Kibali Marks A Decade Of Value Creation In The DRC
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PRESS RELEASE
Kibali Marks A Decade Of Value Creation In The DRC
All amounts expressed in US dollars
Kinshasa, DRC — July 16, 2019 — The Kibali gold mine remains on track at the year’s halfway point to meet
or beat its production forecast of 750,000 ounces for 2019, says Mark Bristow, president and chief executive
of operator and co-owner Barrick Gold Corporation.
Speaking at a briefing for local media here today, Bristow said this year marked the 10th anniversary of the
acquisition of the Moto project which since then has been developed into one of the largest gold mines in the
world, contributing $2.7 billion to the Congolese economy in the process.
It is also now a full year since Kibali became the owner-operator of its underground mine, which ranks as one
of the most advanced in the global industry in terms of automation. The system is currently being developed
to the next technological level, where it will allow manned and unmanned operations within the same area.
Bristow said a significant feature of autonomous mining was that it had involved the transfer of specialist
technical skills from expatriate instructors to Kibali’s Congolese workforce. More than 90% of Kibali’s
5 000 employees and contractors, including its management, are Congolese nationals.
It is also making a substantial contribution to the promotion of the local economy through its support of
Congolese contractors and suppliers, which has turned the north -east of the country into a real commercial
hub. During the first half of this year, Kibali paid some $79 million to its Congolese business partners. In
addition, it continues to develop the infrastructure around the mine through initiatives such as the Durba
asphalt project which is paving a section of the main national road to Uganda which runs through the town
center. Ambitious agribusiness projects designed to deliver sustainable benefits to the local community are
also being advanced.
“Ten years ago, we went to a remote part of Africa and found what we believed was a real world- class
opportunity but one which would require a major investment as well as a lot of courage to develop. That
opportunity became Kibali, which poured its first gold in September 2013 and r amped up to full production
during 2018,” Bristow said.
“We invested in the DRC without any incentives provided by the government, only a clear and equitable mining
code. Last year, however, the then Government unilaterally imposed a new code which we believe puts the
Congolese mining industry at risk and could discourage future investment. We continue to engage with the
Government on this issue, and were encouraged when the new President, his excellency Felix Tshisekedi,
outlined his vision, of attracting foreign investment and developing the industry in a spirit of partnership, to
Barrick’s executive chairman John Thornton at a meeting earlier this year. It is this partnership that enabled
the creation of Kibali and supports Barrick’s search for new world-class gold deposits in the DRC.”
Barrick Enquiries
President and chief executive
Mark Bristow
+1 647 205 7694
+44 788 071 1386
COO, Africa and Middle East
Willem Jacobs
+44 779 557 5271
+243 820 678 040
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor & media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
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 “will”, “develop”, “advance”, “continue”, “enable”, “engage” and similar expressions identify
forward-looking statements. In particular, this press release contains forward-looking statements including, without l imitation, with
respect to: 2019 operating performance and production guidance with respect to the Kibali mine; potential advancements in
automation technology and the transfer of related technical skills; value-creating projects including infrastructure and agribusiness
projects; engagement with the government of the Democratic Republic of Congo in relation to a new mining code introduced last
year; and future contributions to the economy of the Democratic Republic of Congo.
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 ex perience 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 speculative nature of mineral exploration and
development; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or grades
of reserves; 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 the Democratic Republic of Congo; 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
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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, there are risks and hazard s
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 material ly from
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underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the
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information, future events or otherwise, except as required by applicable law.