New Airport Terminal at Kahama Airstrip to Leave Lasting Legacy at Barrick’s Buzwagi Gold Mine

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All quantities expressed in US {dollars}

KAHAMA, Tanzania, Jan. 21, 2024 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:GOLD)(TSX:ABX) – The function of a sustainable mining firm is just not solely to create worth for stakeholders as we speak however to make sure it leaves behind a optimistic legacy that may proceed to serve native communities lengthy after mining is full. That is in accordance with Barrick president and chief govt Mark Bristow who was talking as we speak on the official handover ceremony of the brand new airport terminal constructed on the closed Buzwagi gold mine’s Kahama airstrip to the Tanzania Airport Authority (TAA).

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The ceremony marks the conclusion of an eight-month partnership between Barrick and TAA at a complete price of $384,000 — shared 70% ($268,000) by Barrick and 30% ($116,000) by TAA — and can pave the best way for a scheduled airline service out and in of Kahama. The brand new terminal will serve greater than 200 passengers at a time, in comparison with solely 25 passengers beforehand, and is predicted to be a catalyst for financial progress within the area. The constructing consists of an arrival and departure terminal, VIP lounge and assembly room, espresso and present store, in addition to facilities for folks with disabilities.

The Buzwagi gold mine was an financial powerhouse for Tanzania’s Shinyanga area for practically 15 years. At its peak, Buzwagi was the second largest working mine in Tanzania and employed greater than 3,000 folks. Its operational life got here to an finish in July 2021 and the mine was formally closed in July 2022. Since then, Barrick has been attending to Buzwagi’s environmental rehabilitation whereas additionally advancing its plans to remodel the closed mine right into a Particular Financial Zone.

A feasibility research commissioned in 2021 confirmed that the creation of the Particular Financial Zone had the potential to switch the mine because the area’s financial driver and will sustainably create 3,000 jobs yearly, generate greater than $150,000 annually from service levies for the native municipality and ship roughly $4.5 million in employment taxes a 12 months.

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Barrick Enquiries

Tanzania nation supervisor
Melkiory Ngido
+255 686 945 222

Company communications and nation liaison supervisor
Georgia Mutagahywa
+255 754 711 215
georgia.mutagahywa@barrick.com 

Group investor and media relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com

Web site: www.barrick.com

Cautionary Assertion on Ahead-Trying Data

Sure data contained or integrated by reference on this press launch, together with any data as to our technique, initiatives, plans, or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic truth, are forward-looking statements. The phrases “potential”, “anticipated”, “plans”, “remodel”, “might”, and related expressions determine forward-looking statements. Specifically, this press launch incorporates forward-looking statements together with, with out limitation, with respect to: the power to remodel the Buzwagi mine right into a Particular Financial Zone; Barrick’s partnership with the Authorities of Tanzania; Barrick’s sustainability initiatives in Tanzania and continued investments in group initiatives; and Barrick’s contributions to the native economic system together with its tax contributions, native hiring and procurement applications and spending.

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Ahead-looking statements are essentially primarily based upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under that, whereas thought of affordable by the Firm as on the date of this press launch in mild of administration’s expertise and notion of present circumstances and anticipated developments, are inherently topic to vital enterprise, financial, and aggressive uncertainties and contingencies. Recognized 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 embrace, however will not be restricted to: fluctuations within the spot and ahead value of gold, copper, or sure different commodities (similar to silver, diesel gasoline, pure fuel, and electrical energy); the speculative nature of mineral exploration and growth; adjustments in nationwide and native authorities laws, taxation, controls or laws and/ or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Tanzania and different jurisdictions through which the Firm or its associates do or might stick with it enterprise sooner or later; adjustments in mineral manufacturing efficiency, exploitation, and exploration successes; the likelihood that future exploration outcomes won’t be in keeping 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 because of the invasion of Ukraine by Russia; danger of loss as a result of acts of battle, 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 charge; harm to the Firm’s fame because of the precise or perceived incidence of any variety of occasions, together with damaging publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; dangers related to new ailments, epidemics and pandemics, together with the results and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; worker relations together with lack of key staff; 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 referring to associated to greenhouse fuel emission ranges, power effectivity and reporting of dangers; and availability and elevated prices related to mining inputs and labor. 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 sudden formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the danger of insufficient insurance coverage, or lack of ability 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 will not be ensures of future efficiency. All of the forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the newest Kind 40-F/Annual Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a number of the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s capacity 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 data, future occasions or in any other case, besides as required by relevant legislation.

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