Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today that it
had completed the reconstitution of the Reko Diq project, having
received a favorable opinion from the Supreme Court of Pakistan and
the required legislation having been passed into law.
One of the largest undeveloped copper-gold projects
in the world, Reko Diq is owned 50% by Barrick, 25% by three
federal state-owned enterprises, 15% by the Province of Balochistan
on a fully funded basis and 10% by the Province of Balochistan on a
free carried basis.
Barrick president and chief executive Mark Bristow
said the completion of the legal processes was a key step in
progressing the development of Reko Diq into a world-class,
long-life mine which would substantially expand the company’s
strategically significant copper portfolio and benefit its
Pakistani stakeholders for generations to come.
“We are currently updating the project’s 2010
feasibility and 2011 feasibility expansion studies. This should be
completed by 2024, with 2028 targeted for first production,”
Bristow said.
“With its unique combination of large scale, low
strip and good grade, Reko Diq is expected to have a life of at
least 40 years. We envisage a truck-and-shovel open pit operation
with processing facilities producing a high-quality copper-gold
concentrate. We expect it to be constructed in two phases with a
combined process capacity of 80 million tonnes per annum.”
Reko Diq will be a major contributor to Pakistan’s
economy which is expected to have a transformative impact on the
underdeveloped Balochistan province where, in addition to the
economic benefits it will generate, the mine will also create jobs,
promote the growth of a regional economy and invest in development
programs. The province’s interest in the mine will be fully funded,
which means that Balochistan will reap the dividends, royalties and
other benefits of its 25% shareholding without having to contribute
financially to its construction and operation.
“Reko Diq’s ownership structure is a further
manifestation of Barrick’s commitment to partnership with its host
countries and communities and to sharing the value our operations
create fairly with all our stakeholders,” Bristow said.
“We’re making sure that Balochistan and its people
will see these benefits quickly. Starting early next year, Barrick
will implement a range of social development programs prioritizing
the improvement of healthcare, education, vocational training, food
security and the provision of potable water. Our investment in
these is expected to amount to around $70 million over the
feasibility and construction period. In addition, Reko Diq will
advance royalties to the government of Balochistan of up to $50
million until commercial production starts.”
During peak construction the project is expected to
employ 7,500 people and once in production it will create around
4,000 long-term jobs. As elsewhere in the group, Barrick
prioritizes the employment of local people and host country
nationals.
Bristow said Barrick already had the industry's
best gold assets and the addition of Reko Diq would promote its
copper portfolio into the world-class league, accelerating the
company towards its goal of creating the world's most valued gold
and copper mining business.
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 “bring”, “proposed”,
“expect”, “envisage”, “will”, “would”, “could”, “should”, “intend”,
“future”, “commitment” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: the planned updating of the historical Reko Diq
feasibility study; the future construction, development and
operation of the Reko Diq project, including the anticipated
benefits of a two phased approach and timeline for construction and
the anticipated initial throughput of the processing plant; the
future ownership of the Reko Diq project; the proposed fiscal terms
applicable to the Reko Diq project and the joint venture through
which it is held; the timeline and process for the reconstitution
of a joint venture to carry out the future development and
operation of the Reko Diq project; the contemplated life of mine of
the Reko Diq project; the anticipated sharing of the benefits from
the Reko Diq project with Barrick’s host governments and
communities including social development and public health programs
as well as potential levels of local employment and local
procurement during project construction and operation; and
expectations regarding financial performance 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 Barrick 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 diesel fuel,
natural gas and electricity); the speculative nature of mineral
exploration and development; changes in mineral production
performance, exploitation and exploration successes; risks
associated with projects in the early stages of evaluation and
development and for which additional technical, engineering and
other analysis is required; disruption of supply routes which may
cause delays in development, construction and mining activities;
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 and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; the failure to obtain 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 the Islamic Republic of Pakistan or the
Province of Balochistan; timing of receipt of, or failure to comply
with, necessary permits and approvals; 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 Covid-19 pandemic; damage to Barrick’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
Barrick’s handling of environmental matters or dealings with
community groups, whether true or not; the possibility that future
exploration results will not be consistent with Barrick’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; 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; business opportunities that may be
presented to, or pursued by, Barrick; 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 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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