Conversion of NGM’s TS Power Plant aligns with Nevada’s carbon reduction ambitions

ELKO, Nev., Feb. 24, 2020 (GLOBE NEWSWIRE) -- In support of Nevada’s carbon-reduction objectives and in partnership with Governor Sisolak’s administration, Nevada Gold Mines (NGM) - a joint venture between Barrick Gold Corporation (61.5%) as the operator and Newmont Corporation (38.5%) - is pleased to announce that it has approved the conversion of its TS Coal Power Plant to a dual fuel process, allowing the facility to generate power from natural gas.  This conversion will enable the facility to reduce carbon emissions by as much as 50 percent.  NGM is currently working with the State of Nevada on final permitting to allow construction to begin near the end of 2020, with the goal of final commissioning in the second quarter of 2022.

As part of its overall Energy Management Strategy, NGM is also reviewing the potential for a 200 MW solar facility with battery storage.  The intention is to phase construction, initially installing 100 MW that could produce power as early as 2022.  A study is currently underway, and once the project is approved, NGM will work with the State of Nevada and the Office of Energy on permitting.

“Nevada Gold Mines is committed to providing its operations low-cost, secure power generation through northeastern Nevada’s power grid now and into the future.  The conversion of NGM’s TS Power Plant and the potential for an additional solar power facility illustrates this commitment while reducing the State’s carbon emissions,” said Greg Walker, Executive Managing Director, NGM.

NGM has two power generation facilities in northern Nevada with the TS Power Plant in Dunphy and the Western 102 Power Plant outside of Reno.  The TS Power Plant commenced operation in 2008 and has a capacity of 215 MW power generation from its original coal-fired process.  The Western 102 Power Plant has a capacity of 115 MW, supplying power from natural gas fired generators and a 1 MW Solar Facility.

Enquiries

President and chief executive Mark Bristow [phone] [phone]

Chief operating officer, North America Catherine Raw [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 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 “will”, “goal”, “intention”, “potential”, “strategy” 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 of the dual fuel conversion of the TS Coal Power Plant and additional solar power facility, including lower power generation costs and carbon reductions.