Barrick Hunts New GOLD and Copper Prospects IN DRC from Kibali Base
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
BARRICK HUNTS NEW GOLD AND COPPER
PROSPECTS IN DRC FROM KIBALI BASE
Kibali, Democratic Republic of Congo, March 20, 2024 – Barrick Gold Corporation (NYSE:GOLD)
(TSX:ABX) – Based on the success of Kibali, which Barrick has built into Africa’s largest gold mine, the
company is ready to invest in new gold and copper opportunities in partnership with the government of
the DRC, says president and chief executive Mark Bristow.
Speaking to media at a site visit to the mine, Bristow said Kibali was on track for another value-creating
year on the back of a strong production performance. It was also well set to replace the ounces that
were being depleted by mining with more of the same high quality.
“Kibali has transformed what was previously the disadvantaged north -east region of the country into a
new economic frontier and a flourishing commercial hub. Of our $5 billion investment in the DRC, more
than half has been spent with local contractors and suppliers, many of whose growth into substantial
businesses we have promoted by enhancing their commercial and technical skills and providing them
with the opportunities to exercise these. Kibali’s third hydropower station, for example, was built by an
all-Congolese team,” he said.
Kibali’s recently announced that a collaboration with the ARSP, the public regulator which oversees the
country’s sub-contracting sector, has already resulted in a range of initiatives, building on Kibali’s industry
leading local content strategy.
Meanwhile, Kibali continues its transition to renewable energy with the planned commissioning of a
16MW solar plant and associated batteries in 2025. The plant will increase the renewable energy use
from 81% to 85%, with the mine running solely on renewal power during the six-month rainy season.
In line with its commitment to biodiversity preservation, Kibali has embarked on a feasibility assessment
in consultation with the ICCN for the introduction of additional white rhinos into the Garamba National
Park.
Enquiries:
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
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 t han statements of historical fact, are forward- looking statements. The words ““on track”, “value-
creating”, “perform”, “transform’, “expect”, “continue”, “increase”, “commitment”, “grow”, “will”, and similar expressions
identify forward- looking statements . In particular, this press release contains forward- looking statements including,
without limitation, with respect to: the anticipated benefits from Kibali’s local procurement initiatives and investment in
local partnerships and communities; Barrick’s investment in community programs and projects; and Barrick’s commitment
to the DRC and potential further growth opportunities.
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 silver,
diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; 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 DRC
and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral
production performance, exploitation, and exploration successes; the possibility that future exploration results will not be
consistent with the Company’s expectations; disruption of supply routes which may cause delays in construction and
mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of
loss due to acts of war, terrorism, sabotage and civil disturbances; 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 Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives
and internal hurdle rate; 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, whet her true or not; risks associated with new diseases, epidemics and pandemics; 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 to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and
availability and increased costs associated with mining inputs and labor. 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 gol d 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.