Barrick reaches agreement to sell its share of Australian Super-pit for $750M
PRESS RELEASE
NYSE : GOLD TSX : ABX
Barrick reaches agreement to sell its share of
Australian Super-pit for $750M
All amounts expressed in U.S. dollars
TORONTO — November 17 , 2019 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today
announced it has reached an agreement to sell its 50 percent interest in Kalgoorlie Consolidated Gold
Mines ( "KCGM") in Western Australia to Saracen Mineral Holdings Limited (“Saracen”) for a total
consideration of $750 million in cash.
"The sale of our non-operating interest in KCGM represents the first step in our plan to realize in excess of
$1.5 billion from the disposal of non -core assets by the end of next year. While this iconic gold mine has
been a valuable contributor to Barrick over the years, the asset does not fit with our strategy of operating
mines that we own. The sale allows us to further focus our portfolio on core operations," says Mark Bristow,
Barrick president and chief executive officer.
Bristow said Barrick was pl eased to have achieved a successful outcome following a competitive sale
process and was confident that Saracen would be an excellent partner at KCGM going forward. Proceeds
from the sale will be used to further strengthen the balance sheet, invest in our future and support our
commitment to deliver returns to our shareholders.
The transaction is expected to be completed in the fourth quarter of 2019 and is subject to customary
closing conditions. Saracen is an ASX200 listed gold company with two gold operations in the Kalgoorlie
region of Western Australia.
Credit Suisse Securities (Canada), Inc . is acting as financial advis er to Barrick. Davies Ward Phillips &
Vineberg LLP and Herbert Smith Freehills LLP are acting as legal counsel to Barrick.
Enquiries:
Mark Bristow
President and CEO
+1 647 205 7694
+44 788 071 1386
Kevin Thomson
Senior executive vice-president,
strategic matters
+1 416 307-5150
Kathy du Plessis
Investor and 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 “plan”, “would”, “expected”, “will”, and similar expressions
identify forward -looking statements. In particular, this press release contains forward -looking statements including,
without limitation, with respect to: timing for completion of the transaction with Saracen and the expected use of
proceeds to invest in Barrick’s business ; and dispositions of additional non-core assets and potential proceeds from
any such transactions.
BARRICK GOLD CORPORATION PRESS RELEASE
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 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; 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 geotechnical
challenges, and disruptions in the maintenance or provision of required infrastructure and information technology
systems; 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 or Australia; 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; 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 and legal and
administrative proceedings; 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 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; business opportunities that may be presented to, or pursued by, the Company; our ability to
successfully complete divestitures; risks associated with working with partners in jointly controlled assets; 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, 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.