Kibali Gold Mine

Barrick Set for Strong Finish to the Year

Retrieved on: 
Thursday, October 12, 2023
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TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp up of the expansion project. We continue to expect a significant increase in fourth quarter production volume.

Key Points: 
  • Porgera has been on temporary care and maintenance since April 2020 and is not currently included in our full year 2023 guidance.
  • On February 3, 2022, the Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the “Commencement Agreement”).
  • Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on November 2, 2023.
  • Barrick also cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

Kibali Drives Sustainable Value Creation Through Partnerships

Retrieved on: 
Thursday, October 5, 2023
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KINSHASA, Democratic Republic of Congo, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The planned third-quarter ramp-up at Kibali, Africa’s largest gold mine, has positioned it strongly to achieve its production guidance for the year, maintaining Barrick’s track record of delivery in the Democratic Republic of Congo.

Key Points: 
  • Kibali derives most of its energy needs from its three hydropower stations with plans for a 16MW solar farm with a battery energy storage system to augment the hydropower supply during the dry season well under way.
  • Part of the World Gold Council’s new documentary, GOLD: A Journey with Idris Elba , released on YouTube today, was filmed at Kibali.
  • Bristow said the mine was driving sustainable value creation through local partnerships, spending over $180 million with Congolese suppliers in the year to date and continuing to invest in community development programs.
  • Additionally, the mine’s community development fund, which contributes 0.3% of revenue to projects, now has 44 projects under its wing.

Barrick On Track to Achieve 2023 Targets

Retrieved on: 
Thursday, April 13, 2023
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TORONTO, April 13, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q1 sales of 0.95 million ounces of gold and 89 million pounds of copper, as well as preliminary Q1 production of 0.95 million ounces of gold and 88 million pounds of copper. As previously guided, Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our full year gold and copper guidance1.

Key Points: 
  • Porgera has been on temporary care and maintenance since April 2020 and is not currently included in our full year 2023 guidance.
  • Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on May 3, 2023.
  • Barrick will provide additional discussion and analysis and other important information about its first quarter production levels, sales and associated costs when it reports actual results on May 3, 2023.
  • Barrick also cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

Pioneering Kibali Plans Further Partner-Based Development

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Saturday, March 25, 2023
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KIBALI, Democratic Republic of Congo, March 25, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Since Kibali went into production 10 years ago it has not only grown into Africa’s largest gold mine, it has also opened a new mining frontier in the DRC and stimulated the development of a thriving regional economy in the country’s North-East province, says Mark Bristow, Barrick president and chief executive.

Key Points: 
  • “Kibali has multiple partnerships with local businesses, many of which we have actively mentored, such as the all-Congolese team that built the mine’s Azambi hydropower station,” Bristow said.
  • “Kibali’s three continuously upgraded hydropower stations and their battery back-up system have put it in the lead of the Barrick group’s green energy drive.
  • It continues to explore for additional reserves to replace depletion at Kibali and for new growth opportunities elsewhere in the DRC.
  • The Barrick group is an industry leader in sustainability with a strategy that holistically links the management of challenges related to climate change, poverty and biodiversity loss.

Barrick Reports Stronger Q4 Gold Production

Retrieved on: 
Tuesday, January 17, 2023
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TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary full year and fourth quarter 2022 production results. On the back of stronger Q4 production, 13% higher than the previous quarter, preliminary gold production for the full year of 4.14 million ounces was approximately 1% lower than the 4.2 million ounces1 previously guided, while preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds.

Key Points: 
  • Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits.
  • C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs.
  • All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production.
  • Finally, Barrick cautions that this press release contains forward-looking statements with respect to: (i) Barrick’s production; and (ii) costs per ounce for gold and per pound for copper.

Exploration Success Secures Kibali’s Future

Retrieved on: 
Thursday, October 27, 2022
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KINSHASA, Democratic Republic of Congo, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – The ability of Africa’s largest gold mine to replace its reserves beyond depletion will secure its position as one of Barrick Gold Corporation’s Tier One1 assets well into the future, president and chief executive Mark Bristow said here today.

Key Points: 
  • Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes forward-looking statements.
  • The words continue, strategy, pursue, expect, will, maintain, growth, opportunities, design and similar expressions identify forward-looking statements.
  • 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.

Stronger Q2 for Barrick Underpins Delivery of 2022 Production Guidance

Retrieved on: 
Thursday, July 14, 2022
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TORONTO, July 14, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1.

Key Points: 
  • Porgera has been on temporary care and maintenance since April 2020 and is not currently included in our full year 2022 guidance.
  • Barrick will provide a full reconciliation of this non-GAAP financial measure when the Company reports its quarterly results on August 8, 2022.
  • C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs.
  • Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.

Kibali Drives Sustainable Value Creation

Retrieved on: 
Tuesday, July 5, 2022
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KINSHASA, Democratic Republic of Congo, July 05, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – The Kibali gold mine’s investment in the Democratic Republic of Congo now exceeds $4 billion and it has created a thriving regional economy in a remote part of the country through partnering with and mentoring local entrepreneurs, uplifting host communities and upgrading essential infrastructure.

Key Points: 
  • Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, 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 ahead, on track, continue, envisage, strategy, pursue, expect, will, maintain, growth, opportunities, design and similar expressions identify forward-looking statements.
  • All of the forward-looking statements made in this press release are qualified by these cautionary statements.

Q1 Production Sets Barrick On Track to Achieve 2022 Targets

Retrieved on: 
Thursday, April 14, 2022
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TORONTO, April 14, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)(‘Barrick’ or the ‘Company’) today reported preliminary Q1 sales of 1.0 million ounces of gold and 113 million pounds of copper, as well as preliminary Q1 production of 1.0 million ounces of gold and 101 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to be the lowest in the first quarter increasing through the year, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our full year gold and copper guidance1.

Key Points: 
  • On February 3, 2022, the Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the Commencement Agreement).
  • C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs.
  • Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on May4, 2022.
  • Barrick will provide additional discussion and analysis and other important information about its first quarter production levels, sales and associated costs when it reports actual results on May4, 2022.

Kibali Powers Ahead While Barrick Plans Further Investments in DRC

Retrieved on: 
Thursday, March 24, 2022
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KINSHASA, Democratic Republic of Congo, March 24, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Africa’s largest gold mine, Kibali, has made a strong start to 2022 and is on track to equal its 2021 production this year. Last year it again replaced the reserves depleted by mining and its prolific KZ trend of orebodies continues to deliver opportunities for significant open pit and underground growth.

Key Points: 
  • The JORC Code reporting standards are functionally equivalent to National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
  • Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.
  • The words ahead, on track, continue, envisage, strategy, pursue, expect, will, maintain, growth, opportunities, design and similar expressions identify forward-looking statements.
  • Barrick also cautions that its guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.