Barrick Gold, a leading gold mining company, plans to produce first bullion from its two new projects in USA and Papua New Guinea in 2024.
The company said on Monday that the US Bureau of Land Management has approved the plan of operations for the Goldrush underground mine operated by Nevada Gold Mines, a Barrick's joint venture with Newmont. The mine is a part of the Cortez complex, and its ramp-up is set to start next year.
Goldrush will produce 130 000 oz of gold in 2024 and will grow to about 400 000 oz a year by 2028, the company said. Barrick and NGM have invested more than $370 million in the project out of $1 billion planned for a full ramp-up.
Meanwhile, the Porgera gold mine in Papua New Guinea that was shut down in April 2020, will resume production this month and pour first gold in the first quarter of 2024, Barrick reported.
The Porgera project is 51% owned by Papua New Guinea stakeholders, including local landowners and the Enga provincial government, and 49% by its operator, Barrick Niugini Limited, a joint venture between Barrick and Chinese miner Zijin. The Papua New Guinea shareholders will receive 53% of Porgera’s overall economic benefits.
The Porgera mine “undoubtedly” has the potential to join the Barrick's tier-one gold mine portfolio, said president and CEO Mark Bristow in a statement.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
