PERU – On June 16, 2005, it was official: BARRICK GOLD said the new Lagunas Norte gold mine reached start-up ahead of its original third-quarter schedule and within its US$240 million budget. The mine will produce approximately 550,000 oz of gold annually, at a total cash cost of US$110-$120/oz for the remainder of this year.
“We are very pleased with the strong capital cost management of this project and early start-up of the mine, as it is a unique accomplishment in light of the current cost pressures and regulatory environment facing the industry,” said Greg Wilkins, president & CEO. “This is Barrick’s second mine in Peru, and is very similar to our successful Pierina operation. The start up of Lagunas Norte represents a significant milestone, as it is the largest greenfields discovery for the gold industry in the last decade. Our COO, Peter Kinver, and I extend our congratulations to vice-president Igor Gonzales and his Peruvian team on their achievement of bringing the discovery to production in three yearsa testimony to their dedication and expertise.”
CMJ readers should check their mailboxes or our website at www.CanadianMiningJournal.com for the June issue with details on Barrick’s new generation of gold mines.