Barrick Readies Porgera FOR Restart
PRESS RELEASE
NYSE : GOLD TSX : ABX
BARRICK READIES PORGERA FOR RESTART
Porgera, Papua New Guinea, August 4, 2023 – Barrick Gold Corporation (NYSE:GOLD)
(TSX:ABX) is aiming to restart operations at the Porgera gold mine later this year, president and
chief executive Mark Bristow says.
This follows the Security Forum and the opening of the Development Forum on July 20, a
precondition for the granting of a special mining lease, by the Minister of Mining, the Hon Sir Ano
Pala, at an event attended by the Prime Minister, the Hon James Marape, the Governor of Enga
Province, Sir Peter Ipatas and several thousand Porgerans. At the same event, the Mining
Minister told the audience the maintenance of law and order was critical for the successful restart
and operation of the mine.
Bristow commented that, if all goes according to plan, Porgera could be back in operation before
the end of 2023. In preparation for the restart, the mobile fleet and fixed plant are being
recommissioned, the mining and metallurgy plans have been updated, and the personnel
recruitment plan has been finalized, with preference given to local employment.
“It’s been a long journey but in the process we have secured the buy -in of all the stakeholders.
For Barrick, the re-opening of the mine represents another victory for our host country partnership
model which has been so successful in Tanzania and has also been adopted for the Reko Diq
project in Pakistan,” he said.
Papua New Guinea stakeholders own 51% of N ew Porgera with Barrick Niugini Limited, which
will operate the mine, holding 49%. Economic benefits will be shared 53% by the PN G
stakeholders and 47% by Barrick Niugini.
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 “aim”, “ready”, “buy- in”, “achieve”,
“recommission”, “maintain”, “could”, “would”, “wi ll” and similar expressions identify forward- looking statements. In particular,
this press release contains forward- looking statements including, without limitation, with respect to: progress toward the
resumption of operations at the Porgera mine, including the possibility of restarting operations by the end of 2023; the level of
support from stakeholders for the reopening of the Porgera mine; Barrick’s partnership philosophy and the anticipated benefits
from local hiring and other initiatives; Barrick’s future plans, growth potential, financial strength, investments and overall
strategy; and expectations regarding future price assumptions, financial performance, shareholder returns and other outlook
or guidance.
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); risks
associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required;
the timeline for execution and effectiveness of definit ive agreements to implement the binding Commencement Agreement
between Papua New Guinea and BNL; the duration of the temporary suspension of operations at Porgera, the conditions for
the reopening of the mine and the timeline to recommence operations; risk s related to the possibility that future exploration
results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and
that resources may not be converted to reserves; changes in mineral production performance, exploitation and exploration
successes; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with t he
rule of law in Papua New Guinea; 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 Papua New Guinea or other countries in which Barrick does or may carry on business in the future;
non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and
regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and
other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to mai ntain
insurance to cover such losses; increased costs and physical risks, including extreme weather events and resource shortages,
related to climate change; 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; litigation and legal and administrative proceedings; operating or technical difficulti es
in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities
failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems;
increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks
associated with working with partners in jointly controlled assets; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal
and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of
Barrick’s technological initiatives; 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; the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions;
uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; employee relations including loss of key employees; availability and increased costs
associated with mining inputs and labor; and risks associated with diseases, epidemics and pandemics, including the effects
and potential effects of the global Covid-19 pandemic.
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.
We disclaim 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.