New Nevada Gold Mines Solar Power Plant Advances Barrick’s Clean Energy Drive
PRESS RELEASE
NYSE : GOLD TSX : ABX
New Nevada Gold Mines Solar Power Plant Advances
Barrick’s Clean Energy Drive
Elko, Nevada, April 13, 2022 – Nevada Gold Mines (NGM) is investing in a 200 (MW) solar power plant
designed to accelerate its decarbonization program in line with the Barrick G old Corporation’s
Greenhouse Gas Reduction Roadmap. NGM is majority owned and operated by Barrick
(NYSE:GOLD)(TSX:ABX).
NGM today announced they are partnering with First Solar (Nasdaq:FSLR) to manufacture all modules
required to support the 200 megawatts (MW) construction, entirely in the United States.
NGM has commenced detailed engineering and expects to begin construction in the third quarter of
2022. The modules supplied by First Solar are expected to be delivered in the beginning of the second
quarter of 2023 and will power both phases of the power plant.
Ensuring that the selected contract partner for this project fully supported NGM’s values was a top
priority for the company. NGM chose to contract with a supplier who is committed to fair labor practices,
investing in American manufacturing and American jobs, and is one which will deliver high performance
solar panels with the lowest carbon footprint and the best environmental profile available today .
Although this process has been time-consuming, it has allowed the company to optimize the project
schedule to commission both phase I and phase II by early 2024.
NGM has committed to a 20% carbon reduction by 2025. This will be achieved through the 200 (MW)
solar array construction and the conversion of NGM’s coal fired power plant to cleaner burning natural
gas.
“The project is the latest in a series of carbon-reducing initiatives across the group’s global operations,”
says Barrick group sustainability executive Grant Beringer. “The solar power plant will complement the
transition of NGM’s coal power plant to a dual fuel process , which will enable it to generate electricity
from natural gas, reducing carbon emissions by as much as 50 percent.”
NGM has a strong focus on environmental management practices and is a committed custodian of the
unique lands, waters, flora, and fauna within the state of Nevada. Barrick is targeting an overall 30
percent reduction in emissions by 2030 against its 2018 baseline with the goal of achieving net-zero by
2050.
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
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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 “advance”, “drive”,
“invest”, “expect”, “ensure”, “allow”, “optimize”, “target”, “goal”, “commit”, “vision”, “develop”, “maintain”, “will”, and similar
expressions identify forward- looking statements. In particular, this press release contains forward -looking statements
including, without limitation, with respect to: Barrick’s and NGM’s climate change strategy and associated greenhouse
gas emission reduction targets, including Barrick’s ultimate vision to achieve net zero emissions by 2050; the anticipated
environmental benefits of the new solar power plant at NGM and partnership with First Solar; and NGM’s focus on
environmental management in the State of Nevada.
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 Barrick’s and NGM’s 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
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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
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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 United States and other jurisdictions in which
the company or its affiliates do or may carry on business in the future; timing of receipt of, or failure to comply with,
necessary permits and approvals; uncertainty whether some or targeted investments and projects will meet the
company’s capital allocation objectives and internal hurdle rate; 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;
risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global
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company’s expectations; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests
over title to properties, particularly title to undeveloped properties, or over access to water, power and other required
infrastructure; our ability to s uccessfully integrate acquisitions or complete divestitures; risks associated with working
with partners in jointly controlled assets; 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 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 the company’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.