Great Future Beckons for Lumwana as Barrick Unlocks Potential

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All quantities expressed in US {dollars}

LUMWANA, Zambia, July 07, 2023 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:GOLD)(TSX:ABX) – Barrick’s drive to remodel the Lumwana copper mine right into a Tier One¹ asset with a life extending past 2060 is choosing up velocity with a powerful efficiency prior to now quarter including impetus to its persevering with manufacturing ramp-up.

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Briefing media at a website go to right here in the present day, Barrick president and chief government Mark Bristow mentioned the mine’s full potential was solely now being revealed. Further growth alternatives, recognized by means of an up to date geological mannequin, are presently being assessed, whereas drilling on the Kababisa prospect highlights potential mining flexibility by means of increased grades. The Lumwana pre-feasibility examine is progressing in keeping with our plans to remodel its long-term copper profile by means of the supply of the envisioned tremendous pit.

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“Since Barrick refocused its technique in Africa in 2019, Lumwana has turn out to be a key component within the growth of our strategic copper portfolio and a big contributor to our backside line. On the similar time its significance to Zambia has grown. Since 2019 it has contributed greater than $2.3 billion to the nation’s financial system within the type of royalties, taxes, salaries and purchases from native suppliers,” he mentioned.

Barrick has a worldwide coverage of sourcing its suppliers domestically and final 12 months it spent $432 million, 83% of its complete procurement, with Zambian suppliers and contractors. It has additionally launched a “Enterprise Accelerator Program” to construct the capability of Zambian contractors within the mining provide chain.

Equally, Barrick is dedicated to native employment. Presently 99.3% of Lumwana’s workers and 98% of its contractors are Zambian nationals, each industry-leading statistics.

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Lumwana is a participant within the United Nations’ REDD+ venture, which is designed to scale back greenhouse fuel emissions from deforestation, and the mine has engaged with its communities on this initiative.

Barrick enquiries

Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Electronic mail: barrick@dpapr.com

Web site: www.barrick.com

Endnote 1

A Tier One Copper Asset is an asset with a reserve potential of higher than 5 million tonnes of contained copper and C1 money prices per pound over the mine life which might be within the decrease half of the {industry} value curve.

Cautionary Assertion on Ahead-Wanting Info

Sure info contained on this press launch, together with any info as to our technique, initiatives, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic reality, are forward-looking statements. The phrases “rework”, “lengthen”, ramp-up”, “began”, “will”, “proceed” and related expressions determine forward-looking statements. Specifically, this press launch comprises forward-looking statements together with, with out limitation, with respect to: potential lifetime of mine extensions at Lumwana; Barrick’s dedication to using host nation nationals and creating long-term worth for its host communities in Zambia; Barrick’s concentrate on Tier One Belongings and its potential for progress whereas delivering sustainable returns; Barrick’s sustainability technique, together with initiatives to scale back greenhouse fuel or carbon dioxide emissions in Zambia; and Barrick’s future investments in neighborhood initiatives and contributions to the Zambian financial system.

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Ahead-looking statements are essentially based mostly upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under that, whereas thought-about affordable by the Firm as on the date of this press launch in mild of administration’s expertise and notion of present situations and anticipated developments, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. Identified and unknown elements might trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and knowledge. Such elements embody, however usually are not restricted to: fluctuations within the spot and ahead worth of gold, copper, or sure different commodities (equivalent to silver, diesel gas, pure fuel, and electrical energy); the speculative nature of mineral exploration and growth; modifications in nationwide and native authorities laws, taxation, controls or laws and/ or modifications within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Zambia and different jurisdictions through which the Firm or its associates do or could keep it up enterprise sooner or later; modifications in mineral manufacturing efficiency, exploitation, and exploration successes; the chance that future exploration outcomes won’t be in step with the Firm’s expectations; disruption of provide routes which can trigger delays in development and mining actions, together with disruptions within the provide of key mining inputs as a result of invasion of Ukraine by Russia; threat of loss because of acts of conflict, terrorism, sabotage and civil disturbances; failure to adjust to environmental and well being and security legal guidelines and laws; timing of receipt of, or failure to adjust to, obligatory permits and approvals; uncertainty whether or not some or all of Barrick’s focused investments and initiatives will meet the Firm’s capital allocation goals and inside hurdle price; harm to the Firm’s repute as a result of precise or perceived prevalence of any variety of occasions, together with destructive publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; dangers related to new ailments, epidemics and pandemics, together with the consequences and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; worker relations together with lack of key workers; elevated prices and bodily and transition dangers associated to local weather change, together with excessive climate occasions, useful resource shortages, rising insurance policies and elevated laws regarding associated to greenhouse fuel emission ranges, power effectivity and reporting of dangers; and availability and elevated prices related to mining inputs and labor. Barrick additionally cautions that its steerage could also be impacted by the continuing enterprise and social disruption brought on by the unfold of Covid-19. As well as, there are dangers and hazards related to the enterprise of mineral exploration, growth and mining, together with environmental hazards, industrial accidents, uncommon or surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or incapability to acquire insurance coverage, to cowl these dangers).

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Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements usually are not ensures of future efficiency. The entire forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the latest Kind 40-F/Annual Info Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a few of the elements underlying forward-looking statements and the dangers that will have an effect on Barrick’s means to attain the expectations set forth within the forward-looking statements contained on this press launch.

Barrick disclaims any intention or obligation to replace or revise any forward-looking statements whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation.

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