Barrick Update on Mali Operations
NEWS RELEASE
All amounts expressed in US dollars
Barrick Update on Mali Operations
Toronto, December 16, 2024 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reports that although it
had previously agreed on a framework to achieve a global resolution of the disputes with the Government of
Mali over the Loulo-Gounkoto complex, it has to date been unsuccessful in arriving at a final resolution despite
numerous good-faith attempts to negotiate and a willingness to compromise beyond its legal rights.
Barrick has engaged constructively with the Malian government and its external advisors over the past 12
months, addressing their requests for an increased share of the economic benefits generated by Loulo -
Gounkoto. Notably, the government, a 20% shareholder, has to date received the majority of these benefits.
Barrick’s proposals toward a Memorandum of Agreement, which included significant concessions, have not
been meaningfully considered and have been rejected by the Government of Mali. Even though the 2023
Mining Code has no application to existing operations such as Loulo- Gounkoto, the government insists on
forcing Loulo-Gounkoto under the framework of that Code.
Local operating conditions have deteriorated significantly with employees imprisoned without cause and gold
shipments blocked. If shipments remain suspended, Barrick will be compelled to suspend operations, further
impacting the viability of this critical economic driver for Mali.
Strong Contribution to Mali’s Economy
Over 29 years, Barrick has invested more than $10 billion in Mali, with its mines contributing 5% to 10% of
the country’s GDP annually. In 2023 alone, Barrick contributed over $1 billion to the economy. Loulo-
Gounkoto remains one of Mali’s largest taxpayers and employers, with 97% of its 8,000-strong workforce
comprising Malian nationals. To date, the Malian state has received more than 70% of the economic benefits
from the complex.
Pressure on Local Management
Since November 25, several senior members of Barrick's Malian management team have been imprisoned
on unfounded charges, accompanied by concerning actions such as baseless tax and customs claims and
the reported issuance of an illegitimate arrest warrant against Barrick’s President and CEO. These actions
raise serious concerns about the misuse of the criminal justice system.
This follows the earlier detention of Barrick management in September and similar incidents involving senior
executives from other mining operators being jailed.
Commitment to Resolution
“Barrick has been a committed partner to Mali for nearly three decades, delivering significant value to
stakeholders and communities,” said Mark Bristow, Barrick President and CEO. “Recent developments
further erode investor confidence in Mali’s mining sector and will deter future investment. Nonetheless, in
view of our long- standing commitment to the people of Mali, w e remain open to constructive engagement
with the government to resolve these issues while protecting the viability of this key economic driver for Mali.”
BARRICK GOLD CORPORATION NEWS RELEASE
Bristow emphasized the need for negotiations to be mutual, respectful of existing agreements, and aimed at
preserving the long-term sustainability of the mining sector in Mali.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
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 “continue”, “intended”, “committed”, “engage”,
“negotiate”, “pursue” and similar expressions identify forward- looking statements. In particular, this press release contains
forward-looking statements including, without limitation, with respect to: the status of negotiations with the Government of Mali
in respect of ongoing disputes regarding the Loulo- Gounkoto Complex and Barrick’s commitment to reach a mutually
acceptable solution; the potential to increase the Government of Mali’s share in the economic benefits of Loulo-Gounkoto; and
Loulo-Gounkoto’s partnership with the Government of 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: changes in
national and local government legisl ation, 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 Mali and other
jurisdictions in which the Company or its affiliates do or may carry on business in the future; 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;
risks related to 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 and conflicts in the Middle East; risk of loss due to
acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation
and legal and administrative proceedi ngs; 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. 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 material ly
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.