Goldrush Project Is The Future Flagship Development
ELKO, NV - Nevada Gold Mines (NGM) reported that after three years the joint venture between Barrick and Newmont, that created the world’s largest gold mining complex is stepping out on its next growth phase by identifying new opportunities for discoveries and additions. At the existing operations, brownfields exploration is replacing reserves depleted by mining and identifying new targets while the greenfields team is hunting further afield for a new Tier One discovery. NGM’s future flagship development will be the Goldrush project adjacent to Cortez, which is subject to an environmental review by the Bureau of Land Management and other cooperating agencies, including public comment and input. It is a world-class underground deposit with a life of mine plan in excess of 20 years and is expected to employ 500 people during construction and 570 during operation.
In its short life, NGM has produced 10 million ounces of gold and generated significant free cash. Greatly improved knowledge of the orebodies support robust 10-year plans and increased the pre-merger life of mine substantially. At the existing operations, brownfields exploration is replacing reserves depleted by mining and identifying new targets while the greenfields team is hunting further afield for a new Tier One discovery in North America to further augment the existing NGM portfolio.
During the first half of the year, NGM posted and improved operational performance at all of its sites apart from Cortez, which is transitioning from Pipeline to Cortez Pits and the next phase of Crossroads. Going forward, the Goldrush project will drive further improvements at Cortez.
Barrick reported that in Q2 performance across the portfolio has kept Barrick on course to achieve its annual gold and copper production guidance while continuing to progress its key growth projects. Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the second half of the year. Copper production came to 120 million pounds.
The Dominican Republic, the Pueblo Viejo expansion project advanced with the commencement of the public consultation process and the selection of a preferred site for the new tailings storage facility, subject to the completion of an environmental and social impact assessment. The massive project has the potential to extend the mine’s life to 2040 and beyond with an estimated minimum average annual production of 800,000 ounces.
The public review period of the Goldrush project in Nevada has started with the record of decision expected in the first half of 2023, when the production timetable will be confirmed. The definitive agreements underlying the framework agreement between Barrick and the governments of Pakistan and Balochistan on the Reko Diq project are being finalized. Once this process has been completed and the necessary legalization steps have been taken, Barrick will update its feasibility study on what is one of world’s largest undeveloped copper-gold deposits, with first production expected in 2027/2028.
The Company is continuing to expand its global exploration footprint with a strengthened team. In North America the search has extended from Nevada to active projects in Canada. The intensified exploration drive in Latin America led to an entry into the Guiana Shield, and in Africa & the Middle East, new projects have been initiated in Zambia, Tanzania and Egypt. A new Asia Pacific team is making progress at Reko Diq, as well as Japan, while also looking for fresh opportunities elsewhere in this region.
Nevada Gold Mine’s address is 1655 Mountain City Hwy, Elko, NV 89801, (775) 748-1001; Barrick Gold Corporation’s address is 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1, (416) 861-9911.