03:59:16 EDT Thu 28 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,766,936,335
Close 2022-09-22 C$ 20.34
Market Cap C$ 35,939,485,054
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Barrick CEO belts out praises for Nevada Gold Mines

2022-09-22 17:52 ET - News Release

Mr. Mark Bristow reports

INVESTMENT IN FUTURE SECURES NGM'S STATUS AS INDUSTRY LEADER

Barrick Gold Corp. is pleased with the progress of Nevada Gold Mines (NGM), which continues to demonstrate the impact of Barrick's strategy of combining the best assets with the best people as new projects and prospects secure its future as a high-quality, long-life operation for decades to come.

Speaking during a visit by a group of equity analysts and investors to see first-hand the development of the Goldrush underground project, the open pit operations and processing facilities at Cortez, and the Third Shaft project and core shack at Turquoise Ridge, Barrick chief executive officer and NGM chairman Mark Bristow said that NGM had unlocked significant synergies by consolidating mines, teams, processing facilities and landholdings.

Since the formation of the joint venture with Newmont three years ago, NGM has produced 10 million ounces of gold (on a 100-per-cent basis) and distributed significant cashflows to the joint venture partners. Barrick operates NGM, the world's largest gold mining complex, and owns 61.5 per cent of the business with Newmont Corp. holding the rest. NGM has also added 14.7 million ounces of proven and probable mineral reserves (on a 100-per-cent basis before depletion) and 8.5 million ounces of inferred mineral resources (on a 100-per-cent basis). This growth has been further enhanced by Barrick's wholly owned Fourmile project with 350,000 ounces of indicated mineral resources and 2.2 million ounces of inferred mineral resources as at Dec. 31, 2021, which is not currently included in the NGM joint venture.

Mr. Bristow said that greatly improved knowledge of the ore bodies had supported robust 10-year plans and increased the premerger life of mine substantially, while new opportunities for further optimization as well as new discoveries and innovations continued to extract more value from the assets.

"NGM's flagship development project is Goldrush, a world-class underground deposit at the Cortez complex, with a life of mine plan in excess of 20 years. It is expected to employ 500 people during construction and 570 during operation," he said.

"NGM has also built strong relations across the full spectrum of the mines' stakeholders, and its wide-ranging support for educational and other community development initiatives is securing its social licence as a valuable partner with Nevada and its people."

These initiatives include support for the College of Southern Nevada, its partnership with Discovery Education, as well as its ongoing work with the University of Nevada, Reno and the Great Basin College to develop mining-focused curricula.

"Internally, NGM has launched a unique talent development program at their 'training mines' for underground and surface mining as well as process operations with the aim of providing the company with well-rounded, safety-focused employees and maintaining quality control through structured, comprehensive, competency-based training. In addition, leadership development programs have been rolled out with a focus on safety," said Greg Walker, executive managing director.

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