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Barrick Gold Corp
Symbol ABX
Shares Issued 1,779,331,037
Close 2022-01-20 C$ 24.92
Market Cap C$ 44,340,929,442
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Barrick Gold produces 812,152 oz Au in 2021 from Kibali

2022-01-21 11:18 ET - News Release

Mr. Mark Bristow reports

KIBALI DELIVERS ANOTHER STELLAR PERFORMANCE AND EXPECTS TO GROW ITS MINERAL RESERVES NET OF DEPLETION

Barrick Gold Corp.'s Kibali gold mine produced a total of 812,152 ounces, well within guidance for 2021, and expects to increase its mineral reserves net of depletion for the third successive year, maintaining its plus-10-year life as one of Barrick Gold's Tier 1 assets. All monetary amounts are in United States dollars.

At a media briefing, Barrick president and chief executive Mark Bristow noted that this performance, which grew steadily stronger during the year, was achieved with no lost-time injuries during the last quarter. Like all Barrick's mines worldwide, Kibali retained its ISO 45001 safety and ISO 14001 environmental accreditations.

At the same time, Kibali continued to lead the group's clean energy drive with power sourced from its three continuously upgraded hydropower stations supported by new backup battery technology.

"Kibali's performance was supported by reinforced COVID-19 protocols to deal with the fourth wave of the virus. The mine worked closely with the DRC's [Democratic Republic of the Congo] health authorities and the provincial government to source vaccines and, to date, has partially vaccinated 60 per cent of its work force, with 43 per cent of the work force fully vaccinated," Mr. Bristow said.

"It also strengthened its local business partnerships to build a sustainable economy in the region. During Q4, it spent $40.6-million with local contractors and suppliers, bringing the total since the start of Kibali to $2.1-billion. To date, Kibali has invested some $3.7-billion in the DRC in the form of taxes, permits, infrastructure, salaries and payments to local partners."

During the fourth quarter, Kibali paid a dividend of $170-million to shareholders of Barrick, AngloGold Ashanti and government parastatal SOKIMO, bringing the total distribution for the year to $200-million. Mr. Bristow said Barrick and the Congolese authorities were working together on a program to release cash for the repayment of offshore loans.

During the quarter, Kibali launched the Garamba Alliance, a biodiversity partnership with the United States Agency for International Development (USAID) designed to preserve this world heritage park through anti-poaching actions and other conservation initiatives. This partnership is also designed to secure a sustainable economic future for the local community surrounding the park.

Looking ahead, Mr. Bristow said underground drilling at the KCD orebody was defining a new high-grade lode above the base of the shaft infrastructure. This was an exciting discovery which could add an entirely new orebody to the existing KCD series of orebodies.

We seek Safe Harbor.

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