Barrick gets go ahead for Goldrush mine ramp-up – by Cecilia Jamasmie ( – December 11, 2023)

Canada’s Barrick Gold (TSX: ABX) (NYSE: GOLD) said on Monday that the US Bureau of Land Management has approved the company’s plan of operations for its Goldrush underground mine at the Cortez Complex near Beowawe, Nevada.

The gold operation, run by Barrick’s JV with Newmont (NYSE: NEM) Nevada Gold Mines (NGM), is expected to start ramping up production in 2024 after the commissioning of the initial project infrastructure. The mine is expected to generate 130,000 ounces of gold in 2024 and grow to about 400,000 ounces of the precious metal per annum by 2028.

Barrick, the world’s second-largest gold miner, operates NGM, which is the world’s largest gold mining complex. It has a 61.5% stake in the business, with Newmont, the world’s largest gold producer, holding the remaining 38.5%.

The Toronto-based miner and NGM have invested more than $370 million in the project to date and they anticipate spending a total of nearly $1 billion (100% basis) to get to planned production.

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