Barrick estimates $2 billion costs if Nevada, Peru projects proceed (Reuters U.S. – February 22, 2016)

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Barrick Gold Corp (ABX.TO) (ABX.N), the world’s largest gold miner, estimated spending of about $2 billion if it decides to proceed with projects in Nevada and Peru.

Barrick, releasing updated pre-feasibility and feasibility studies on the projects, also said on Monday it would redeem up to $750 million of notes to help cut debt by at least $2 billion this year.

The company’s U.S.-listed shares were down about 3 percent at $12.18 in premarket trading on Monday.

Barrick said a pre-feasibility study estimated $1 billion in initial capital spending on its Goldrush project in Nevada, based on a start of construction in 2020.

The project would produce 440,000 ounces of gold a year, with all-in sustaining costs of $665 per ounce.

Another pre-feasibility study estimated that $640 million would be needed to extend the life of the Lagunas Norte project in Peru by about nine years.

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