Barrick’s Twiga Partnership Drives Sustainable Value Creation in Tanzania’s Economy

All amounts expressed in US dollars unless stated otherwise

BULYANHULU, Tanzania, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has injected over $4.24 billion into the Tanzanian economy since establishing the Twiga joint venture with the government in 2019, contributing $888 million in 2024 alone. Twiga comprises the North Mara and Bulyanhulu gold mines.

At a media briefing here today, Barrick president and chief executive Mark Bristow said the Twiga partnership remained a leader in Tanzania’s extractive industry, creating thousands of jobs, supporting local businesses and funding critical community projects.

“We spent $573 million on national suppliers and service providers last year, representing about 83% of our total spend in-country. Additionally, 75% of all our payments to suppliers and service providers went to indigenous companies, exceeding our target of 61%,” Bristow said.

Thanks to Barrick’s policy of local employment and advancement, 96% of its 6,185-strong workforce are nationals with 53% coming from the communities neighbouring the mines. Barrick also invested over $5 million during the year in potable water, healthcare and education, taking the total investment in community projects to $15.8 million since Barrick formed Twiga partnership with the Government and assumed operational control of the Tanzanian mines in 2019.

Bulyanhulu and North Mara production guidance for 2024 exceeded 500,000 ounces maintaining the status as a Tier One¹ complex and, additionally, both mines achieved a full year without a Lost-Time Injury.

Buzwagi made significant progress with its closure implementation and environmental management and monitoring progressed with a focus on water management and vegetation maintenance. A Special Economic Zone (SEZ) is in the advanced stages of development, attracting interest from investors, with one already obtaining Export Processing Zone registration.

The Barrick Academy, which opened at Buzwagi in 2024, is making significant strides in developing talent for Barrick. With a focus on training foremen, supervisors and superintendents, the Academy has already trained 1,700 individuals and is on track to exceed its target of training over 2,800 people by the end of 2025.

Conversion drilling at both mines has again replenished their reserves after depletion and, on the exploration front, Barrick continues to consolidate a highly prospective footprint in the Nzega District, adding over 2,000km² of new areas to support mineral reserve growth and replenishment at North Mara and Bulyanhulu. This expansion is also key to Barrick's long-term strategy to identify Tier One¹ systems in the region.

Twiga received numerous accolades in the past year, including recognition for its safety, top employer, environmental performance and community engagement. In 2024 North Mara was recognized as the largest economic contributor in Tanzania’s extractive industry and received several awards for its commitment to occupational health and safety, corporate social responsibility, and local content compliance.

“Barrick’s work in Tanzania is a model for sustainable mining that balances economic, environmental, and social responsibility,” said Bristow. “The recognition we have received, speaks to our commitment to excellence and the value we bring to our host countries.”

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Endnote 1

A Tier One Gold asset has the potential for +5Moz and +10 years of production at +500kozpa at $1400/oz reserve prices, with all in sustaining costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset has potential for +5Mt contained copper and +20 years of production of +200ktpa at $3/lb reserve prices, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.

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Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “on track”, “continue”, “progress”, and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s partnership with the Government of Tanzania; our ability to convert resources into reserves and replace reserves net of depletion from production; Barrick’s global exploration strategy and planned exploration activities, including greenfields and brownfields opportunities in Tanzania; and Barrick’s sustainability initiatives in Tanzania, including local community relations, continued investments in community projects, training and skills development and economic contributions.

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 the Company 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: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; 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 Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; 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).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

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