Nevada’s largest mining company is eyeing plans to invest big in its operations. Barrick Gold Corp. said Monday that it could spend $2.1 billion through 2020 expanding gold mines in Nevada and Peru, with about $1.4 billion of the investments set for the Silver State.
The biggest chunk — $1 billion — would go toward building an underground mine at Goldrush, a new deposit about 4 miles southeast of Barrick’s Cortez Hills operation near Elko. Once it starts producing in 2021, Goldrush could yield 440,000 ounces of gold each year. The deposit has an estimated 8.6 million ounces in gold resources.
Barrick is also evaluating expansion of underground mining at Turquoise Ridge, northeast of Winnemucca. The company would build a third production shaft at the site to nearly double annual gold production from 280,000 ounces to 500,000 ounces.
The $300 million project and its higher output would give Turquoise Ridge a higher profile, said Nigel Bain, the district’s general manager.
“Turquoise Ridge hasn’t always had the focus, but now, Barrick is recognizing it as a future core asset,” Bain told investors at a Monday conference in New York. Barrick owns 75 percent of Turquoise Ridge in a joint venture with Newmont Mining Corp.
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