Barrick Joins Challenge to Decarbonize Surface Mining

Rhea-AI Summary

Barrick Gold Corporation (NYSE:GOLD) has become a patron of the Charge on Innovation Challenge, aimed at reducing emissions in surface mining. This global competition invites proposals for electrifying large haul trucks, crucial for mining decarbonization. Currently, over 350 companies from 19 industries are involved, with 80 submitting formal expressions of interest. Barrick aims for a 30% emissions reduction by 2030 and net zero by 2050. Evaluation of proposals will commence soon, with site trials expected in the coming years.

Positive

• Participation in the Charge on Innovation Challenge positions Barrick as a leader in mining decarbonization.
• The company has set a clear emissions reduction target of 30% by 2030 and aims for net zero emissions by 2050.

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• None.

TORONTO, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has become a patron of the Charge on Innovation Challenge, an industry-wide effort to cut emissions from surface mining.

The Challenge takes the form of a global competition and seeks to leverage the experience and ideas of a variety of industries to develop new concepts and solutions for large-scale haul truck electrification. Electrification is seen as the key to decarbonize mining and the crux of the challenge is to develop a solution that will safely deliver electricity to large surface haul trucks without adding time to the haul cycle.

So far over 350 companies from across 19 industries have registered their interest as vendors with 80 companies submitting formal expressions of interest.

With the help of the Australian mining equipment industry body Austmine, the patrons will evaluate proposals over the next month with a view to creating a short-list of vendors to submit formal proposals. Once a suitable solution is selected, site trials are expected to start within the next few years.

Barrick president and chief executive Mark Bristow said the company was proud to lend its support to, and play a part in, this initiative which promises to accelerate the industry’s decarbonization.

“At Barrick, we have set ourselves an emissions reduction target of 30% by 2030 against our 2018 baseline and our vision is to achieve net zero emissions by 2050,” he said. “While we have already made clear strides in meeting these targets, we are constantly looking at new and innovative ways to further enhance our environmental credentials.”

Enquiries

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: 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 operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “challenge”, “develop”, “will”, “evaluate”, “trial”, “promise”, “target”, “vision”  “could”, “would” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s climate strategy; the potential for the Charge on Innovation Challenge to reduce emissions from surface mining through large-scale haul truck electrification; and Barrick’s greenhouse gas emission reduction targets and ultimate aim to achieve net zero emissions by 2050

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: failure to comply with environmental and health and safety laws and regulations; non-renewal of key licences 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 Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; 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 the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; and increased costs and physical risks, including extreme weather events and resource shortages, related to climate change. 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.

FAQ

What is the Charge on Innovation Challenge related to Barrick Gold?

The Charge on Innovation Challenge is a global initiative aimed at reducing emissions from surface mining through the electrification of large haul trucks.

What are Barrick Gold's emissions reduction targets?

Barrick Gold has set a target of reducing emissions by 30% by 2030 and aims to achieve net zero emissions by 2050.

How many companies are involved in the Charge on Innovation Challenge?

Over 350 companies from 19 industries have expressed interest in the Charge on Innovation Challenge, with 80 submitting formal proposals.

When are site trials expected to start for Barrick Gold's electrification solutions?

Site trials for selected electrification solutions are expected to begin within the next few years.