Mr. Mark Bristow reports

BARRICK CALLS FOR PARTNERSHIP TO SECURE PORGERA'S FUTURE

Barrick Gold Corp. president and chief executive officer Mark Bristow said his meeting today with Prime Minister James Marape had served to confirm the need for a partnership approach to the future of the Porgera gold mine. (All amounts are expressed in U.S. dollars unless otherwise stated.) This was Mr. Bristow's second meeting with the recently elected Prime Minister and his third visit to Papua New Guinea (PNG) since he joined Barrick at the beginning of the year.

Porgera's special mining lease expires this month, and the government is currently considering an application for a 20-year extension by its operator, Barrick Niugini Ltd., a joint venture between Barrick and Zijin Mining Group of China.

Mr. Bristow said Prime Minister Marape's view that PNG should receive a better share of the benefits generated by the development of its mineral resources was in line with Barrick's own commitment to ensuring that the value created by its operations should reward all its stakeholders, especially its host governments and communities.

"The people of PNG have a right to benefit from these resources, and the government is their steward. The mining companies invest the capital and provide the expertise that makes profitable resource development possible. This common cause calls for a productive, mutually rewarding partnership between the miners and their hosts. Barrick has successfully established and maintained such relationships at its operations worldwide," he said.

Mr. Bristow noted that Porgera was one of the largest mines in PNG and had been a key driver in its regional, provincial and national economies for the past 30 years.

Over that time, the mine has paid more than 4.3 billion kina ($1.27-billion) in taxes and royalties to the government, and has contributed, on average, approximately 10 per cent of the country's annual export income. It is one of the largest employers in the country, with more than 3,100 full-time PNG employees, 1,000 of them recruited in the Porgera region. It has spent 1.2 billion kina ($353-million) with Porgera businesses, helping hundreds of them grow. The Enga provincial government and Porgera landowners have also benefited directly from their part ownership of the mine, earning more than one billion kina ($294-million) in equity cash payments.

"Our presence here has also been a force for good in many other ways, and the development projects and education and training initiatives we have funded, including our donations, to the total value of 544 million kina ($160-million) have provided schools, health services, water, power, bridges and roads, changing the lives of many for the better. The imminent reopening of the much needed Paiam hospital in Porgera, made possible by the mine's financial and technical support, is the most recent example of our commitment to the community," Mr. Bristow said.

Mr. Bristow said Barrick and its joint venture partner Zijin saw a bright future ahead for Porgera. It is a world-class gold deposit, and with the right level of investment and appropriate mining technology, combined with prudent management, there are opportunities to maintain and even increase production while continuing to curb costs.

"I am travelling to the mine tomorrow, where I look forward to continuing the discussions I have had with the government with our local stakeholders. I am confident that we shall be able to reach a broad agreement on the terms of the lease extension and that we shall develop the kind of partnership that will ensure that Porgera continues to benefit the country and community for many years to come," he said.

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