Barrick: Nevada Gold Mines strongly positioned for growth
Elko, Nevada – Nevada Gold Mines (NGM) has come a long way since 2019 when Barrick and Newmont pooled their assets in the state to create the world’s largest gold mining complex and is now making a strong start to the new year on the back of performance improvements and new growth prospects.
Emphasizing this point here today, Mark Bristow, president and chief executive of operator and majority shareholder Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), said operational highlights of the past year included a record production by the post-merger Cortez and the continuing turnaround at Turquoise Ridge, which is beginning to live up to its Tier One1 status again. The most significant development, however, was the completion of the Goldrush permitting process at the end of 2023. This enabled Cortez to accelerate the development of a key project which will already make a significant production contribution this year.
Bristow said far from being a mature gold district, Northern Nevada was still highly prospective for new world-class discoveries. The Barrick-owned Fourmile, for example, is expected to more than triple its current mineral resource of 0.48 million ounces2 at 10.04 g/t indicated in addition to 2.7 million ounces2 at 10.1g/t inferred, as well as uplifting the grade as orebody modelling and evaluation continue with a view to commence a pre-feasibility study at the end of 2024. In the meantime, brownfields exploration has delivered an exciting pipeline of near-mine growth opportunities across Carlin, Cortez and Turquoise Ridge.
“The complex now boasts a production growth profile that goes well beyond 10 years as the geologists step up the replacement of the ounces depleted by mining,” Bristow said.
In line with the Barrick group’s transition to renewable energy, NGM completed the commissioning of the first 100 megawatt phase of its solar power project in the last quarter of 2023, with the second 100 megawatt scheduled to come on stream in the second half of this year.
NGM also continues to invest in developing a new generation of skilled entrants to the mining industry. Last year, 270 people enrolled in its training mine, of whom 95% graduated. Of these, 84% are now employed by NGM.
NGM has similarly invested $4.5 million in the establishment of three childrens’ learning centers in its communities aligned with its mining schedules to alleviate the shortage of childcare services in the areas around its mines. The provision of strong childcare benefits is expected to attract younger employees, and particularly women, to an aging and male-dominated industry. Its latest social infrastructure development project is a $10 million recreation center, based on the principle that a healthier community will deliver a healthier workforce.
About Nevada Gold Mines
Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.
