All amounts expressed in US dollars.
At a signing ceremony with the President of the
The agreement also ratifies the creation of
Following today’s ceremony, there are a number of matters which Barrick and the government will work together to implement. In particular, Barrick will partner with the
“Since taking over the operatorship, we have been engaging with local communities to restore the mines’ social license to operate and we are cooperating closely with the authorities to address the environmental issues at North Mara. In addition, we are working on a local supplier strategy as well as a community development plan to create sustainable economic opportunities for the people around our mines”, Bristow said.
Bristow said that there was a strong focus on rationalizing and optimizing mine plans. Following the successful transition to owner mining at North Mara, this has already delivered a reduction in costs and an increase in free cash flow. A similar result is expected at Bulyanhulu, where an integrated study aimed at optimizing the complete orebody should kick-start the resumption of mining operations there later this year.
“Reflecting our confidence in the potential of this highly prospective gold region, we have budgeted
In line with Barrick’s commitment to employing and advancing locals at its mines, Tanzanian nationals are being recruited and trained to replace expatriate employees as has been successfully done at Barrick’s other African operations. In addition, Acacia’s offices outside the country have been closed, and company records and day-to-day decision-making and accountability have been moved back to the operations in
Barrick Enquiries
President and chief executive +1 647 205 7694 +44 788 071 1386 | COO, +44 779 557 5271 +243 820 678 040 | Investor and media relations +44 20 7557 7738 Email: 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 Barrick’s 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 “will”, “would”, “should”, “expect” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to long-term value creation for the stakeholders of Barrick’s Tanzanian operations; the Tanzanian government’s visibility and participation in operating decisions; the sharing of future economic benefits with the Tanzanian government on a 50/50 basis; Barrick’s strategies with respect to engaging with local communities, addressing environmental issues including at North Mara and creating sustainable economic opportunities; expected optimization at Bulyanhulu and the timing of resumption of mining operations; and opportunities for brown and greenfields exploration.
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: the Company’s ability to successfully re-integrate Acacia’s operations; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; 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
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
Source:
2020 GlobeNewswire, Inc., source