Deep South Project Will Extend Life Of The Cortez Operation
TORONTO - Nevada Gold Mines reported on its commitment to mine several world-class projects in its immediate and longer-term future, which include the newly identified deposits at Goldrush, Robertson and perhaps Fourmile, The company plans on the expansion of the existing ore bodies at Cortez Hills, Pipeline and other locations.
Barrick President and CEO Mark Bristow said, “The logic for the Nevada joint venture between Barrick and Newmont Goldcorp had long been obvious. With 10 underground mines, 12 open pits, two autoclave facilities, two roasting facilities, four oxide mills and five heap leach facilities, Nevada Gold Mines is the world’s largest gold mining complex, with annual production estimated at 3.5 million to 4.0 million ounces. The proximity of the operations has opened opportunities for improved efficiencies and cost- effectiveness, and the new company has already combined the management of Twin Creeks with that of Turquoise Ridge and Carlin with Goldstrike.”
The Deep South project will extend the life of Cortez, which has been in continuous operation since 1862 and now ranks as one of the world’s Top 10 Tier One gold mines. It is a key initiative for Nevada Gold Mines.
“This positions Northern Nevada as the world’s greatest gold mining complex. By combining the assets, talents and expertise of Barrick and Newmont, the joint venture will extend employment and Nevada Gold Mines is a joint venture between Barrick Gold Corporation (61.5%) and Newmont Goldcorp Corporation (38.5%), combining significant assets across Nevada, creating the single largest gold-producing complex in the world. The massive mining operation comprises 8 mines along with their associated infrastructure and processing facilities that produced an estimated 4 million ounces of gold in 2018. Three of these assets are Tier One gold mines: Barrick’s Cortez; the combination of Barrick’s Goldstrike and Newmont Goldcorp’s Carlin; and the combination of Barrick’s Turquoise Ridge and Newmont Goldcorp’s Twin Creeks. In addition, Barrick’s Goldrush-Fourmile project has the potential to become the fourth Tier One asset in this portfolio. The new JV is expected to generate around $5 billion in cost savings over the next five years. Nevada Gold Mines is operated by Barrick.