Barrick Gold’s (TSX:ABX)(NYSE:GOLD) CEO, Mark Bristow, announced this weekend that the company is planning to invest $34 million in its Veladero operation in western Argentina with the idea of extending the mine’s life until 2028.
Veladero produced 278,000 ounces of gold in 2018 and, at present, its inferred gold resources add up to 555,000 ounces. In 2019, the mine is expected to produce between 230,000 and 250,000 ounces of the yellow metal.
According to Bristow, Barrick is in the process of reviewing Veladero’s geological model and assessing the possibility of expanding its footprint.
At a press event in the capital city of the San Juan province, where the mine is located, Bristow said that the Canadian company he leads wants to bring Veladero back to its glorious years.
He said that between 2005 and 2018, the operation produced 8.7 million ounces of gold, which sold for $10.6 billion and generated $2.5 billion in royalties for the South American country. The massive revenue was also used to pay $648 million in salaries and $5.7 billion in purchases to local contractors.
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