All quantities expressed in US$
LUMWANA, Zambia, Oct. 02, 2024 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:)(TSX:ABX) “ The development of a Super Pit at Barrick’s Lumwana mine was officially launched today by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cabinet.
The feasibility study for the Super Pit Expansion is expected by the end of the year, paving the way for construction to start in 2025. Once completed, the $2 billion project1,4 unlocks the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer1 and a Tier One2 copper mine.
The expansion involves first doubling throughput of the existing process circuit and then significantly increasing mining volumes. Plant throughput will grow from the current 27Mt to 52Mt, doubling the mine’s annual copper production from 120kt to a life-of-mine average of 240kt a year3,4. The process plant expansion is supported by a ramp-up of total mining volumes, which are planned to increase incrementally year-on-year, from 150Mt in 2025 to approximately 240Mt in 2028 and then to an average rate of 290t per annum from 2030 onwards3,4.
Speaking at the groundbreaking ceremony also attended by the Barrick board of directors, Barrick president and chief executive Mark Bristow said a critical element of the Super Pit Expansion was its focus on creating a sustainable legacy through the development of local capacity within the region, which would benefit both local communities and businesses throughout the construction and operational phases. The expansion will need around 550 additional workers over the next five years to support the ramp up and an additional 2,500 construction workers for a three-year period to 2028.
We are also planning to build critical infrastructure, including an airstrip and an industrial supplier park. This will enable key suppliers to establish themselves in the area, creating an economic hub that will further fuel growth and development in the wider region, Bristow said.
Mining plays a key role in Zambia’s economic structure and our partnership with Barrick is creating one team with a shared vision to develop a new economic frontier in the North-Western Province of the country and beyond, said President Hakainde Hichilema.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Zambia Country Manager
Anthony Malenga
+260 977 730 513
Website: www.barrick.com
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration”every a Certified Individual as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives.
Endnotes
- Monetary metrics and manufacturing metrics are primarily based upon Barrick’s inside pre-feasibility examine which is conceptual in nature as a result of it contains mineral sources that aren’t but categorized as mineral reserves, and there’s no certainty that the pre-feasibility evaluation can be realized. These metrics are topic to vary upon completion of the feasibility examine. The assumptions outlined inside the pre-feasibility examine evaluation have fashioned the idea for the continued examine and had been made by a Certified Individual. The Certified Individual will consider the outcomes of the finished feasibility examine earlier than figuring out whether or not all or part of the mineral useful resource for the Tremendous Pit Growth Challenge could also be transformed to a mineral reserve.
- A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for five million tonnes or extra of contained copper to help a minimal 20-year life, annual manufacturing of no less than 200ktpa, with all-in sustaining prices per pound within the decrease half of the business value curve. Tier One Property have to be positioned in a world class geological district with potential for natural reserve development and long-term geologically pushed addition.
- Lifetime of Mine Plan mined tonnes, grade and ounces and financials are primarily based on the pre-feasibility examine however are conceptual in nature as a result of utilizing mineral sources and are topic to vary with completion of the feasibility examine which is anticipated for This autumn 2024.
- The outcomes on this press launch symbolize forward-looking data and are primarily based on Barrick’s inside pre-feasibility examine for the Tremendous Pit. These outcomes are primarily based on mineral sources solely and depend upon inputs which are topic to quite a lot of recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes to vary materially from these introduced right here. Barrick is within the strategy of finishing a feasibility examine in respect of the Tremendous Pit, the outcomes of which can differ from the figures disclosed on this press launch. Barrick doesn’t at the moment determine Lumwana as a fabric property. Barrick expects to re-evaluate Lumwana’s standing as a possible materials property following the completion of the feasibility examine for the Tremendous Pit Growth Challenge and the preparation of up to date mineral reserves and sources estimates for Lumwana as of December 31, 2024. A Technical Report can be ready in accordance with Kind 43-101F1 and filed on SEDAR+ inside 45 days of the disclosure of the outcomes of the feasibility examine if Lumwana is assessed as a fabric property.
Cautionary Assertion on Ahead-Wanting Info
Sure data contained 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 would, will, projected, estimated, beginning, plan, ramp up, allow, anticipated, potential, future, focus, ongoing anticipate development, and related expressions determine forward-looking statements. Particularly, this press launch incorporates forward-looking statements together with, with out limitation, with respect to: Barrick’s Lumwana Tremendous Pit growth challenge and its potential to increase Lumwana’s lifetime of mine; international projected copper manufacturing and demand profiles; the potential for Lumwana to develop into a Tier One asset, and the potential for Lumwana to develop into a prime 25 copper asset; estimated copper manufacturing and throughput from the Lumwana Tremendous Pit growth, together with projected mining charges; the estimated capital price range for the Lumwana Tremendous Pit growth; anticipated timelines for supply of the feasibility examine and challenge building; Barrick’s technique, plans, targets and targets in respect of environmental and social governance points, together with local people growth; and expectations relating to future worth assumptions, monetary efficiency and different outlooks or steerage.
Ahead-looking statements are essentially primarily based upon quite a lot of estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under that, whereas thought-about cheap by the Firm as on the date of this press launch in gentle of administration’s expertise and notion of present circumstances and anticipated developments, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. Identified and unknown elements may 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 data. Such elements embody, however aren’t restricted to: fluctuations within the spot and ahead worth of gold, copper or sure different commodities (corresponding to silver, diesel gasoline, and electrical energy); the potential to transform all or a part of the mineral useful resource for the Tremendous Pit growth right into a mineral reserve following the completion of the feasibility examine; dangers related to initiatives within the early levels of analysis and for which extra engineering and different evaluation is required; dangers associated to the chance that future exploration outcomes is not going to be per the Firm’s expectations, that portions or grades of reserves can be diminished, and that sources might not be transformed to reserves; dangers related to the truth that sure of the initiatives described on this press launch are nonetheless within the early levels and should not materialize; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; dangers that exploration information could also be incomplete and appreciable extra work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; the speculative nature of mineral exploration and growth; lack of certainty with respect to overseas authorized programs, corruption and different elements which are inconsistent with the rule of legislation; disruption of provide routes which can trigger delays in building and mining actions, together with disruptions within the provide of key mining inputs as a result of invasion of Ukraine by Russia and conflicts within the Center East; danger of loss as a result of acts of battle, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; adjustments in nationwide and native authorities laws, taxation, controls or rules and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Zambia or different nations by which Barrick does or might stick with it enterprise sooner or later; dangers referring to political instability in sure of the jurisdictions by which Barrick operates; timing of receipt of, or failure to adjust to, needed permits and approvals; non-renewal of or failure to acquire key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and rules; 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 rules referring to greenhouse gasoline emission ranges, power effectivity and reporting of dangers; Barrick’s potential to attain its sustainability targets; contests over title to properties, significantly title to undeveloped properties, or over entry to water, energy and different required infrastructure; the legal responsibility related to dangers and hazards within the mining business, and the flexibility to take care of insurance coverage to cowl such losses; harm to the Firm’s repute as a result of precise or perceived incidence of any variety of occasions, together with unfavourable publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; dangers associated to operations close to communities that will regard Barrick’s operations as being detrimental to them; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or growth actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and data know-how programs; elevated prices, delays, suspensions and technical challenges related to the development of capital initiatives; dangers related to working with companions in collectively managed property; dangers associated to disruption of provide routes which can trigger delays in building and mining actions; dangers related to Barrick’s infrastructure, data know-how programs and the implementation of Barrick’s technological initiatives, together with dangers associated to cybersecurity incidents, together with these brought on by pc viruses, malware, ransomware and different cyberattacks, or related data know-how system failures, delays and/or disruptions; dangers associated to competitors within the mining business; worker relations together with lack of key workers; availability and elevated prices related to mining inputs and labor; and dangers related to ailments, epidemics and pandemics. 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 surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or incapability to acquire insurance coverage, to cowl these dangers).
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 aren’t ensures of future efficiency. The entire 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 Info 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 that will have an effect on Barrick’s potential 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.
Supply: Barrick Gold Company
