Barrick Targets Further Growth IN Tanzania
PRESS RELEASE
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All amounts expressed in US dollars
BARRICK TARGETS FURTHER GROWTH IN TANZANIA
North Mara, Tanzania – October 22, 2022 – With its North Mara and Bulyanhulu gold mines set to
achieve a combined production in excess of 500,000 ounces1 for the second year running, Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX) is looking to expand its East African footprint from this base.
Speaking to media at a briefing at a local school near to the North Mara Mine, president and chief
executive Mark Bristow said the resurrection of these moribund mines and their transformation into an
asset with the potential to be included in Barrick’s elite Tier One2 portfolio as a combined complex was a
remarkable success story.
“Our groundbreaking Twiga partnership with the Tanzanian government not only settled its long-running
disputes with the mines’ previous operators but has established a model for mutually beneficial
cooperation between miners and their host countries, particularly in Africa. By demonstrating that
Tanzania is an investor -friendly destination it also augurs well for the future of the country’s mining
industry,” he said.
Both North Mara and Bulyanhulu have been ramping up production, with North Mara hitting a record
505,000 tonnes of ore and waste mined last quarter1. It continues to optimize the underground operation
while the change to an owner-mining strategy has boosted the expansion of both the mine and open pit
operations. At Bulyanhulu, the development of the main declines to access the Deep West zone of the
orebody started last quarter. The production ramp-up at both mines is being supported by fleet upgrades.
“We continue to target further growth through reconnaissance and the consolidation of key licences.
Extension opportunities are being assessed along the Gokona strike and thr oughout the Bulyanhul u
Inlier. Results from the deep drilling at Gokona are pointing to a significant potential for extending North
Mara’s life,” Bristow said.
“In addition to the brownfields exploration designed to maintain the positive trend on resource expansion
and conversion at the two mines, we are also looking further afield. A better understanding of the region’s
geological architecture will improve our ability to discover new world-class development opportunities in
our areas of interest.”
In line with Barrick’s localization policy, Tanzanians make up 96% of mines’ workforces, with 45% drawn
from the communities surrounding the mines . Host country nationals account for 58% of the senior
management. During the past quarter the mines spent $339 million with Tanzanian suppliers and service
providers. Since it took over the mines in 2019, Barrick has contributed over $2.1 billion to the Tanzanian
economy.
BARRICK GOLD CORPORATION PRESS RELEASE
Barrick Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Country manager, Tanzania
Melkiory Ngido
+255 686 945 222
Email: [email protected]
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
Endnote 1
On a 100% basis.
Endnote 2
A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of
at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the
industry cost curve.
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 “target”, “set to
achieve”, “looking to expand”, “potential”, “future,” “continue”, “improve”, “would”, “commit”, “advance”, “generate”,
“expect”, “will”, and similar expressions identify forward-looking statements. In particular, this press release contains
forward-looking statements including, without limitation, with respect to: expected production and cost levels for the
North Mara and Bulyanhulu mines and their Tier One potential as a combined complex; Barrick’s partnership with
the Government of Tanzania under the framework agreement; the ramp -up of production at North Mara and
Bulyanhulu, optimization of production and fleet upgrades; potential mine life extensions, resource expansion and
new development opportunities identified through drilling and other exploration activities; planned investments by
Barrick in Tanzania including to develop healthcare, education and infrastructure; Barrick’s contributions to the local
economy, including local hiring and procurement programs and spending as well as anticipated contributions to
value-adding national projects.
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 mineral production performance, exploitation, and exploration successes; risks
associated with projects in the early stages of evaluation, and for 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; our ability to
convert resources into reserves; increased costs, delays, suspensions and technical challenges associated with
the construction of capital projects; risks associated with working with partners in jointly controlled assets; 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 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 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
BARRICK GOLD CORPORATION PRESS RELEASE
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 fac tors 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.