Barrick’s Mali Mines Unaffected by Political Transition

Rhea-AI Summary

Barrick Gold Corporation (NYSE: GOLD) reported that its Loulo-Gounkoto mining complex in Mali remains unaffected by the local political situation, with operations continuing normally. The company confirmed that it has sufficient inventory to meet future needs and is actively securing supply lines. Barrick is closely monitoring the political landscape and is in consultation with local stakeholders to ensure operational continuity.

Positive

• Operations at the Loulo-Gounkoto mining complex continue uninterrupted.
• Adequate inventory available for foreseeable requirements.
• Proactive steps taken to secure supply lines.

Negative

• Risks associated with political developments in Mali could impact operations.
• Potential operational disruptions due to local government changes.

TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today its Loulo-Gounkoto mining complex had not been affected by the political situation in Mali and operations there were continuing as normal.

The complex has an adequate inventory for its foreseeable requirements and management has taken steps to secure its supply lines. The company is monitoring the situation closely in consultation with local stakeholders.

Enquiries

Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information as to Barrick’s strategy, 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 “continue”, “transition”, “secure”, “monitor”, “foreseeable”, “consult”, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the impact of the political transition in Mali on the Loulo-Gounkoto mining complex, the availability of inventory at the mine and steps taken to secure supply routes during the political transition, and ongoing consultation with local stakeholders.

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 Barrick 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: operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; 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 Mali; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation and legal and administrative proceedings; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community groups, whether true or not and employee relations including loss of key employees. 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. 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.

FAQ

What is the current status of Barrick Gold's operations in Mali?

Barrick Gold's Loulo-Gounkoto mining complex is operating normally despite the political situation in Mali.

How is Barrick Gold addressing supply line security?

Barrick has taken steps to secure its supply lines for the Loulo-Gounkoto mining complex.

What inventory does Barrick Gold have for its mining operations?

Barrick Gold has an adequate inventory to meet its foreseeable requirements at the Loulo-Gounkoto complex.

Why is Barrick Gold monitoring the political situation in Mali?

Barrick Gold is monitoring the political situation to ensure operational continuity and mitigate risks.

What are the potential risks for Barrick Gold in Mali?

Risks include possible disruptions from political changes and local government regulations affecting operations.