Barrick Joins Fight Against Covid-19 in Mali

All amounts expressed in US dollars.

BAMAKO, Mali, April 10, 2020 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) today made a $1.5 million donation to the Malian government to support its Covid-19 containment campaign.  Barrick’s senior executive for West Africa, Mahamadou Samake, made the presentation.

The donation includes an amount of $426,000 being provided for special equipment to strengthen the medical infrastructure regionally and in the communities around the company’s mines.

President and CEO Mark Bristow said Barrick, through its legacy company Randgold, had a 25-year partnership with the Malian government, not only in the development of its gold mining industry but also in the field of community health.  The latter included its leadership of the industry in supplementing the neglected tropical disease programs in 2012, its role in combating the Ebola outbreak in 2014, and its ongoing collaboration with community health centres on immunisation programs.

“That is why, in addition to the extensive preventative measures we have already introduced at our mines, we are making this contribution to the government’s fight against the pandemic,” he said. “We are also providing significant assistance to the surrounding communities and at the regional level.”

Barrick is also considering the early payment of taxes to assist the government financially.  This issue is currently being discussed with the tax authorities.

“Barrick has a strong culture of caring for the welfare of its employees and communities.  Our financial strength, well-established prevention practices and procedures, and the experience we gained from dealing with two Ebola pandemics around our African operations, will stand us in good stead as we face this new and unprecedented challenge,” Bristow said.

“Over the past quarter of a century, Barrick and its legacy company Randgold Resources have contributed $7.2 billion to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers.  Over the same period, our mines in Mali paid $2.7 billion in dividends, taxes and royalties to the state – almost three times the $1 billion dividend received by Barrick.”

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Certain information contained in this press release, including any information as to Barrick’s strategy or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “support”, “provide”, “consider”, “will”, “challenge” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to funds to be provided to strengthen local and community medical infrastructure around Barrick’s mines in Mali; preventative measures implemented by those mines to mitigate the impact of the Covid-19 pandemic; and the potential early payment of taxes to the Malian government.  

Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: the risks associated with Covid-19 and other infectious diseases presenting as major health issues; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; changes in national and local government legislation, taxation, controls, or regulations and/or changes in the administration of laws, policies, and practices, expropriation or nationalization of property and political or economic developments in Mali; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation and legal and administrative proceedings; damage to the Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community groups, whether true or not; contests over title to properties, particularly title to undeveloped properties, or over access to water, power, and other required infrastructure; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding, and gold bullion, copper cathode, or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

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