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Barrick confirms partnership for Congo gold industry

2019-04-03 09:54 ET - News Release

Mr. Mark Bristow reports

DRC AND BARRICK RENEW MUTUAL COMMITMENT TO DEVELOPING COUNTRY'S GREAT POTENTIAL

Barrick Gold Corp.'s executive chairman, John Thornton, and the Democratic Republic of the Congo's (DRC) newly elected president, Felix Tshisekedi, have confirmed their partnership to develop the country's gold mining industry in a meeting during the President's state visit to the United States.

Barrick operates Kibali in the DRC, one of the world's 10 largest gold mines, and, along with its joint venture partner, AngloGold Ashanti, is one of the major investors in the country. It has an extensive exploration program designed to find and develop more world-class orebodies in the DRC.

In a speech to the United States Chamber of Commerce, President Tshisekedi earlier said that while the DRC was potentially the wealthiest country on Earth in terms of natural resources, it remains one of its poorest. It was his administration's key priority to effect economic and financial reforms and development with help of the international community, especially the United States.

After the meeting, Mr. Thornton said he had been encouraged by the President's vision of attracting foreign investment and supporting the development of the DRC's mining industry in a spirit of partnership.

"As the value leader in the global gold sector, Barrick offers the DRC peerless exploration, technical and financial support and, through Kibali, has proved its commitment to the country, the people and its local partners. We look forward to continuing to make a significant and growing contribution to the DRC's economy and to unlocking the enormous value of its mineral potential," he said.

About the Kibali gold mine

The Kibali mine, located in the DRC, is one of the largest gold mines in Africa. It comprises an integrated open pit and an underground operation, as well as a 7.2 Mtpa (million tonne per annum) processing plant. First gold was poured in 2013 from open-pit operations and commissioning of the full underground operation was completed at the end of 2017. Kibali is in the northeast of the DRC, approximately 220 kilometres east of the capital of the Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1,800 kilometres from the Kenyan port of Mombasa. The mine is owned by Kibali Goldmines SA, which is a joint venture company effectively owned 45 per cent by each of Barrick and AngloGold Ashanti, and 10 per cent by Societe Miniere de Kilo-Moto. The mine was developed and is operated by Barrick.

About Barrick Gold Corp.

On Jan. 1, 2019, a new Barrick was born out of the merger between Barrick Gold Corp. and Randgold. Shares in the new company trade on the NYSE (GOLD) and the Toronto Stock Exchange (ABX).

The merger has created a sector-leading gold company which owns five of the industry's top 10 Tier 1 gold assets (Cortez and Goldstrike in Nevada (100 per cent); Kibali in DRC (45 per cent); Loulo-Gounkoto in Mali (80 per cent); and Pueblo Viejo in the Dominican Republic (60 per cent)) and two with the potential to become Tier 1 gold assets (Goldrush/Fourmile (100 per cent) and Turquoise Ridge (75 per cent), both in the United States).

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