Lumwana Seeks Long-Term Partnership With Zambian Government
NEWS RELEASE
NYSE : GOLD TSX : ABX
Lumwana Seeks Long-Term Partnership With Zambian
Government
All amounts expressed in U.S. dollars unless otherwise indicated
LUSAKA, Zambia, January 21, 2019 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or
the “company”), owners of the Lumwana copper mine, says it is continuing to engage with the Zambian
government and community stakeholders about a mutually-beneficial way forward for the operation.
Subsequent to the first Lumwana b oard meeting following the Barrick/Randgold merger, Barrick’s chief
operating officer for Africa and the Middle East, Willem Jacobs, said the company was mindful that the
Government was under pressure to increase its revenue. At the same time, however, its proposed tax
changes would put Lumwana in a challenging situation.
“The proposed changes to taxes and royalties would imperil the mine’s ability to sustain returns to all
stakeholders, such as the significant contribution of more than $3.3 billion it has already made to the
Zambian economy over the past 10 years,” Jacobs said.
“Lumwana has made detailed proposals to the Government about a partnership approach which would
provide the State with an improved share in the economics of Lumwana without overbur dening the mine.
Finding a win -win solution between the industry and Government would without doubt increase investor
confidence in Zambia and safeguard the long-term prospects of its mining industry.”
Jacobs said media reports that Barrick had sold Lumwana were untrue, but given the challenging conditions
the mine was facing, all options would have to be considered.
Barrick Enquiries:
President and chief executive
Mark Bristow
Tel: +1 647 205 7694
Chief operating officer, Africa
and Middle East
Willem Jacobs
Tel: +27 72 614 4053
Group investor & media relations
Kathy du Plessis
Tel/mobile: +44 20 7557 7738
Website: www.barrick.com
BARRICK GOLD CORPORATION NEWS RELEASE
Cautionary Statement on Forward-Looking Information
Certain information contained in this news 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 w ords “seeks”, “continue”,
“proposal”, “would” and similar expressions identify forward -looking statements. In particular, this news
release contains forward -looking statements including, without limitation, with respect to Barrick’s
expectations regarding the potential impact of the proposed tax changes in Zambia; the potential benefits
resulting from a long-term partnership between Lumwana and the Zambian Government; and the potential
sale of Lumwana by Barrick.
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 news 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: 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 Zambia; 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 electri city); 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 occurren ce 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 miner al 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 di fficulties in
connection with mining or development activities, including geotechnical challenges, and disruptions in the
maintenance or provision of required infrastructure and information technology systems; the impact of
global liquidity and credit avai lability 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 hazards
associated with the business of mineral exploration, development, and mining, including environmental
hazards, industrial accidents, unusual or unexpe cted 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 forwa rd-looking statements are not guarantees of future performance.
All of the forward -looking statements made in this news 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 news 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.