Pueblo Viejo progresses as part of a life extension project


SANTO DOMINGO, Dominican Republic, Oct. 19, 2021 (GLOBE NEWSWIRE) – Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) –– Barrick Gold Corporation’s Pueblo Viejo mine continues to advance an expansion project of Barrick Gold Corporation. plant and tailings storage facility designed to extend its life until 2040 and beyond, President and CEO Mark Bristow said today.

Speaking at a local press conference, Bristow noted that so far this year the Tier One1 the mine had paid $ 522 million in direct and indirect taxes, bringing its total tax payments since entering commercial production in 2013 to just under $ 3 billion2. The lengthening of its lifespan means that it will continue to be a major value creator for the Dominican Republic and its people for the distant future.

Of the mine’s 2,500 employees, 97% are Dominicans, many of whom are from surrounding communities who have all benefited greatly from its investment in improvement programs. At present, the mine is involved in such programs in 58 surrounding communities. This is in particular an agri-food project intended to improve cocoa cultivation in the region. In line with Barrick’s global policy of favoring local contractors and suppliers, Pueblo Viejo has also fostered the development of the local economy, spending more than $ 160 million with them over the past eight years.2.

Bristow noted that the management of Pueblo Viejo has been very successful in addressing the environmental responsibilities left by the former mine operator, dramatically improving the water quality of the two neighboring rivers. The effort to promote gender diversity has also borne fruit, with women now representing 16% of the workforce.

“Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for our stakeholders through our sustainability strategy. The Pueblo Viejo expansion project has the potential to double the enormous contribution it has already made to the economy of the Dominican Republic. Without this project, however, this contribution could soon end, ”he said.

About Pueblo Viejo
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital Santo Domingo and is operated by Pueblo Viejo Dominicana Corporation, a joint venture between Barrick (60%) and Newmont (40%). Construction of the Pueblo Viejo project began in 2008, with first production in 2012. The company’s workforce is 97% Dominican. In 2020, the conversion of the power plant at the Quisqueya 1 mine to natural gas was successfully completed. This conversion from fuel oil to natural gas will reduce greenhouse gas emissions by 30% and nitrogen oxides by 85%, further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also planned as an additional benefit for local communities.

Investor and media relations
Catherine du Plessis
+44 20 7557 7738
Email: [email protected]

Website: www.barrick.com

Note 1
A level 1 gold asset is an asset with reserve potential to provide a minimum life of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the life of mine that fall in the lower half of the industry cost curve.

Note 2
On a 100% basis.

Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operational performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “progress”, “move forward”, “design”, “would like”, “goal”, “the potential”, “,” extend “,” continue “,” strategy “,” expand “and similar expressions identify the ‘future-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to the anticipated benefits of the Pueblo Viejo plant expansion and life extension project, including including planned investments, economic contributions and value creation for the Dominican Republic and the extension of the life of the mine until 2040 and beyond, initiatives to develop the local economy and promote gender diversity, expected environmental benefits of the conversion of the Quisqueya 1 plant to natural gas, Pueblo Viejo’s commitment to protect the environment, biodiversity and cultural heritage, and Barrick’s vision for sustainable development and its partnership with its host governments , its communities and other stakeholders.

Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set forth below, although considered reasonable by Barrick Gold Corporation (the “Company”) to 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 forward-looking statements, and such statements and information should not be relied on unduly. These factors include, but are not limited to: fluctuations in spot and futures prices for gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity) ; the speculative nature of mining exploration and development; changes in the performance of mineral production, mining and exploration successes; risk of loss through acts of war, terrorism, sabotage and civil unrest; risks associated with projects in the early stages of appraisal, and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; the timing of receipt or non-compliance with necessary exploration permits and other permit authorizations; uncertainty as to whether some or all of the targeted investments and projects will meet the capital allocation objectives and the critical internal rate of return of the Company; changes in national and local 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 Republic Dominican Republic and other jurisdictions in which the Company or its affiliates operate or may operate in the future; damage to the Company’s reputation as a result of the actual or perceived occurrence of a number of events, including negative publicity regarding the Company’s management of environmental issues or relations with community groups, whether true or not; the risks associated with artisanal and illegal mining; the 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; increasing costs and physical risks, including extreme weather events and resource shortages, associated with climate change; and the availability and increased costs associated with mining inputs and labor. In addition, there are risks and dangers associated with exploration, development and mining activities, including environmental risks, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and gold bullion, copper cathode or gold or copper concentrate the 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 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 contained in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F / Annual Disclosure Form filed with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and risks that may affect Barrick’s ability to meet 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.

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