Barrick Gold Corporation – New Loulo-Gounkoto underground mine ramps up as exploration continues to extend complex life
Underground in Loulo.
All amounts expressed in US dollars
Loulo Gold Mine, Mali – The Loulo-Gounkoto gold complex is expected to remain a major contributor to the Malian economy into the future as it continues to replace depleted ore with mining, said today Barrick President and CEO Mark Bristow.
Mines operated in Mali by Barrick and its predecessor Randgold have spent some $ 8 billion in the country in taxes, royalties, salaries and payments to local suppliers over the past 24 years. To date this year, it has paid the government $ 318 million in taxes, royalties and dividends and has invested over $ 13 million in community wellness projects ranging from health and education to community initiatives. economic development such as its Business Accelerator program, designed to equip budding entrepreneurs. with management skills.
Speaking at a press conference, Bristow said Loulo-Gounkoto was on track to meet its annual production targets, with its new underground mine at Gounkoto – the complex’s third underground operation – increasing production. With successful exploration, it is on track to increase net depletion mineral reserves for the third consecutive year and the promising results from the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential for further extensions to the life of the plant. the mine.
“Loulo-Gounkoto is one of the largest gold mining operations in the world and continues to uphold its status as a member of the industry’s elite Tier One.1 club as well as the largest private sector contributor to Mali’s GDP, ”said Bristow.
“In addition to the enormous value it creates for its stakeholders, Loulo-Gounkoto also aspires to a high level of social responsibility. Almost 40% of employees have been vaccinated against Covid-19 and 335 people have been vaccinated in the surrounding community. Security personnel and other staff who come into contact with the community have undergone rigorous human rights training. Work is also underway to obtain the new certification standardized by the International Cyanide Management Institute.
Loulo-Gounkoto maintains its commitment to the employment and advancement of nationals of the host country, in line with Barrick’s global policy, and residents of the nearby village of Kenieba have been successfully trained to operate key facilities in the new Gounkoto underground mine. The complex is almost entirely staffed and managed by Malian citizens.
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A level 1 gold asset is an asset with reserve potential to provide a minimum life of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the life of mine that fall in the lower half of the industry cost curve.
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 “continue”, “ramp up”, “on track”, “promise”, “potential”, “aspire”, “maintain”, “commitment”, “value”, “in progress”, “direction” , “Would”, “should” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to: production directions and performance of Loulo-Gounkoto; ramp-up of production from the new underground mine at Gounkoto; the ability of Loulo-Gounkoto to continue increasing net mineral reserves of depletion; opportunities to extend the life of mine from the Yalea Ridge and Gounkoto-Faraba targets; and Barrick’s commitment to Mali and investment in the development of local communities, including to support Covid-19 vaccination initiatives, training human rights and local employment and development programs.
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; the possibility that future exploration results may not meet the Company’s expectations; the risks that exploration data is incomplete and that considerable additional work is required to conduct a more in-depth assessment, including, but not limited to, drilling, engineering, and socio-economic studies and investments; 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; changes in laws, taxation, controls or regulations of national and local governments and / or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Mali and others jurisdictions in which the Company or its affiliates do or may do business 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 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 availability and increased 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.