Barrick Looks To The Future In Côte D’Ivoire
PRESS RELEASE
NYSE : GOLD TSX : ABX
Barrick Looks To The Future In Côte D’Ivoire
TONGON, Côte d’Ivoire – July 19, 2019 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX ) is
actively seeking to extend the life of its Tongon gold mine while at the same time exploring new opportunities
elsewhere in Côte d’Ivoire, president and chief executive Mark Bristow said here today.
Speaking at a briefing for local media visiting the mine, Bristow noted that Tongon was now in its 10th year
of operations while its developer Randgold Resources, since merged with Barrick, had been involved in
Côte d’Ivoire for more than 20 years, spending in excess of $90 million (CFA 52 billion) on exploration alone
during that time.
“Tongon was discovered and developed in the midst of a civil war and since then has had to contend with
almost every conceivable challenge including social and political unrest in the region, a protracted work
stoppage and an erratic power supply. Thanks to a committed and c ourageous management team –
comprised almost entirely of Ivorian nationals – the mine has nevertheless been consistently profitable,
delivering significant value to all its stakeholders and pointing the way for the growth of the country’s mining
industry and economy,” Bristow said.
“On current reserves, Tongon has under three years of life left, but we hope to extend that by converting
near-mine resources to reserves, exploring the potential of satellite deposits and probing targets along the
Badenou trend in the Tongon lease area. We are also seeking to advance the agribusiness projects
designed to provide economic opportunity and food security for the local community after the mine’s
closure.”
Elsewhere in Côte d’Ivoire, extensive exploration work is under way on all the permits within the company’s
large portfolio, which covers the most prospective parts of the country. Bristow said the success of this
program depended in part on the government’s continued support in the processing of applications and
facilitating access to permits. He added that since the President had appointed a dedicated Minister of
Mines, there had been a significant change in how the Government was working with the industry to address
key issues that had proved to be impediments in the past.
Turning to the mine’s current performance, Bristow said Tongon had rebuilt the capacity compromised by
last year’s extended work stoppages, and at the halfway stage of 2019 was on track to achieve its
production target of approximately 290 000 ounces of gold. Its continuing engagement with the
Government and the national power utility has resulted in a significant improvement in the stability of the
power supply on the back of the expansion of the regional infrastructure. It is also maintain ing a positive
industrial relations climate on the mine.
The mine’s safety record remains exemplary and to date it has worked more than 8.7 million Lost -Time
Injury-Free Hours. Its safety and environmental certifications have been renewed and its water
management has improved further. In conjunction with an NGO, Tongon continues effectively to manage
public health on the mine and in the surrounding community through malaria and HIV/AIDS prevention
programs.
BARRICK GOLD CORPORATION PRESS RELEASE
Enquiries:
Mark Bristow
President and chief executive
+1 647 205 7694
+44 788 071 1386
Mahamadou Samaké
Group regional manager West Africa
+223 66 75 61 36
Kathy du Plessis
Investor & media relations
+44 20 7557 7738
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s strategy, 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 “should”, “continue”, “committed” and “will” and similar
expressions identify forward-looking statements. In particular, this press release contains forward-looking statements
including, without limitation, with respect to: the benefits of the Government -endorsed reconciliation agreement
between the Tongon mine, the employees and the community, future investments in community projects, permitting
strategy, the availability of power to the mine and the potential for future mine life extensions, additions to reserves,
and exploration success.
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 Barrick 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 s ignificant 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 suc h statements and information. Such
factors include, but are not limited to: changes in national and local government legislation, taxation, controls, or
regulations and/or changes in the administration of laws, policies, and practices, expropriation or nat ionalization of
property and political or economic developments in Côte d’Ivoire; lack of certainty with respect to foreign legal
systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war,
terrorism, sabotage and civil disturbances; fluctuations in the spot and forward price of gold, copper, or certain other
commodities (such as silver, diesel fuel, natural gas, and electricity); 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;
litigation; damage to the Barrick’s reputation due to the actual or perceived occurrence of any number of events,
including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community
groups, whether true or not; the speculative nature of mineral exploration and development; changes in mineral
production performance, exploitation, and exploration successes; diminishing quantities or grades of reserves;
increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or development activities, including geote chnical
challenges, and disruptions in the maintenance or provision of required infrastructure and information technology
systems; 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; the impact of inflation; fluctuations in the currency markets; contests
over title to properties, particularly title to undeveloped properties, or over access to water, power, and other required
infrastructure; 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. In addition, t here 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 pres s 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,
BARRICK GOLD CORPORATION PRESS RELEASE
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.