Barrick Pledges $30 Million Towards School Development IN Partnership with Tanzania
Press Release
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All amounts expressed in US dollars unless specified otherwise
BARRICK PLEDGES $30 MILLION TOWARDS
SCHOOL DEVELOPMENT IN PARTNERSHIP WITH TANZANIA
Dodoma, Tanzania, March 20, 2023 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – In a
meeting today between Barrick president and chief executive Mark Bristow and Tanzania president
Samia Suluhu Hassan, the company affirmed its pledge of $30 million in partnership with the Tanzanian
government, towards the expansion of education infrastructure in Tanzania.
Called ‘The Barrick-Twiga Future Forward Education Program ’, the objective is to build
1,090 classrooms, 1,640 ablution blocks and 270 dormitories across 161 schools nationwide, helping to
accommodate approximately 49,000 of the estimated 190, 000 students who are expected to start their
A-levels in July this year. The first $10 million will be paid in April and the balance will be rolled out with
the program.
“We believe that education is key to the development of the country. Both the Bulyanhulu and North
Mara gold mines continue to support the education sector through the building of classrooms and the
improvement of education infrastructure around the mines, which has seen some of them consistently
feature among the top schools in these regions,” Bristow said.
North Mara has already spent $1.9 million (Tshs 4.5 billion) on 87 primary and secondary schools in the
Tarime District, 14 of which are the best performing schools in the district. Bulyanhulu has spent
$1.8 million (Tshs 4.2 billion) on 80 educational projects around the mine and is currently building a
Vocational Education Training College Centre in Bunango Village. Barrick’s investment around the mine
has given 7,557 Tanzanian girls access to education in 2022.
“In addition to the company’s support of education, l ast year North Mara was officially recognized as
Tanzania’s largest taxpayer and Bulyanhulu was awarded the Best Compliant Employer prize by the
National Social Security Fund. North Mara and Bulyanhulu also received the first and runner -up
recognition awards, respectively, for the e xport of m inerals and the generation of foreign currency.
They’ve both come a very long way and we look forward to continuing that journey through our Twiga
partnership with the government.”
Bristow said since Barrick took over control of the mines in 2019, it had pumped $2.4 billion into the
Tanzanian economy. Through their community development committees, the mines had invested more
than $10 million in projects to improve healthcare, education, access to potable water and the road
infrastructure.
Barrick Enquiries
Corporate communications and country liaison manager
Georgia Mutagahywa
+255 754 711 215
Email: [email protected]
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 than
statements of historical fact, are forward-looking statements. The words “pledge”, “create”, “continue”, “opportunity”, “helping”,
“objective”, “projects”, “currently”, “continue”, “towards”, “would”, “will”, and similar expressions identify forward-looking
statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to:
the potential for Barrick’s partnership with the Government of Tanzania to deliver long-term value to the Tanzanian economy
and create benefits for local stakeholders; Barrick’s sustainability initiatives in Tanzania including planned investments by
Barrick in Tanzania including to develop education, healthcare, potable water and road infrastructure; and Barrick’s contributions
to the local economy including its tax contributions, education funding, local hiring and procurement programs and spending.
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; 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; timing of receipt of,
or failure to comply with, necessary permits and approvals; failure to comply with environmental and health and safety laws and
regulations; increased costs and physical and transition risks related to climate change, including extreme weather events,
resource shortages and increased regulations relating to greenhouse gas emission levels; 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;
the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-
19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; 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; and availability and increased costs associated with mining inputs and labor. Barrick also
cautions that its guidance may be impacted by the ongoing 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.