Court Decision Allows Continued Mining At Porgera
PRESS RELEASE
NYSE : GOLD TSX : ABX
Court Decision Allows Continued Mining At Porgera
All amounts expressed in U.S. dollars
PORT MORESBY, Papua New Guinea — August 2, 2019 — The National Court of Papua New Guinea
today ruled that the provisions of the country’s 1992 Mining Act applied to the Porgera gold mine, thus
allowing it to continue operating while the application to extend its Special Mining Lease is being
considered. The current lease expires on August 16, 2019.
Porgera is op erated by Barrick N iugini Limited, a joint venture between Barrick Gold Co rporation
(NYSE:GOLD) (TSX:ABX) and Zijin Mining Company. Barrick president and chief executive Mark Bristow
and Zijin executive director and senior vice-president George Fang are currently in Papua New Guinea to
discuss the proposed extension with the government and the Porgera Special Mining Lease landowners.
Bristow and Fang welcomed the court’s ruling, saying it allowed for continuation of their operations at
Porgera post August 16 th, which would enable the mine to continu e delivering substantial benefits to
communities and landowners in the Porgera Valley, as well as to the national and provincial governments ,
while the SML Extension was finalized. Th e ruling also confirmed that Porgera operated under the
1992 Mining Act and was entitled to seek an extension.
They noted that Porgera was one of the largest mines in PNG and had been a key driver in its regional,
provincial and national economies for the past 30 years. Over that time it has paid more than 4.3 billion Kina
($1.27 billion) in taxes and royalties to the government and has contributed, on average, 10% of the
country’s export income. It is also one of the largest employers in the country, with more than 3,100 PNG
employees. It has spent 1.2 billion Kina ($353 million) with local businesses and paid 1 billion Kina
($294 million) in equity cash to the Enga provincial government and Porgera landowners, who are part -
owners of the mine.
Enquiries:
Mark Bristow
President and chief executive
+1 647 205 7694
+44 788 071 1386
Mark Hill
COO LATAM and Asia Pacific
+1 416 307 7429
+1 416 358 4667
Kathy du Plessis
Investor & media relations
+44 20 7557 7738
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 “continue”, “proposed”,
“would”, “seek”, “will”, “should” and similar expressions identify forward -looking statements. In particular, this press
release contains forward-looking statements including, without limitation, with respect to: the outcome of discussions
to reach agreement with the PNG government to extend Porgera’s Special Mining Lease and the terms of any such
agreement; Porgera’s ability to continue to generate benefits to the community, landowners, and national and provincial
governments; and the future of the Porgera mine including opportunities to maintain and increase production while
continuing to reduce costs.
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: timing of receipt of, or failure to comply with, necessary permits and approvals, including
with respect to Barrick Niugini Limited’s application for an extension to the Porgera mine’s Special Mining Lease;
changes in national and local government legislation, taxation, controls or regulations and/or cha nges in the
administration of laws, policies and practices, expropriation or nationalization of property and political or economic
developments in PNG; lack of certainty with respect to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; risks associated with illegal and artisanal mining; fluctuations in the spot and forward
price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risk of loss
due to acts of wa r, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings;
contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other
required infrastructure; 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 analysi s is required; 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; failure
to comply with environmental and health and safety laws and regulations; disruption of supply routes which may cause
delays in construction and mining activities; 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; the possibility that future exploration
results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and
considerable additional work may be r equired to complete further evaluation, including but not limited to drilling,
engineering and socioeconomic studies and investment; risks associated with working with partners in jointly controlled
assets; employee relations including loss of key employee s; 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 wit h 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. 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.