Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) today reported that it is no longer in discussions with China National Gold regarding its holding in African Barrick Gold plc.
"These discussions were part of our ongoing efforts to identify opportunities to optimize our portfolio, however we are approaching this in a prudent and disciplined manner and will only proceed with opportunities that generate acceptable value for Barrick," said Jamie Sokalsky, President and Chief Executive Officer. "African Barrick Gold's assets hold significant potential, and we will continue to look for ways to best realize that value for our shareholders."
Barrick continues to implement a disciplined capital allocation framework focused on maximizing returns and free cash flow. As part of this process, the company is evaluating its entire portfolio against these criteria.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including any information as to our strategy or plans and other statements that express management's expectations, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Barrick cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance or achievements of Barrick to be materially different from the company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the worldwide price of gold and copper or certain other commodities; the ability of Barrick to complete any proposed transaction on terms acceptable to it or at all; the impact of global liquidity and credit availability; legislative, political or economic developments in the jurisdictions in which Barrick carries on business and, in particular, Tanzania; the impact of the regulatory environment applicable to any proposed transaction or to Barrick; the timing of cash flows and the values of assets and liabilities based on projected future cash flows; fluctuations in currency markets; acts of war, terrorism, sabotage and civil disturbances; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; inflation; contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in Barrick's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
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.
