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San Juan, Argentina – Veladero confirmed today that it has completed the powering of the transmission line for the supply of electricity for its business. The successfully commissioned project is now poised to generate significant environmental benefits with reduced emissions and increased energy and cost efficiency.
Mark Bristow, president and CEO of Barrick, said that with the commissioning of the transmission line, the joint venture that operates Velader has reached a key new milestone in the improvement of the property. He added that the initiative has multiple environmental and economic benefits, while also strengthening the potential for mineral resources and projects that could be developed in Veladero and Lama districts. It also marked significant cross-border synergy between Chile and Argentina on mining issues, proving value to all parties reconsidering future bilateral projects.
Completion of the project will reduce greenhouse gas emissions from the mine in line with Barrick’s global emissions reduction targets of 30% by 2030 from the 2018 baseline and net zero by 2050 while maintaining a stable production profile. With the help of existing infrastructure that has reached the limit, the power obtained from the grid in Chile includes a large part of renewable energy and combined with improved energy efficiency, it is expected to reduce emissions in Velader by 100,000 tons of CO2 each year.
The construction project included more than 14.4 km of overhead high voltage lines supported by 48 poles for a 220 kV high voltage line to Argentina, two transformer stations and 8.8 km of medium voltage 23 kV with 49 poles to supply process facilities, workshops, crushers and camp in Argentina. The total investment of Barrick and Shandong was 54 million dollars.
Contact
Marcelo Alvarez
South American Government Relations Executive
+11 3188 9957
About Velader
Veladero is a 50/50 joint venture between Barrick and Shandong Gold, located in Argentina’s San Juan province, at an altitude between 4,000 and 4,850 meters above sea level.
Since beginning operations in 2005, Veladero has exceeded US$10 billion in goods and services, taxes and wages paid in Argentina. The mine workforce and contractors are 4,162 with 99% employed in the country and 89% from San Juan as of October 30, 2022.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operating performance, constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. The words “generate”, “enhance”, “synergy”, “potential”, “value”, “expect”, “strategy”, “benefit”, “will”, “could”, “would”, “may” and the like expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, regarding: the potential of the Veladero Transmission Line to reduce emissions and generate efficiencies, the future development of mineral resources and projects in the Veladero and Lama Districts and the potential for bilateral projects in the region , the expected contribution of the Veladero power project to Barrick’s global emissions reduction goals and expectations regarding future pricing assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including material estimates and assumptions regarding the factors listed below, which the Company believes are reasonable 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 the forward-looking statements, and you should not place undue reliance on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks related to the possibility that future exploration results will not be in accordance with the Company’s expectations, that reserve volumes or levels will be reduced and that resources will not be converted to reserves; risks that exploration data may be incomplete and that substantial additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investments; the speculative nature of mineral exploration and development; lack of certainty regarding foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in management laws, policies and practices, expropriation or nationalization of assets and political or economic developments in Argentina or other countries in which Barrick operates or may continue to operate in the future ; risks related to political instability in certain jurisdictions in which Barrick operates; time of receipt or failure to comply with necessary permits and approvals; non-renewal or failure to obtain key licenses by state authorities; non-compliance with laws and regulations on environmental protection and health and safety; disputes over ownership of property, especially ownership of undeveloped properties, or over access to water, electricity and other necessary infrastructure; liability in connection with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather and resource scarcity, related to climate change; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including adverse publicity relating to the Company’s handling of environmental matters or relations with community groups, whether true or not; risks associated with operations near communities that may find Barrick’s operations harmful to them; litigation and legal and administrative proceedings; operational or technical difficulties related to mining or development activities, including geotechnical challenges and failures of storage facilities, and disruptions in the maintenance or provision of necessary infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to the disruption of supply routes that may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to Russia’s invasion of Ukraine; risk of loss due to acts of war, terrorism, sabotage and civil unrest; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technology initiatives; the impact of inflation, including global inflationary pressures caused by supply chain disruptions caused by the ongoing Covid-19 pandemic and increases in global energy costs following Russia’s invasion of Ukraine; risks related to competition in the mining industry; employee relations including the loss of key employees; availability and increased costs associated with mining inputs and labor; and risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic;. In addition, there are risks and hazards associated with mineral exploration, development and mining operations, 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 may affect our actual results and may cause actual results to differ materially from those expressed or implied by any 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 made in this press release are qualified by these cautionary statements. Reference is specifically made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulators for a more detailed discussion of certain factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim 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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