Canadian Mining Journal

News

GOLD: Barrick makes long term, $3B plans to boost production



TORONTO – Barrick Gold has re-evaluated several of its projects and come up with plans for four of them – Cortez, Goldrush, Turquoise Ridge (in Nevada) and Lagunas Norte (in Peru) – that have the potential to boost gold production. The total cost of these plans tops US$3 billion and would not be fully on-stream until 2023.

“Based on our current asset mix and subject to potential divestments, we expect to maintain annual gold production of at least 4.5 million oz of gold through 2020. These projects represent attractive opportunities to maintain and grow free cash flow beyond 2020,” the company stated in a news release.

Overview

Project Capex First prod’n Annual prod’n AISC/oz
Cortez underground expansion $153 million 2022-23 300,000 oz $580
Goldrush underground development $1 billion 2021 440,000 oz $665
Turquoise Ridge underground expansion $300-$325 million (100% basis) In phases Increasing to 500,000 oz from 280,000 oz (100% basis) $625-$675
Lagunas Norte refractory ore treatment $640 million 2021 240,000 oz $625

 

The Cortez mine would be expanded into the Deep South zone below currently permitted levels. A prefeasibility study has been completed.

A new underground mine at Goldrush is planned. The prefeasibility study contemplates a mine life of 21 years to recover as many as 8.6 million oz of gold.

Barrick has decided not to proceed at this time with a third shaft at the high grade Turquoise Ridge mine, where Barrick owns 75%. Instead, output will increase in three phases. First, additional improvements are being made to sustain the 1,825 t/d mining rate. The second phase involves sinking a new ventilation shaft, and the third phase involves converting the ventilation shaft to a production shaft.

At Lagunas Norte a prefeasibility study has been completed to extend the life of the mine by mining refractory ore below the oxide orebody in the current pit. Mine life would be extended nine years, and a 6,000 t/d mineral processing facility for the refractory material would be built.

More information about Barrick’s worldwide projects is available at www.Barrick.com.