Barrick Announces Strategic Partnership With Zijin Mining Group - Seite 3

Credit Suisse is acting as financial advisor to Barrick. Davies Ward Phillips & Vineberg LLP and Herbert Smith Freehills LLP are acting as legal counsel to Barrick.

Details of the strategic cooperation agreement

As part of the strategic cooperation agreement, Barrick and Zijin will explore long-term opportunities to collaborate on future projects. Substantial synergies and value may be realized by bringing to Barrick the expertise and relationships that Zijin offers, including low-cost capital from Chinese institutions, leading Chinese engineering and construction skills, and Chinese machinery, equipment and other critical suppliers that meet world-class standards of quality at competitive costs. BNL will continue to honor its contracts with local suppliers at the Porgera Joint Venture. As opportunities for major projects arise in the future, Barrick and Zijin may agree to develop the mine together if it is considered in the best interests of both companies.

About BNL

Barrick (Niugini) Limited is the manager of and holds a 95 percent participating interest in the Porgera Joint Venture. The remaining five percent participating interest is held by Mineral Resources Enga Limited and is divided between the Enga Provincial government (2.5 percent) and local landowners (2.5 percent). Barrick's share of gold production from the Porgera mine in 2014 was 493,000 ounces at all-in sustaining costs of $996 per ounce(1). Production for 2015 is expected to be 500,000-550,000 ounces of gold at all-in sustaining costs of $1,025-$1,125 per ounce (95 percent share)(2). At the end of 2014, Barrick had 3.0 million ounces of proven and probable gold reserves and 4.1 million ounces of measured and indicated gold resources at the Porgera mine (95 percent share)(3).

About Zijin

Started from Zijinshan Gold Mine in 1993, Zijin Mining Group Co., Ltd ("Zijin") has developed an extensive portfolio of gold, copper, lead and zinc, tungsten, iron and other base metals over the past 20 years, with gold being its main focus. Zijin has become a large mining group specializing in gold and mineral resource exploration and production with subsidiaries in more than 20 provinces, municipalities, autonomous regions across China and seven countries. Listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, Zijin ranked number 117 on the Forbes List of the Top 500 Chinese enterprises in 2014.