Barrick Gold Corporation – Barrick establishes community development fund for Veladero


The new trust fund represented a transformative opportunity to improve the quality of life of the communities around Veladero.

All amounts are expressed in US dollars, unless otherwise indicated

San Juan, Argentina – Barrick Gold Corporation President and CEO Mark Bristow and San Juan Governor Sergio Uñac today signed an agreement to establish a trust fund for community development projects.

The fund will be financed by 1.5% of the sales of the Veladero gold mine, estimated at $ 138 million1.2 during the current mine life which extends beyond 2030. Development plans will be jointly decided by the mine communities, government and Barrick.

Bristow said the new trust fund represented a transformative opportunity to improve the quality of life for communities around Veladero and was in line with Barrick’s global policy of sharing the economic benefits created by its mines with all of its stakeholders, and especially with host communities. .

“We are working to extend the life of Veladero beyond its current horizon and a new 10-year production plan is already in place. Following the recent completion of the Mine Phase 6 heap leach facility, construction of Phase 7 will begin soon, with an investment of around $ 140 million1. This new facility is expected to create 640 local jobs. Like our other operations, Veladero prioritizes the employment and training of nationals of the host country and 99% of its workforce are Argentine citizens with 90% of San Juan itself. We are now also focusing on increasing the recruitment of women in what has traditionally been a male dominated industry. Fifteen of the 24 participants in Veladero’s current technical training program are women and another 17 are training as truck drivers, ”he said.

Meanwhile, the project to connect Veladero to the Chilean national electricity grid is expected to be completed this month. This will help reduce the mine’s greenhouse gas emissions in line with Barrick’s overall reduction targets of 30% by 2030 and net zero by 2050.

Elsewhere in the province of San Juan, Barrick is intensively exploring for more resources for the Pascua-Lama project, which straddles the border between Argentina and Chile. Bristow said a decision will be made in 2024 on whether Lama, who is in Argentina, will meet the company’s criteria for investing in development. Barrick’s exploration teams are also evaluating a range of interesting targets along the El Indio belt, around Veladero JV and at Quevar in the province of Salta.


President and CEO
Marc Bristow
+1 647 205 7694
+44 788 071 1386

Executive Director Argentina & Chile
Marcelo alvarez
+ 11 3188 9957

Investor and media relations
Catherine du Plessis
+44 20 7557 7738
E-mail: [email protected]

Note 1

100 %

Note 2

Based on a long-term consensus gold price assumption of US $ 1,599 / oz

Caution regarding forward-looking information

Certain information contained or incorporated by reference in this press release, including any information concerning our strategy, projects, plans or future financial or operational performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “establish”, “estimate”, “will”, “opportunity”, “work”, “expect”, “focus”, “program”, “target”, “” “and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, regarding: the establishment of the new trust fund for community development projects and the expected contributions to the communities of Veladero during the life of the mine; future investments in the expansion of the Veladero leach pad and opportunities to create local jobs and extend the life of the mine; completion of the project to connect Veladero to Chile’s national electricity grid and reduce Veladero’s greenhouse gas emissions; and the timing of Barrick’s assessment to determine whether Lama meets the company’s investment criteria for development as a stand-alone mine.

Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set forth below, although believed to be reasonable by the Company as of 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 forward-looking statements, and such statements and information should not be relied on unduly. These factors include, but are not limited to: fluctuations in spot and futures prices for 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 the performance of mineral production, mining and exploration successes; risks associated with projects in the early stages of appraisal, and for which additional engineering and other analyzes are required; failure to comply with environmental, health and safety laws and regulations; litigation and judicial and administrative proceedings; the time of receipt or failure to comply with necessary authorizations and approvals; uncertainty as to whether Lama and other targeted investments and projects will meet the capital allocation objectives and the critical internal rate of return of the Company; changes in national and local 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 Argentina , Chile and other jurisdictions in which the Company or its affiliates operate or may operate in the future; damage to the Company’s reputation as a result of the actual or perceived occurrence of a number of events, including negative publicity regarding the Company’s management of environmental issues or relations with community groups, whether true or not; the risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; employee relations, including the loss of key employees; increasing costs and physical risks, including extreme weather events and resource shortages, associated with climate change; and the increased availability and costs associated with mining inputs and labor. Barrick is also warning that its forecast could be affected by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and gold bullion, copper cathode or gold or copper concentrate. losses (and the risk of inadequate insurance, or the 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 forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements contained in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F / Annual Disclosure Form filed with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and risks that may affect Barrick’s ability to meet the expectations set forth in the forward-looking statements contained in this press release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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