Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base

All amounts expressed in US dollars

KIBALI, Democratic Republic of Congo, March 20, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Based on the success of Kibali, which Barrick has built into Africa’s largest gold mine, the company is ready to invest in new gold and copper opportunities in partnership with the government of the DRC, says president and chief executive Mark Bristow.

Speaking to media at a site visit to the mine, Bristow said Kibali was on track for another value-creating year on the back of a strong production performance. It was also well set to replace the ounces that were being depleted by mining with more of the same high quality.

“Kibali has transformed what was previously the disadvantaged north-east region of the country into a new economic frontier and a flourishing commercial hub. Of our $5 billion investment in the DRC, more than half has been spent with local contractors and suppliers, many of whose growth into substantial businesses we have promoted by enhancing their commercial and technical skills and providing them with the opportunities to exercise these. Kibali’s third hydropower station, for example, was built by an all-Congolese team,” he said.

Kibali’s recently announced that a collaboration with the ARSP, the public regulator which oversees the country’s sub-contracting sector, has already resulted in a range of initiatives, building on Kibali’s industry leading local content strategy.

Meanwhile, Kibali continues its transition to renewable energy with the planned commissioning of a 16MW solar plant and associated batteries in 2025. The plant will increase the renewable energy use from 81% to 85%, with the mine running solely on renewal power during the six-month rainy season.

In line with its commitment to biodiversity preservation, Kibali has embarked on a feasibility assessment in consultation with the ICCN for the introduction of additional white rhinos into the Garamba National Park.

Enquiries:

DRC country manager
Cyrille Mutombo
[phone]

Investor and Media Relations
Kathy du Plessis
[phone]
Email: [e-mail]

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 financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words ““on track”, “value-creating”, “perform”, “transform’, “expect”, “continue”, “increase”, “commitment”, “grow”, “will”, and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits from Kibali’s local procurement initiatives and investment in local partnerships and communities; Barrick’s investment in community programs and projects; and Barrick’s commitment to the DRC and potential further growth opportunities.