Twiga Partnership Leads Extractive Industry’s Contribution to Tanzanian Economy By Investing.com

All amounts are expressed in US dollars unless otherwise stated

BULIANHULU, Tanzania, Oct. 05, 2024 (GLOBE NEWSWIRE) — The Twiga partnership between Barrick Gold Corporation (NYSE:)(TSX:ABX) and the Tanzanian government contributes 51% of government revenues from the extractive industry, according to the latest Extractive Industry Transparency Initiative report In Tanzania. Twiga includes the North Mara and Bulyanholo gold mines.

Both mines also led the industry’s safety performance, with Bulyanhulu winning the Occupational Safety and Health of the Year award and North Mara being named Best Company for the Care of Workers with Special Needs by the Tanzania Occupational Safety and Health Authority.

Speaking to media and local stakeholders here today, Barrick President and CEO Mark Bristow said ongoing brownfield exploration around the Bulyanhulu and North Mara mines continued to identify additional opportunities to replace and expand depleted reserves, further supporting mine resilience. In addition, good progress has been made in identifying new areas of interest with the potential to add new mines to the company’s portfolio.

Bristow said the Barrick-Twiga Future Forward Education initiative has completed its first phase, with Barrick funding a $10 million infrastructure expansion at 64 schools, including the construction of 396 classrooms, 97 dormitories and 600 ablution units. The second phase of the program is scheduled to begin in the last quarter of this year with another investment of $10 million, which will be followed by another third phase worth $10 million.

Meanwhile, the Barrick Academy, which was inaugurated by the Minister of Minerals at the beginning of the year at the closed Buzwagi mine, has trained more than 1,000 foremen, supervisors and supervisors from across the company’s Africa and Middle East region. The academy is on track to achieve its goal of training more than 2,000 people this year.

Bristow said that in line with Barrick’s commitment to transparency, it had referred the latest series of allegations of human rights violations at the North Mara mine to the Tanzania Human Rights and Good Governance Commission. After visiting the site and investigating, the committee completed a report confirming that there was no evidence of human rights violations and refuting allegations made by some international non-governmental organizations.

Barrick queries

Country Director of Tanzania
Melchior Njedo
+255 686 945 222

Director of Corporate Communications and Country Communications
Georgia Mutagahiwa
+255 754 711 215
Georgia.mutagahywa@barrick.com

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

Website: www.barrick.com

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Forward-looking statements are necessarily based on a number of estimates and assumptions, including material estimates and assumptions regarding the factors set forth below, while considered reasonable by the Company as of the date of this news release in light of management’s experience and perception Current conditions and anticipated developments are by their nature 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 futures prices of gold or certain other commodities (such as silver, diesel fuel, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxes, controls or regulations and/or changes in administration 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 subsidiaries conduct or may conduct business in the future; changes in mineral production and exploitation performance and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; disruption of supply routes which could cause delays in construction and mining activities, including disruptions to supplies of key mining inputs due to Russia’s invasion of Ukraine and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil commotion; Non-compliance with environmental, health and safety laws and regulations; the timing of receipt of, or non-compliance with, necessary permits and approvals; uncertainty as to whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation goals and internal hurdle rate; damage to the Company’s reputation due to the occurrence of any number of events, actual or perceived, including negative publicity regarding the Company’s handling of environmental matters or its dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the potential impacts and impacts of the global COVID-19 pandemic; Litigation, legal and administrative proceedings; employee relations including loss of key employees; Increasing physical and transitional costs and risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulation of greenhouse gas emission levels, energy efficiency, and risk communication; and the availability and increased costs associated with mining inputs and labor. In addition, there are risks and dangers associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods, gold bullion, copper cathode or gold or copper concentrates. Losses (and the risk of inadequate insurance, or inability to obtain insurance to cover these risks).

Many of these uncertainties and contingencies could affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements we make or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements contained in this news release are qualified by these cautionary statements. Special 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 certain factors underlying forward-looking statements and risks that may 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 statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Source: Barrick Gold Company