All amounts are expressed in US dollars.
TONGON GOLD MINE, Ivory Coast, July 10, 2021 (GLOBE NEWSWIRE) – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Significant exploration successes could extend the life of the Tongon gold mine, Barrick President and CEO Mark Bristow said today.
Speaking at a local press conference, Bristow said that 10 years after entering production, Tongon could find a new lease of life thanks to promising results from near-mine exploration campaigns designed to replace depleted reserves. of the mine. In addition to the work on the promising targets of Seydou Nord and Tongon Ouest, Tongon has submitted documentation for the extension of its Nielle mining permit by an additional 10 years, in order to support the desire to extend the life of its mine.
Bristow said Barrick, through its predecessor Randgold Resources, has invested and partnered with Côte d’Ivoire through the country’s many challenges and development stages.
“Tongon’s successful commissioning in the midst of a civil war was a historic achievement in the development of a very promising but under-explored gold mining industry in Côte d’Ivoire. Since then, the mine has always been profitable – it just declared a dividend of $ 150 million for the second quarter of this year – and has one of the best safety records in the Barrick group. Over time, it has invested $ 1.77 billion in the Ivorian economy in the form of taxes, salaries, payments to local suppliers and infrastructure developments, ”Bristow said.
In the spirit of Barrick’s partnership with its host communities, Tongon has provided local villages, located in one of the poorest regions of the country, with access to electricity and new markets through a network of power lines, roads and bridges, built new primary schools and clinics, boosted the development of a regional economy by employing local contractors and suppliers, and pre-funded a number of income-generating projects. More recently, he provided a surgical unit to the Mbengue clinic.
“A longer life for Tongon means that he will be able to continue to create benefits to be shared with our Ivorian stakeholders for years to come,” said Bristow.
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Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operational performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “point to”, “could”, “promising”, “targets”, “extension”, “further”, “lead”, “will”, “continue”, “years to come” and similar expressions identify the future- looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: a potential extension of the life of the Tongon mine, including associated license filings; ongoing exploration and reserve replacement opportunities; and Barrick’s support for local businesses, partnership with host communities and contributions to the Ivorian economy.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set out below, although believed to be reasonable by the Company as of 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 forward-looking statements, and such statements and information should not be relied on unduly. These factors include, but are not limited to: fluctuations in spot and futures prices for gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity) ; the speculative nature of mining exploration and development; changes in the performance of mineral production, mining and exploration successes; risk of loss through acts of war, terrorism, sabotage and civil unrest; risks associated with projects in the early stages of appraisal, and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; the time of receipt or failure to comply with the necessary authorizations and approvals; uncertainty as to whether some or all of the targeted investments and projects will meet the capital allocation objectives and the critical internal rate of return of the Company; changes in national and local 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 Côte d ‘Ivoire and other jurisdictions in which the Company or its affiliates operate or may operate in the future; damage to the Company’s reputation as a result of the actual or perceived occurrence of a number of events, including negative publicity regarding the Company’s management of environmental issues or relations with community groups, whether true or not; the risks associated with artisanal and illegal mining; the risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and judicial and administrative proceedings; employee relations, including the loss of key employees; increasing costs and physical risks, including extreme weather events and resource shortages, associated with climate change; and the increased availability and costs associated with mining inputs and labor. Barrick is also warning that its forecast could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and dangers associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and gold bullion, copper cathode or gold or copper concentrate. losses (and the risk of inadequate insurance, or the 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 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 contained in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F / Annual Disclosure Form filed with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and risks that may affect Barrick’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 statement, whether as a result of new information, future events or otherwise, except as required by applicable law.