Goldrush Mine in Nevada Gets Green Light

Researched by Industrial Info Resources (Sugar Land, Texas)-- The U.S. Bureau of Land Management approved Nevada Gold Mines' (NGM) (Elko, Nevada) plan of operations for its Goldrush underground mine at the Cortez Complex near Beowawe, Nevada, Barrick Gold Corporation (NYSE:GOLD) (Toronto, Canada) said this week.

The mine is expected to start ramping up production in 2024, after the commissioning of the initial project infrastructure, and it is forecast to produce 130,000 ounces in 2024 and grow to approximately 400,000 ounces per annum by 2028, Barrick Gold said in a press release.

Barrick Gold said it and Nevada Gold Mines have invested more than $370 million in the project to date, and the company anticipates spending a total of approximately $1 billion (100% basis) to get to planned production.

Nevada Gold Mines is operated by Barrick Gold and is a joint venture between Barrick (61.5%) and Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) (38.5%) that combined their assets across Nevada in 2019. NGM is the world's largest gold-production complex, according to Barrick Gold.

Industrial Info has tracked the project since May 2012. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can click here for the project report and click here for the related plant profile.

In all, Industrial Info is tracking 27 Nevada Gold Mines projects, with a total investment value of $2.54 billion. Subscribers can click here for a list of detailed project reports.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).