At the Pueblo Viejo mine in the Dominican Republic, the new tailings storage facility would allow operations to continue beyond 2040.
All amounts expressed in US dollars
Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that the Dominican Government has completed its strategic review of the location of the new Tailings Storage Facility (TSF) for the Pueblo Viejo mine. The new TSF is part of the expansion project that aims to expand Tier Oneone mine life beyond 2040 and support annual production in excess of 800,000 ouncestwo.
The Government, through its process, has identified a select number of alternatives for further evaluation. At the same time, Barrick conducted its own evaluation of alternatives, completed by a multidisciplinary team of external subject matter experts from several independent consulting firms. Several sites were initially identified and after various selection phases, which considered environmental, social and technical factors, potentially feasible sites were identified for further evaluation.
The two separate assessments independently identified four alternative sites, of which two sites, located in the province of Sánchez Ramírez, will be proposed for further investigation.
Barrick President and CEO Mark Bristow said that although these alternative sites existed as determined by the reviews, the final location and construction of the facility would be subject to completion of an Environmental and Social Impact Assessment (ESIA). in accordance with the legislation of the Dominican Republic. and international standards. Once completed, the ESIA would be submitted to the Government for evaluation and final decision.
The ESIA will identify and implement mechanisms to mitigate possible environmental impacts, as well as initiatives to improve the livelihoods of the communities. Barrick is committed to following international standards and will adhere to the Global Industry Standard on Tailings Management in terms of tailings facility design, construction, operation and closure.
The new TSF would allow operations at Pueblo Viejo to continue beyond 2040. As a major value creator for the Dominican Republic, the project will stop production decline and facilitate continued payment of taxes, export, jobs, national and local . purchases and social benefits that the mine brings to the country.
In 2021, the Tier One mine paid $527 million in direct and indirect taxes, bringing total tax payments since 2013 to more than $3 billion.
“Our goal in the Dominican Republic, as in other parts of the world, is to create long-term value for all of our stakeholders through our sustainable development strategy. The Pueblo Viejo expansion project is expected to increase total direct and indirect taxes to more than $9 billion from the start of commercial production in 2013 through the extension of the mine life beyond 20403Bristow said.
About Pueblo Viejo
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital city of Santo Domingo and is operated by Pueblo Viejo Dominicana Jersey 2 Limited, a joint venture between Barrick (60%) and Newmont (40%). Development of the Pueblo Viejo project began in 2009, with first production in 2012. The company’s workforce is 97% Dominican. In 2020, the conversion to natural gas of the mine’s Quisqueya 1 power plant was successfully completed. This conversion from fuel oil to natural gas is expected to reduce greenhouse gas emissions by 30% and nitrogen oxide emissions by 85%, further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also being developed to further contribute to local communities.
Investor and Media Relations
kathy du plessis
+44 20 7557 7738
Email: [email protected]
A Tier 1 gold asset is an asset with the reserve potential to deliver a minimum 10-year mine life, annual production of at least 500,000 ounces of gold, and full cash costs per ounce over the life of the mine. in the lower half of the industry cost curve.
On a 100% basis. See the Technical Report of the Pueblo Viejo mine, Sánchez Ramírez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018.
Future economic contribution over the extended life of mine assuming a gold price of $1,599 per ounce and a silver price of $20.96 per ounce.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in or incorporated by reference in this press release, including any information about our future financial or operating strategy, projects, plans or performance, constitutes “forward-looking statements.” All statements, except statements of historical fact, are forward-looking statements. The words “advance”, “design”, “support”, “commit”, “continue”, “target”, “expect”, “develop”, “extend”, “expand”, “would”, “will”, “potential”, “create”, “plan”, “vision”, “strategy” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, but not limited to, the anticipated benefits of the Pueblo Viejo mine life extension project, including support for anticipated production levels and extension of mine life. useful life of the mine beyond 2040, as well as planned investments. , social benefits, economic contributions and direct and indirect taxes to the Dominican Republic; forecast annual production; the completion of the independent strategic environmental assessment for the new TSF and the selection of the final location and construction of that facility following the completion of an ESIA and the final decision of the government; Barrick’s commitment to mitigate environmental impacts and improve the livelihoods of affected communities in connection with the ESIA; Barrick’s adherence to the Global Industry Standard on Tailings Management in the design, construction, operation and closure of the TSF; Pueblo Viejo’s commitment to protecting the environment, biodiversity and cultural heritage and Barrick’s vision of sustainability and partnership with its host governments, communities and other stakeholders.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including material estimates and assumptions related to the factors set forth below that, while the Company believes to be reasonable as of the date of this press release in light of the Company’s experience, Management and the perception of current conditions and expected developments are inherently subject to significant commercial, 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 unduly relied upon. Such factors include, but are not limited to: fluctuations in the spot and future prices of gold, copper or other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in the performance of mineral production, exploitation and exploration successes; the impact of inflation and the availability and increase in costs associated with mining supplies and labor; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analyzes are required; non-compliance with environmental and health and safety laws and regulations; timing of receipt of or failure to comply with required exploration permits and other permit approvals; uncertainty as to whether some or all of the specific investments and projects will meet the Company’s capital allocation targets and internal hurdle rate; changes in national and local government legislation, taxes, 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 Dominican Republic and other jurisdictions in which the Company or its affiliates do or may do business in the future; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity regarding the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with artisanal and illegal mining; 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; and increased physical risks and costs, including extreme weather events and resource scarcity, related to climate change. In addition, there are risks and hazards associated with the mineral exploration, development and mining business, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, landslides, floods 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 may affect our actual results and could cause actual results to differ materially from those expressed or implied by any 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 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 regulators 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.
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.