Veladero, Barrick’s joint venture in Argentina, continues to explore and strengthen partnerships with the community. Canadian Business Journal

SAN JUAN, ARGENTINA, Oct. 7, 2022 (GLOBE NEWSWIRE) — The Veradero gold mine is celebrating its 17th anniversary since the first gold was mined in October 2005. We are considering increasing that resource.

In today’s media briefing, Barrick President and Chief Executive Officer Mark Bristow said recent integrated work from the Veradero area exploration team will test on a drilling campaign starting in October 2022. He said that four high-interest targets were identified.

In order to continue to develop open partnerships with local communities, Veradero also launched four new Community Development Committees (CDCs) in Iglesia and Yachar departments, bringing the total number to six, to promote participatory environmental monitoring. increase the frequency of The CDC’s role is to allocate local investment budgets to projects prioritized by local stakeholders. Each committee is made up of regional leaders and members from different regions.

“We call San Juan home and since 2019 we have significantly improved our relationships with all our stakeholders based on our DNA of open and transparent communication. A Community Development Board has been established and we are thrilled to see this commitment expanded,” Bristow said.

Another important initiative is the enhancement of participatory environmental monitoring. His first activity took place at the beginning of October, when water samples were collected by his members of the community at a compliance point in Veradero and analyzed in an accredited laboratory. Over the next six months, monitoring will occur monthly and then quarterly, significantly increasing participation from the current annual frequency.

In terms of value creation, local community supplier participation has reached US$22 million in goods and services supplied to the mines in the last 12 months. This development process has created new opportunities in earthwork, construction, manufacturing of grinding balls, glass cutting, hardware, mining road maintenance, and freight transportation, among others. At the same time, the company has developed an incubation program for non-mining SMEs, spawning around 60 initiatives over the past three years.

As we conduct surveys in San Juan and across the country, we also express concerns about the viability of the mining industry. At Veradero, we have observed how Argentina’s current financial situation, with its currency restrictions, inflation and taxation, combined with the global financial crisis pose risks to mining plans. Mr Bristow said his partners urgently need to work together for a sustainable long-term future.

contact
Marcelo Alvarez
Executive Director for South American Government Relations
+11 3188 9957

About Veradero

Veladero is a 50/50 joint venture of Barrick and Shandong Gold located in San Juan Province, Argentina, between 4,000 and 4,850 meters above sea level.

Since starting operations in 2005, Veradero has surpassed US$10 billion in goods and services, taxes and salaries paid in Argentina. The mine’s workforce of employees and contractors he has 4,162 people, 99% of whom are domestic employees and 89% are from San Juan.

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Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions related to the factors set forth below, but in light of management’s experience and perceptions, the date of this press release. We believe it is reasonable at this point. Current conditions and anticipated 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 you should not place undue reliance on such statements or information. Such factors include, but are not limited to: Risks associated with projects that are in the early stages of evaluation and require additional engineering or other analysis. Risks associated with the possibility that future exploration results may not match our expectations, reserves or reserves may decline, and resources may not be converted to reserves. Risks associated with the fact that some of the initiatives described in this press release are still in their early stages and may not materialize. Changes in mineral production performance, development and exploration success. Risk that exploration data may be incomplete and significant additional work may be required to complete further assessments. This includes but is not limited to drilling, engineering, socioeconomic research, and investment. The speculative nature of mineral exploration and development. Lack of certainty regarding foreign legal systems, corruption and other factors that conflict with the rule of law. Changes in national and local government legislation, taxation, regulations or regulations, and/or changes in the administration of law, policies and practices, expropriation or nationalization of property, and political or economic developments in Argentina or Barrick doing business other countries where Barrick is or may be; risks associated with political instability in certain jurisdictions in which Barrick operates; Timing of receipt of required permits and approvals or failure to comply. failure to renew or obtain major license renewals by government authorities; Failure to comply with environmental and health and safety laws and regulations. Disputes over ownership of property, especially undeveloped property, or access to water, power, or other necessary infrastructure. Liability relating to risks and hazards in mining and the ability to maintain insurance to cover such losses. Increased costs and physical risks associated with climate change, such as extreme weather and resource scarcity. Damage to our reputation due to the actual occurrence or perception of numerous events, whether true or not, including negative publicity regarding our handling of environmental issues or our dealings with community organizations. Risks associated with operating near communities that Barrick’s business may deem harmful to them. litigation and legal and administrative proceedings; operational or technical issues related to mining or development activities; This includes geotechnical challenges, failure of storage facilities, disruption of maintenance or provision of necessary infrastructure and information technology systems. increased costs, delays, interruptions and technical challenges associated with construction of capital projects; Risks associated with working with partners on jointly managed assets. Risks associated with disruptions to supply routes that can cause delays in construction and mining activities. Risk of loss from acts of war, acts of terrorism, acts of sabotage and civil strife. risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technical initiatives; The impact of inflation, including supply chain disruptions from the ongoing Covid-19 pandemic and global inflationary pressures from rising global energy costs after Russia’s invasion of Ukraine. Risks associated with competition in the mining industry. Employee relationships, including loss of key employees. Increased availability and costs associated with mining inputs and labor. risks associated with diseases, epidemics, and pandemics, including the effects and potential impacts of the global Covid-19 pandemic; risks associated with failure of internal controls; risks associated with impairment of our goodwill and assets; In addition, there are risks and hazards associated with the business of mineral exploration, development and mining. This includes environmental hazards, industrial accidents, abnormal or unexpected formations, pressures, cave-ins, floods, gold bullion, copper cathodes, gold or copper concentrates. losses (and the risk of inadequate insurance or failure to obtain insurance to cover those risks);

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