporation