Barrick recognized as key socio-economic partner of Tanzania

All amounts are in US dollars

NORTH MARA GOLD MINE, Tanzania, July 10, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has been recognized as the largest contributor to government revenue in 2021, confirming its position as a key partner in the socio-economic development of Tanzania.

President and CEO Mark Bristow told the media here today that since the company took control of North Mara and Bulyanhulu in September 2019its total investment in the country totaled $1.995 billion1. In the first half of this year, he paid $158 million in taxes, fees and levies, $42 million in distributions to the government of Tanzania in the form of dividends and shareholder loans as well as $210 million to local suppliers. He has also now paid $140 million of his $300 million settlement with the government.

“When we took over these mines, they were a dying burden on the government and their investors. In a very short time, we redesigned and redesigned them, effectively creating two new mines. They are well placed to provide their annual production forecasts and have the potential to reach a combined level2 status in Barrick’s portfolio meaning they are capable of producing at least 500,000 ounces of gold per year for over 10 years at the lower end of the cost spectrum as a combined complex,” said Bristol.

“We continue to replace resources depleted by mining and we are also targeting new opportunities, increasing our footprint around Bulyanhulu through the acquisition of six highly prospective licenses. We are also updating geological models in the area of North Mara and identify potential targets elsewhere in Tanzania.

In line with Barrick’s local employment policy, Tanzanian nationals now make up 96% of the workforce at both mines and 64% of their senior managers are Tanzanian. The mines are also driving increased employment for women in a traditionally male-dominated industry through targeted recruitment and development programs.

Barrick is committed $6 for every ounce of gold sold by the two mines to improving health care, education, infrastructure and access to clean water in their communities. Another $70 million was allocated for investment in national value-added projects, including mining-related training and science facilities at Tanzanian universities.

Last quarter, Bulyanhulu was named Tanzanian OSHA overall winner (Occupational Safety and Health Authority) for 2022 while North Mara received the award for Best Community Health Awareness Program.


President and CEOMark Bristow+1 647 205 7694
+44 788 071 1386

Country Manager, Tanzania
Georgia Mutagahywa
+255 754 711 215
Email: [email protected]

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



  1. 100% basis
  2. A Tier 1 gold asset is one 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 are in the lower half of the industry cost. curve.

Caution regarding forward-looking information

Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, plans, 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”, “undertake”, “move forward”, “build”, “expect”, “will”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: Barrick’s contributions to the local economy, including local content programs and expenditures, as well as anticipated contributions to value-added national projects; the ability of the North Mara and Bulyanhulu mines to meet their annual production guidance, replace mining-depleted resources and achieve Tier 1 status as a combined complex; Barrick’s partnership with the Government of Tanzania under the framework agreement; Barrick’s planned investments in Tanzania including to develop health care, education and infrastructure; and expected production and cost levels for the North Mara and Bulyanhulu mines on a combined basis.

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 which, although believed to be reasonable by the Company as of the date of this press 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. These 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, mining and exploration success; risks associated with projects in the early stages of assessment and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; timing of receipt or non-compliance with necessary permits and approvals; uncertainty as to whether some or all of the targeted investments and projects will achieve the Company’s capital allocation objectives and 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 Tanzania 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 occurrence or perceived occurrence of a number of events, including negative publicity regarding the Company’s handling of environmental issues or relationships with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; legal and administrative litigation and proceedings; employee relations, including the loss of key employees; increased physical costs and risks, including extreme weather events and resource shortages, related to climate change; and the increased availability and costs associated with mining inputs and labor. Barrick also warns that its guidance could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods and gold bars, copper cathodes or gold or copper concentrates. losses (and the risk of inadequate insurance or the inability to obtain insurance to cover such 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 in 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 filed with the SECOND and the Canadian provincial securities regulators for a more detailed discussion of some of the factors underlying the forward-looking statements and the risks that could 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.

main logo

Source: Barrick Gold Corporation

2022 GlobeNewswire, Inc., source Press Releases

Comments are closed.