Barrick Gold Corporation – Tanzanian mines on track for production forecast, well positioned to extend mine life
Underground in Bulyanhulu.
All amounts are expressed in US dollars, unless otherwise indicated
Bulyanhulu Gold Mine, Tanzania – Barrick Gold Corporation’s North Mara and Bulyanhulu mines in Tanzania are both expected to meet their 2021 production targets and replace depleted reserves through brownfield exploration, said today hui President and CEO, Mark Bristow.
Speaking to the mine to local media, Bristow said the ramp-up of production at Bulyanhulu was gaining momentum with plant performance exceeding expectations and recoveries at a constant rate of 93%. An 11% increase in tonnage is due in part to an investment in three new fully automated loaders and three additional drills. The successful conversion and optimization of mineral resources in the upper Deep West has been completed and is expected to add significant mineral reserves to the asset base, freeing up additional value in the mining plan. In line with its long-term commitment to Tanzania, Barrick has also secured exploration targets elsewhere in the Bulyanhulu mining permit.
Also in Bulyanhulu, a world-class photonics analysis laboratory – the first of its kind in Africa and in Barrick’s global operations – has been commissioned. This new technique allows faster, safer and more precise analysis of gold, silver and complementary elements. This system provides an environmentally friendly, chemical-free and more durable replacement for traditional methods of pyrotechnic analysis, dramatically reducing CO2 emissions and hazardous waste. A new crusher has also been commissioned and is being optimized to support the increased production.
In North Mara, a brine processing plant is slated to go online in the fourth quarter of this year as part of Barrick’s successful campaign to eliminate historic environmental issues from the mine. It also includes a new water treatment plant and an improved tailings management facility. During the last quarter, the underground operation of the Gokona mine was connected to the national electricity grid, which will reduce its diesel consumption by 43%. The two open pits at North Mara have been redesigned and integrated into the underground mine.
Bristow said Barrick continues to improve the quality of life in villages around North Mara, in partnership with the mine’s community development committee. Key projects include the construction of an asphalt road, classrooms, pediatric wards and laboratories, and support for agribusiness.
“Since Barrick launched a business development program in Tanzania, we have continued to empower participating companies, opening up more opportunities to increase local content spending at our mines, which has grown from 26% of their spending. total in the first quarter of this year to 40% in the second. Since the start of the year, Barrick has invested 73% of its total spending in Tanzanian companies, of which 44% in local businesses, ”said Bristow.
“It should also be noted that thanks to our policy of employing and developing nationals of the host country, 97% of our workforce here are Tanzanians, 40% of whom have been hired from the surrounding communities of the host country. mines. Recently, for example, Bulyanhulu recruited 19 trainees in mines and processing factories through their village councils. “
In partnership with the Tanzanian health authorities, Barrick is ensuring the continued deployment of Covid-19 vaccines. So far, 12% of its workforce in the country has been vaccinated.
Since Barrick formed its pioneering partnership with government through the Twiga Partnership in 2020, it has paid $ 118 million in salaries, $ 496 million in taxes, levies and royalties, and $ 609 million in goods and services. local origin. It also paid an initial cash dividend of $ 250 million.
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Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operational performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “on track”, “prepared to achieve”, “expect”, “unlock”, “planned”, “will”, “continue”, “ensure” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to: production directions and performance at North Mara and Bulyanhulu and the potential of these mines to replace depleted reserves; expected additions to reserves resulting from the successful conversion and optimization of mineral resources at Bulyanhulu; the expected benefits of Bulyanhulu’s new photon analysis laboratory and operational improvements at North Mara; planned investments and construction in the local community and public health initiatives to support the deployment of Covid-19 vaccines; and contributions to the local economy, including local content programs and spending.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set out below, although believed to be reasonable by the Company as of 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 forward-looking statements, and such statements and information should not be relied on unduly. These factors include, but are not limited to: fluctuations in spot and futures prices for gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity) ; the speculative nature of mining exploration and development; changes in the performance of mineral production, mining and exploration successes; risks associated with projects in the early stages of appraisal, and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; the time of receipt or failure to comply with the necessary authorizations and approvals; uncertainty as to whether some or all of the targeted investments and projects will meet the capital allocation objectives and the critical internal rate of return of the Company; changes in national and local laws, 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 Tanzania and other jurisdictions in which the Company or its subsidiaries operate or may operate in the future; damage to the Company’s reputation as a result of the actual or perceived occurrence of a number of events, including negative publicity regarding the Company’s treatment of environmental issues or relations with community groups, whether true or not; the risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and judicial and administrative proceedings; employee relations, including the loss of key employees; increasing costs and physical risks, including extreme weather events and resource shortages, associated with climate change; and the availability and increased costs associated with mining inputs and labor. Barrick is also warning that its forecast could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and dangers associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and gold bullion, copper cathode or gold or copper concentrate. losses (and the risk of inadequate insurance, or the 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 forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements contained in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F / Annual Disclosure Form filed with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and risks that may affect Barrick’s ability to meet the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.