Porgera is closer to restart

Pogla, Papua New Guinea, June 4, 2021 (Global News Agency)-In accordance with the terms of a binding framework agreement between the government and the operator Barrick Niugini Limited (BNL), the process of reopening the Pogla Gold Mine is moving forward An important step was taken by Barrick President and CEO Mark Bristow, Prime Minister James Marape, various Porgera Landowners groups and others discussed here today.

The framework agreement stipulates that Porgera will be owned by a new joint venture that will be owned by Papua New Guinea (PNG) stakeholders with 51%, BNL with 49%, and BNL as the operator. The framework agreement also calls on the Porgera landowners and Nga Province to engage in dialogue to determine how to allocate the 10% “protected equity” that forms part of PNG’s 51% interest.

Bristol, speaking at an event attended by Prime Minister James Malapa, Governor of Nga Province Peter Ipatas, and local parliament member Tomet Kapili, said that the agreement enabled all parties-landowners, National governments, provinces and BNL-stakeholders who are committed to be responsible for the long-term success of the mine.

“In coordinating our interests, it recognizes the importance of landowners and communities, and prioritizes the benefits they will receive, not only from the mines, but also from the new Porgera Development Fund, which will invest tens of millions of kina Used for promising local projects. In addition, BNL is committed to prioritizing competitive local contractors and suppliers, and prioritizing hiring Porgera. With BNL as an operator, Porgera will redouble its efforts to become a responsible environmental steward. “He says.

“The road to reopening is a long one. The implementation details of the agreement between the country, local communities and BNL have yet to be finalized. However, if all parties work together uninterruptedly in the spirit of the partnership envisaged by the country, local communities and BNL , Agreement, we hope that the mine can be restarted later this year. This is no small task. But we are committed to our role, so that the new Porgera can realize its extraordinary potential and bring people for decades Shareholders of Porgera Valley, Enga, Papua New Guinea and BNL.”

Inquire:

Investor and media relations
Casey Duplesis
+44 20 7557 7738
e-mail: barrick@dpapr.com

website: www.barrick.com

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Certain information contained in this press release or incorporated by reference, including any information about our strategies, projects, plans, or future financial or operating performance, constitutes “forward-looking statements.” Except for statements of historical facts, all statements are forward-looking statements. Words such as “near”, “restart”, “will”, “will”, “commitment”, “doubling”, “hope”, “potential”, “delivery”, “manufacturing”, “future” and similar expressions Identify forward-looking statements. In particular, this press release contains forward-looking statements, including but not limited to: the framework agreement and the expected benefits of the resumption of Porgera mine operations to local landowners and communities, including investment in local recruitment plans, management environment and the new Porgera development fund; The composition of the new Porgera joint venture part held by local stakeholders in Papua New Guinea; according to the framework agreement, the new partnership terms for Porgera’s future ownership and operation, as well as the execution of the final agreement and the formation of a new joint venture to implement the framework agreement and restart The timetable for operations at Porgera; and the potential to make Porgera a world-class long-lived gold mine.

Forward-looking statements must be based on a number of estimates and assumptions, including significant estimates and assumptions related to the factors listed below. At the same time, based on management’s experience and views, the company believes that the current conditions and expectations are reasonable on the date of this press release Development is essentially affected by major business, economic and competitive uncertainties and emergencies. Known and unknown factors may cause actual results to differ materially from those predicted in forward-looking statements, and such statements and information should not be overly relied upon. These factors include, but are not limited to: spot and forward price fluctuations of gold, copper or certain other commodities (such as silver, diesel, natural gas, and electricity); the speculative nature of mineral exploration and development; the performance of mineral production, mining and exploration success Changes; Risks associated with projects in the early stages of evaluation require additional engineering and other analysis; Supply routes are disrupted, which may cause delays in construction and mining activities in more remote areas of Barrick; Decrease in the number or grade of reserves; and infrastructure Increased costs, delays, suspensions, and technical challenges related to project construction; Operational or technical difficulties related to mining or development activities, including geotechnical challenges and interruptions in maintenance or provision of required infrastructure and information technology systems; Failure to comply with the environment , Health and safety laws and regulations; government authorities do not renew key licenses, including Porgera’s special mining leases; changes in national and local government legislation, taxes, controls or regulations and/or changes in laws, policies and practices; Papua Expropriation or nationalization of New Guinea’s property and political or economic development; Receipt or failure to comply with necessary permits and approvals; Lack of certainty regarding foreign legal systems, corruption, and other factors that are not in compliance with the rule of law; and illegal and manual Risks related to mining; Risks related to new diseases, epidemics and epidemics, including the impact and potential impact of the global COVID-19 pandemic; Damage to the company’s reputation due to the actual or expected occurrence of any number of events, including Negative publicity about the company’s handling of environmental affairs or dealings with community groups, whether true or not; The possibility that future exploration results may be inconsistent with the company’s expectations; The risks of incomplete exploration data and the completion of further assessments that may require a lot of additional work, including but not limited to Drilling, engineering, and socio-economic research and investment; risk of loss due to war, terrorism, sabotage, and civil strife; litigation; competition for property ownership, especially undeveloped property, or water, electricity, and other required infrastructure The right to use the company; the business opportunities that the company may provide or seek; the risks of working with partners that jointly control assets; employee relationships, including the loss of key employees; increased costs and physical risks associated with climate change, including extreme weather events and resources Shortages; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with mineral exploration, development and mining operations, including environmental hazards, industrial accidents, abnormal or unexpected formations, pressure, subsidence, floods and gold bars, cathode copper or gold or copper concentrate losses (and insurance Insufficient or inability to obtain insurance to cover these risks).

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