Massawa

BARRICK COMMITS TO DELIVERING MASSAWA FOR BENEFIT OF ALL STAKEHOLDERS

Separately, Barrick is working with advisers to find a buyer for its Massawa gold projects in Senegal, and is considering divesting other projects including the Lumwana copper mine in Zambia, the report says.

Dakar, Senegal -- July 23, 2019 -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) president and chief executive Mark Bristow met Senegalese President Macky Sail today to discuss how best to bring the Massawa gold project to account in partnership with the country's government.

The feasibility study also defined additional upside within Massawa's $1,500/oz Mineral Resource base including an Indicated Mineral Resource of 23 Mt @ 4.00 g/t for 3.0 Moz and an Inferred Mineral Resource of 6.3 Mt @ 3.0g/t for 0.6 Moz, as at December 31, 2018 (100% basis)2.

The recent rapprochement with Eritrea offers Ethiopia's export endeavours the possibility of using Massawa, on Eritrea's Red Sea coast as a crucial alternative to Djibouti Port, which until now has monopolised Ethiopia's export traffic--and charged a handsome sum for the privilege, estimated at $1.5bn-$2bn in port fees.

This labour of love was dramatically perched on a ledge off the steep mountain road that wound above Asmara's refuse dump and then corkscrewed in a dizzying 2,500-metre plunge from the highland plateau to the Red Sea port of Massawa 115 kilometres away.

It is considering two options about 40km bridge or tunnel to link Gwadar with Muscat and Oman at the mouth of Strait of Hormuz on one side and connect its industrial city of Jazan with Eritrea's Massawa region through a 440km tunnel across the Red Sea.

The Saudi's are exploring two options to build a 40-kilometre bridge or tunnel for connecting Gwadar with Muscat and Oman at the mouth of Strait of Hormuz at one end and link its industrial city of Jazan with Eritrea's Massawa region via a 440 km tunnel across the Red Sea.

The Debay Sima - Bure crossing leads to the port of Assab in Eritrea's east, while its Massawa port is directly north of the Serha - Zalambessa connection.

In less than one day, you can experience the nation's "three seasons in two hours" climatic changes by descending from the cool mountainous highlands, where the capital Asmara sits at 7,628 feet above sea level, to the Red Sea port city of Massawa, where average summer temperatures exceed 100 degrees.