Barrick Announces Major Social, Skills a nd Infrastructure Investment in Tanzania
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
Barrick Announces Major Social, Skills a nd Infrastructure
Investment in Tanzania
Dar es Salaam, Tanzania, 27 May 2022 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)
announced today that it would spend $6 for every ounce of gold sold by its two mines in the country on
improving healthcare, education, infrastructure and access to potable water in the communities around
them.
At the same time, it has committed up to $7 0 million for investment in value-adding national projects,
including mining-related training, skills development and scientific facilities at Tanzanian universities, as
well as road infrastructure.
This is in accordance with the conditions underlying Barrick’s framework agreement with the government,
which included the establishment of their Twiga joint venture. Twiga oversees a 50/50 split of the
economic benefits generated by the mines as well as their management.
Barrick president and chief executiv e Mark Bristow said today the investment program was the latest
evolution of the company’s very successful partnership with the government.
“Since we took over the Tanzanian mines from their previous operator in 2019, we have rebuilt relations
with the state and renewed our social licence to operate here. North Mara has been redesigned as an
integrated underground/open pit mine and Bulyanhulu has been resuscitated as a long-life underground
mine. Together they are expected to produce more than 500,000 ounces 1 of gold per year at the lower
end of the cost spectrum,” he said.
Barrick has spent more than $1.9 billion in taxes, salaries and paym ents to local businesses over the
past two years. At least 73% of the mines’ goods and services are sourced locally and they give
preference to the employment of Tanzanian nationals.
Barrick has to date also paid the government $140 million of the $300 m illion settlement included in the
framework agreement.
Barrick Enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Country manager, Tanzania
Georgia Mutagahywa
+255 754 711 215
Email: [email protected]
Head of sustainability, AME
Hilaire Diarra
+223 66 75 08 44
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
Endnote 1
On a 100% basis.
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 “would”, “commit”,
“advance”, “generate”, “expect”, “will”, “continue” and similar expressions identify forward- looking statements. In
particular, this press release contains forw ard-looking statements including, without limitation, with respect to:
planned investments by Barrick in Tanzania including to develop healthcare, education and infrastructure; Barrick’s
partnership with the Government of Tanzania under the framework agreement; Barrick’s contributions to the local
economy, including local content programs and spending as well as anticipated contributions to value- adding
national projects; and expected production and cost levels for the North Mara and Bulyanhulu mines on a combined
basis.
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 curre nt 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 silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration
and development; changes in mineral production performance, exploitation, and exploration successes; risks
associated with projects in the early stages of evaluation, and f or which additional engineering and other analysis
is required; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or
failure to comply with, necessary permits and approvals; uncertainty whether some or all of the targeted investments
and projects will meet the Company’s capital allocation objectives and internal hurdle rate; 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 Tanzania and
other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the
Company’s reputation due to the actual or perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental matters or dealings with community groups,
whether true or not; risks associated with new diseas es, 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 risks, including extreme weather events
and resource shortages, related to climate change; and availability and increased costs associated with mining
inputs and labor. Barrick also cautions that its guidance may be impacted by the unprecedented 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 forward -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.