Barrick Readies Porgera for Restart
04 Août 2023 - 1:45PM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is aiming to restart
operations at the Porgera gold mine later this year, president and
chief executive Mark Bristow says.
This follows the Security Forum and the opening of
the Development Forum on July 20, a precondition for the granting
of a special mining lease, by the Minister of Mining, the Hon Sir
Ano Pala, at an event attended by the Prime Minister, the Hon James
Marape, the Governor of Enga Province, Sir Peter Ipatas and several
thousand Porgerans. At the same event, the Mining Minister told the
audience the maintenance of law and order was critical for the
successful restart and operation of the mine.
Bristow commented that, if all goes according to
plan, Porgera could be back in operation before the end of 2023. In
preparation for the restart, the mobile fleet and fixed plant are
being recommissioned, the mining and metallurgy plans have been
updated, and the personnel recruitment plan has been finalized,
with preference given to local employment.
“It’s been a long journey but in the process we
have secured the buy-in of all the stakeholders. For Barrick, the
re-opening of the mine represents another victory for our host
country partnership model which has been so successful in Tanzania
and has also been adopted for the Reko Diq project in Pakistan,” he
said.
Papua New Guinea stakeholders own 51% of New
Porgera with Barrick Niugini Limited, which will operate the mine,
holding 49%. Economic benefits will be shared 53% by the PNG
stakeholders and 47% by Barrick Niugini.
Enquiries:
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
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 “aim”, “ready”, “buy-in”,
“achieve”, “recommission”, “maintain”, “could”, “would”, “will” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: progress toward the
resumption of operations at the Porgera mine, including the
possibility of restarting operations by the end of 2023; the level
of support from stakeholders for the reopening of the Porgera mine;
Barrick’s partnership philosophy and the anticipated benefits from
local hiring and other initiatives; Barrick’s future plans, growth
potential, financial strength, investments and overall strategy;
and expectations regarding future price assumptions, financial
performance, shareholder returns and other outlook or guidance.
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: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); risks
associated with projects in the early stages of evaluation and for
which additional engineering and other analysis is required; the
timeline for execution and effectiveness of definitive agreements
to implement the binding Commencement Agreement between Papua New
Guinea and BNL; the duration of the temporary suspension of
operations at Porgera, the conditions for the reopening of the mine
and the timeline to recommence operations; risks related to the
possibility that future exploration results will not be consistent
with the Company’s expectations, that quantities or grades of
reserves will be diminished, and that resources may not be
converted to reserves; changes in mineral production performance,
exploitation and exploration successes; lack of certainty with
respect to foreign legal systems, corruption and other factors that
are inconsistent with the rule of law in Papua New Guinea; 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 Papua New Guinea or other
countries in which Barrick does or may carry on business in the
future; non-renewal of key licenses by governmental authorities;
failure to comply with environmental and health and safety laws and
regulations; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; the liability associated with risks and
hazards in the mining industry, and the ability to maintain
insurance to cover such losses; increased costs and physical risks,
including extreme weather events and resource shortages, related to
climate change; 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; litigation and legal and administrative proceedings;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges, tailings
dam and storage facilities failures, and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; increased costs, delays, suspensions and
technical challenges associated with the construction of capital
projects; risks associated with working with partners in jointly
controlled assets; risks related to disruption of supply routes
which may cause delays in construction and mining activities,
including disruptions in the supply of key mining inputs due to the
invasion of Ukraine by Russia; risk of loss due to acts of war,
terrorism, sabotage and civil disturbances; risks associated with
artisanal and illegal mining; risks associated with Barrick’s
infrastructure, information technology systems and the
implementation of Barrick’s technological initiatives; the impact
of inflation, including global inflationary pressures driven by
supply chain disruptions caused by the ongoing Covid-19 pandemic
and global energy cost increases following the invasion of Ukraine
by Russia; the ability of management to implement its business
strategy and enhanced political risk in certain jurisdictions;
uncertainty whether some or all of Barrick's targeted investments
and projects will meet the Company’s capital allocation objectives
and internal hurdle rate; employee relations including loss of key
employees; availability and increased costs associated with mining
inputs and labor; and risks associated with diseases, epidemics and
pandemics, including the effects and potential effects of the
global Covid-19 pandemic.
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.
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