Barrick Supports Flood Relief IN Balochistan
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars.
BARRICK SUPPORTS FLOOD RELIEF IN BALOCHISTAN
Toronto, August 12, 2022 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is contributing
$150,000 to Balochistan’s Provincial Disaster Management Authority (PDMA) to support its relief
efforts in the wake of unprecedented floods in the region. Remote communities in the province
were hardest hit by the heavy monsoon rains which killed more than 500 people in Pakistan.
In a phone call today with the province’s chief minister, Abdul Quddus Bizenjo, Barrick president
and chief executive Mark Bristow expressed the company’s condolences on the loss of life and
suffering inflicted on the people of Balochistan.
He said the contribution to the emergency fund was a demonstration of the spirit of partnership in
which Barrick, Balochistan and Pakistan had embarked on the reconstitution and restart of the
Reko Diq project, which holds one of the world’s largest undeveloped copper -gold deposits.
Balochistan will have a 25% fully funded share in the project (10% free carried and 15% to be
funded by the federal government). Pakistani state-owned enterprises will hold another 25% and
Barrick, with 50%, will operate the mine.
“Balochistan will benefit enormously from its stake i n the mine. Even before construction starts,
once the legalisation process has been completed and the project reconstituted , we will start
implementing social development programs representing an estimated investment of $70 million
over the construction period. In addition, Reko Diq will advance royalties of up to $5 million in the
first year, up to $7.5 million in the second and up to $10 million thereafter until construction starts,”
Bristow said.
During peak construction the project is expected to employ approximately 7,500 people and once
in production it will create 4 ,000 full-time jobs. Its policy of local procurement will stimulate the
development of a robust local economy.
“Reko Diq has an estimated life of at least 40 years, so it will be generating substantial benefits for
its Balochistan stakeholders for generations to come,” Bristow said.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+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 th an statements of historical fact, are forward-looking statements. The words “embark”, “spirit”,
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looking statements. In particular, this press release contains forward-looking statements including, without limitation, with
respect to: Barrick’s planned contribution to the Provincial Disaster Management Authority in Balochistan; Reko Diq’s
status as one of the world’s largest undeveloped copper-gold deposits and the potential benefits for Balochistan from its
development; the future ownership of the Reko Diq project, including the 25% fully funded share to be held by
Balochistan; the proposed fiscal terms applicable to the Reko Diq project and the joint venture through which it will be
held; the timeline and process for the reconstitution of a joint venture to carry out the future development and operation
of the Reko Diq project; the contemplated life of mine of the Reko Diq project; the anticipated sharing of the benefits from
the Reko Diq project with Barrick’s host governments and communities including investments in social development
programs and the payment of advance royalties as well as potential levels of local employment during pro ject
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