Barrick Gold Corporation – New Nevada Gold Mines Solar Power Plant Advances Barrick’s Clean Energy Campaign
Elko, Nevada – Nevada Gold Mines (NGM) is investing in a 200 megawatt (MW) solar power plant designed to accelerate its decarbonization program in line with Barrick Gold Corporation’s greenhouse gas reduction roadmap. NGM is majority owned and operated by Barrick (NYSE: GOLD)(TSX: ABX).
NGM today announced its partnership with First Solar (Nasdaq: FSLR) to manufacture all of the modules needed to build 200 MW, entirely in the United States.
NGM has begun detailed engineering and expects to begin construction in the third quarter of 2022. Modules supplied by First Solar are expected to be delivered early in the second quarter of 2023 and will power both phases of the power plant.
Ensuring that the contract partner selected for this project fully supports NGM’s values was a top priority for the company. NGM has chosen to contract with a supplier that is committed to fair labor practices, investment in American manufacturing and jobs, and will provide high-performance solar panels with the lowest carbon footprint and best profile. environment available today. Although this process was time-consuming, it allowed the company to optimize the project schedule to commission Phase I and Phase II by early 2024.
NGM is committed to reducing its carbon emissions by 20% by 2025. This goal will be achieved through the construction of 200 MW solar panels and the conversion of NGM’s coal-fired power plant to natural gas combustion. cleaner.
“The project is the latest in a series of initiatives to reduce carbon emissions across the group’s global operations,” said Grant Beringer, Barrick’s group sustainability manager. “The solar plant will complete NGM’s coal-fired plant’s transition to a dual-fuel process, which will allow it to generate electricity from natural gas, reducing carbon emissions by up to 50 percent.”
NGM places a strong emphasis on environmental management practices and is a committed steward of the State of Nevada’s unique lands, waters, flora and fauna. Barrick is targeting an overall 30% reduction in emissions by 2030 from its 2018 baseline, with the goal of reaching net zero by 2050.
Investor Relations and Media
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
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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 “advance”, “lead”, “invest”, “expect”, “ensure”, “enable”, “optimize”, “target”, “goal”, “commit”, “vision” , “develop”, “maintain”, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: Barrick’s and NGM’s climate change strategy and associated greenhouse gas emission reduction targets, including Barrick’s ultimate vision of achieving net zero emissions by 2050; the anticipated environmental benefits of NGM’s new solar power plant and partnership with First Solar; and NGM’s focus on environmental stewardship in the State of Nevada.
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, although believed to be reasonable by the company as of the date of this press release. based on the experience of Barrick and NGM management. 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; 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; non-renewal of key licenses by governmental authorities; changes in national and local government laws, 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 United States and other jurisdictions in which the Company or its affiliates do or may do business in the future; timing of receipt or non-compliance with necessary permits and approvals; uncertainty as to whether certain targeted investments and projects will achieve the company’s capital allocation targets and hurdle rate; 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 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, qu whether they are true or not; the possibility that future exploration results will not meet the Company’s expectations; 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; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; 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. 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).
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