TORONTO, ONTARIO--(Marketwired - Mar 21, 2017) -
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "Company") announced that an arbitration tribunal of
the World Bank's International Center for Settlement of Investment Disputes ("ICSID") yesterday issued a decision on the
arbitration claims that Tethyan Copper Company Pty Limited ("TCC"), a joint venture between Antofagasta plc and Barrick, filed
against the Islamic Republic of Pakistan, in relation to the unlawful denial of a mining lease for the Reko Diq project in
2011.
Yesterday's decision by the ICSID tribunal rejected Pakistan's final defense against liability, and confirmed that
Pakistan had violated several provisions of its bilateral investment treaty with Australia, where TCC is incorporated.
The damages phase of the proceedings will begin on March 22, during which the tribunal will consider submissions
from the parties to determine the amount that Pakistan must pay TCC. A ruling on the quantum of damages is expected in 2018.
The Reko Diq project, located in the Balochistan province of Pakistan, was expected to require an initial capital
investment of more than $3 billion. It is one of the world's largest undeveloped copper and gold deposits, with a potential mine
life of more than 50 years.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including any information as to our projects, plans, or future financial
or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are
forward-looking statements. The word "expect" and similar expressions identify forward-looking statements. In particular, this
press release contains forward-looking statements including, without limitation, with respect to initial capital estimates, mine
life and potential mineralization and metal or mineral recoveries for the Reko Diq project. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company 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: fluctuations in the spot and forward price of gold, copper, or certain other
commodities; the speculative nature of mineral exploration and development; changes in mineral production performance,
exploitation, and exploration successes; increased costs, delays, suspensions, and technical challenges associated with the
construction of capital projects; operating or technical difficulties in connection with mining or development activities,
including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or
failure to comply with, necessary permits and approvals; 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 Pakistan, Canada, the United States, and other jurisdictions in which the
Company does or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption, and
other factors that are inconsistent with the rule of law; damage to the Company's reputation due to the actual or perceived
occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters
or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage, and civil
disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to
water, power and other required infrastructure; risks associated with working with partners in jointly controlled assets;
employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and
resource shortage, related to climate change and availability and increased costs associated with mining inputs and labor. 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. Specific reference is made to the most recent
Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more
detailed discussion of some of the 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.