All amounts expressed in US dollars
At the same time, it has committed up to
This is in accordance with the conditions underlying Barrick’s framework agreement with the government, which included the establishment of their Twiga joint venture. Twiga oversees a 50/50 split of the economic benefits generated by the mines as well as their management.
Barrick president and chief executive
“Since we took over the Tanzanian mines from their previous operator in 2019, we have rebuilt relations with the state and renewed our social licence to operate here. North Mara has been redesigned as an integrated underground/open pit mine and Bulyanhulu has been resuscitated as a long-life underground mine. Together they are expected to produce more than 500,000 ounces1 of gold per year at the lower end of the cost spectrum,” he said.
Barrick has spent more than
Barrick has to date also paid the government
Barrick Enquiries
Investor and media relations +44 20 7557 7738 Email: barrick@dpapr.com | Country manager, Georgia Mutagahywa +255 754 711 215 Email: georgia.mutagahywa@barrick.com | Head of sustainability, AME +223 66 75 08 44 Email: Hilaire.diarra@barrick.com |
Website: www.barrick.com
Endnote 1
On a 100% basis.
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 “would”, “commit”, “advance”, “generate”, “expect”, “will”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: planned investments by Barrick in
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); 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 for which additional engineering and other analysis is required; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; 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
Barrick disclaims 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.
Source:
2022 GlobeNewswire, Inc., source