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September 04, 2020

Barrick Strengthens Tanzanian Economic Partnership with Appointment of Local Security Company

All amounts expressed in US dollars

Dar es Salaam, Tanzania – In line with its policy of leveraging its supply chain and procurement to maximize local economic development, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has appointed Nguvu Moja Security Services Limited (NMSS), a 100% Tanzanian owned and managed company, to replace an international security firm at its Tanzanian gold mines.

Already active at North Mara, NMSS will also be fully deployed at the Bulyanhulu and Buzwagi mines by the second week of September, taking the total number of Tanzanian security personnel working at the mines and the administration office in Dar es Salaam to 462.

Barrick’s chief operating officer for Africa and the Middle East, Willem Jacobs, says NMSS employees have been fully trained in the basic legal principles regarding security and the legal framework they work in, the conduct of security personnel, the effective use of their equipment and, importantly, International Security and Human Rights Principles and the Voluntary Principles on Security and Human Rights.  Their drivers have also undergone advanced training.

“Our supply chain is one of the most direct ways that our operations can improve and create economic opportunities for members of our host communities.  This in turn supports our licence to operate while creating effective and stable supply chains close to our mines,” Jacobs said.

In 2019, Barrick procured more than $4.4 billion of goods and services from suppliers based in its host countries. 

Enquiries

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

COO, Africa and Middle East
Willem Jacobs
+44 779 557 5271

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information as to Barrick’s strategy, 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 “policy”, “leverage”, “can”, “improve”, “will”, “create”, support”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to anticipated benefits from the appointment of NMSS to provide security at Barrick’s Tanzanian operations; the training and conduct of NMSS security personnel and the creation of effective and stable supply chains close to Barrick’s Tanzanian mines.

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 Barrick 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: 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation and legal and administrative proceedings; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of security matters or dealings with community groups, whether true or not and employee relations including loss of key employees. 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. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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