Barrick and Shandong Complete Formation of Joint Venture at Veladero Mine
BARRICK GOLD CORPORATION PRESS RELEASE
PRESS RELEASE — June 30, 2017
All amounts expressed in U.S. dollars
Barrick and Shandong Complete Formation of Joint
Venture at Veladero Mine
TORONTO — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (“Barrick”) today announced
that it has completed the sale of a 50 percent interest in the Veladero mine in San Juan
province, Argentina to Shandong Gold Mining Co., Ltd, for $960 million. The formation of a
50/50 joint venture at Veladero is the first of three steps outlined in a strategic cooperation
agreement signed by Barrick and Shandong Gold Group Co., Ltd. on April 6.
In keeping with the second step in the agreement, the two companies have also formed a
working group to explore the joint development of the Pascua-Lama deposit. As a third step,
Barrick and Shandong will evaluate additional investment opportunities on the highly
prospective El Indio Gold Belt on the border of Argentina and Chile.
Proceeds from the sale of 50 percent of Veladero will be used primarily to reduce debt.
CIBC World Markets Inc. acted as financial advisor to Barrick. Davies Ward Phillips & Vineberg
LLP acted as legal counsel to Barrick.
About Shandong Gold
Headquartered in Jinan, Shandong province, China, Shandong Gold Group was founded in
1996 and today has 23,000 employees. Shandong Gold Mining Co., Ltd. was listed on the
Shanghai Stock Exchange in 2003. Shandong Gold Group produced approximately 1.2 million
ounces of gold in 2016, and is the only mining company in China to be named a “National
Environmentally Friendly Enterprise” by the Chinese government.
INVESTOR CONTACT MEDIA CONTACT
Daniel Oh
Senior Vice President
Investor Engagement and Governance
Telephone: +1 416 307-7474
Email: [email protected]
Andy Lloyd
Senior Vice President
Communications
Telephone: +1 416 307-7414
Email: [email protected]
BARRICK GOLD CORPORATION PRESS RELEASE
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained 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 “explore”, “evaluate”, “opportunity”, “will”, “prospective”,
“develop” and similar expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by Barrick 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: the benefits expected from the transaction being
realized; fluctuations in the spot and forward price of gold, silver, or certain other
commodities; the speculative nature of mineral exploration and development; changes in
mineral production performance, exploitation, and exploration successes; increased costs,
delays, suspensions and technical challenges associated with the development and
construction of capital projects; operating or technical difficulties in connection with mining or
development activities, including disruptions in the maintenance or provision of required
infrastructure and information technology systems; 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; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based on projected future cash
flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the
currency markets; 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 Canada, the United
States, Argentina, and other jurisdictions in which Barrick does or may carry on business in
the future; risks related to international operations, including economic and political instability
in foreign jurisdictions in which Barrick operates; damage to Barrick’s reputation due to the
actual or perceived occurrence of any number of events, including negative publicity with
respect to the handling of environmental matters or dealings with community groups, whether
true or not; the possibility that future exploration results will not be consistent with Barrick’s
expectations; risk of loss due to acts of war, terrorism, sabotage, and civil disturbances;
litigation; contests over title to properties, particularly title to undeveloped properties, or over
access to water, power, and other required infrastructure; risks associated with working with
partners in jointly controlled assets; and employee relations. 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
BARRICK GOLD CORPORATION PRESS RELEASE
Canadian provincial securities regulatory authorities for a discussion of some of the factors
underlying forward-looking statements. 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.