US-based Nevada Gold Mines (NGM) continues to demonstrate the impact of Barrick Gold’s strategy of combining the best assets with the best people as new projects and prospects secure its future as a high-quality, long-life operation for decades to come, says NGM chairperson Mark Bristow.
Speaking during a visit by a group of equity analysts and investors to the development of the Goldrush underground project, the openpit operations and processing facilities at Cortez, and the Third Shaft project and core shack at Turquoise Ridge, Bristow said NGM had unlocked significant synergies by consolidating mines, teams, processing facilities and landholdings.
Since the formation of the joint venture (JV) with Newmont three years ago, NGM has produced 10-million ounces of gold (on a 100% basis) and distributed significant cashflows to the JV partners.
Barrick operates NGM, the world’s biggest gold mining complex, and owns 61.5% of the business with Newmont Corporation holding the rest. NGM has also added 14.7-million ounces of proven and probable mineral reserves (on a 100% basis before depletion) and 8.5-million ounces of inferred mineral resources (on a 100% basis).