As Loulo-Gounkoto Sustains a Strong Performance, Barrick Hunts for New Discoveries in the Region
Press Release
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All amounts expressed in US dollars
As Loulo-Gounkoto Sustains a Strong Performance,
Barrick Hunts for New Discoveries in the Region
BAMAKO, Mali, October 7, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Loulo-
Gounkoto complex is set to maintain its status as one of the world’s Top 10 gold producers as it stays on
track to meet this year’s guidance and continues to replace the reserves depleted by mining, Barrick
president and chief executive Mark Bristow said here today.
Briefing local journalists, he noted that in the 26 years Barrick had been in the country, it had worked
tirelessly with successive governments and local partners to grow Mali’s mining industry and to promote
it as a global investment destination, in the face of many social and political challenges.
Over this time, Barrick has contributed almost $10 billion to the Malian economy in the form of taxes,
royalties, salaries and payments to local suppliers. Some 70% of the economic benefit currently
generated by the complex goes to its Malian stakeholders. Loulo-Gounkoto has contributed between
5% and 10% to the Malian GDP over the past 10 years.
Barrick has also developed a previously non -existent mining skills base in the region and Loulo -
Gounkoto’s entire management team are citizens of Mali.
“Mali was the birthplace of Barrick’s philosophy of genuine partnerships with its host governments. Close
relationships can over time be stressed by misconceptions but in the past we have always been able to
find solutions through open and transparent dialogue. Mutually acceptable solutions can be achieved if
there is a genuine commitment to seek outcomes that deliver real and long-term value for Mali and its
people,” he said.
Meanwhile, exploration teams continue to find new growth opportunities in the very prospective Loulo
region. Updated geological models have already identified new high-priority targets with the potential of
delivering the next generation of major discoveries.
“We remain committed to Mali and, as we invest in future growth here, we look forward to maintaining a
mutually beneficial partnership with the authorities and our in-country stakeholders,” Bristow said.
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Group Regional Manager
West Africa
Mahamadou Samaké
+223 66 75 61 36
West Africa and Saudi Arabia
Operations Manager
Chiaka Berthe
+223 66 74 75 88
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
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 “sustains”,
“discoveries”, “maintain”, “on track”, “opportunities”, “guidance”, “recogni ze”, “develop”, “commitment”, “deliver”,
“target”, “potential”, “remain”, “can”, “will”, and similar expressions identify forward-looking statements. In particular,
this press release contains forward- looking statements including, without limitation, with respect to Loulo-
Gounkoto’s ability to achieve its production guidance for 2023 and maintain its production profile; Loulo Gounkoto’s
productive partnership with the government of Mali; the Complex’s potential to continue to make major contributions
to the country’s economy and mining industry while developing the skills of its in- country workforce ; Loulo -
Gounkoto’s ability to continue to replace mineral reserves net of depletion; Barrick’s exploration strategy and the
potential to find new discoveries and growth opportunities in the Loulo region; Barrick’s strategy, plans, targets and
goals in respect of environmental and social governance issues, including with respect to greenhouse gas
emissions reductions and safety and health; and investments to support community projects, local procurement,
employment, education and development programs in Mali.
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 diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and
development; changes in mineral production performance, exploitation, and exploration successes; 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
the Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; risk
of loss due to acts of war, terrorism, sabotage and civil disturbances; 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 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 forwa rd-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.