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Released February 15, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Barrick Gold Corporation (NYSE:GOLD) (Toronto, Canada) ended 2023 on a high note, with its fourth-quarter gold and copper production outpacing that of the same quarter in 2022. Executives singled out the performance of Barrick's Cortez and Turquoise Ridge mines in Nevada, with the latter reporting 12% higher full-year production when compared with 2022, following operational improvements. Industrial Info is tracking more than $14 billion worth of active and planned projects from Barrick, including about $3.2 billion worth at mines in the U.S. and Canada.
Click on the image at right for a graph detailing Barrick Gold's active and planned projects across the U.S. and Canada, by project type.
Despite its strong fourth-quarter performance, Barrick's gold production for all of 2023 totaled 4.05 million ounces, a 2% decrease from 2022, while its copper production totaled 420 million pounds, a 4.5% decrease. Capital expenditures totaled $2.36 billion for 2023, compared with $2.42 billion in 2022.
Barrick expects to produce between 3.9 million and 4.3 million ounces of gold in 2024, along with between 360 million and 420 million pounds of copper, with full-year capital expenditures expected to total between $2.5 billion and $2.9 billion. The company's Nevada mines are expected to account for between 1.65 million and 1.8 million ounces of gold, with its Goldstrike complex near Carlin, Nevada, expected to see two major projects wrap up before the end of the year: a $58 million backfill plant, which will improve the process of refilling excavated holes, and a $30 million quarry mill upgrade, which will improve the "roasting" process that removes impurities in ore.
The company also is at work on a new heap leach pad at Goldstrike to process an additional 12 million tons per year of lower-grade ores, which is expected to wrap up in the first quarter of 2025. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed project reports on the backfill plant, quarry mill upgrade and new leach pad.
But the most anticipated U.S. project from Barrick is adjacent to the Cortez mine and is nearing construction: the roughly $1 billion Goldrush Mine near Crescent Valley, Nevada, on which the company already has started work on its surface infrastructure accesses, following approval in December from the U.S. Bureau of Land Management. Goldrush is forecast to produce about 130,000 ounces of gold this year, rising to 400,000 ounces by 2028, according to the company.
In a quarterly earnings-related press release, Barrick said the recent work on Goldrush will improve the power supply, ventilation and surface infrastructure, including the dewatering capacity. Subscribers can learn more from a detailed project report and December 14, 2023, article - Goldrush Mine in Nevada Gets Green Light.
Barrick's gold-mining operations in Nevada are overseen by Nevada Gold Mines, which is a joint venture between Barrick (61.5%) and Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) (38.5%) formed in 2019. Fourth-quarter production from the Cortez mine was the highest from the past four years; for details on the facility, see Industrial Info's plant profile.
Although nearly all of Barrick's copper production comes from its mines in Chile, Saudi Arabia and Zambia, the company is evaluating proposed improvements to its Phoenix Mine near Battle Mountain, Nevada, to maintain its 42 million-pound-per-year copper output. The company would expand the size of its heap leach pads to bolster the extraction process. Subscribers can learn more from a detailed project report.
"Feasibility work advanced on the giant Reko Diq copper-gold project in Pakistan and the Lumwana Super Pit project in Zambia, both targeting production in 2028," Barrick Gold said in a press release. "These projects will rank among the world's largest copper mines, significantly advancing Barrick's strategic objective of increasing the size and enhancing the quality of its growing copper portfolio."
Subscribers can read detailed profiles for the Reko Diq and Lumwana plants, and click here for a list of detailed reports for active and planned projects at these sites.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects worldwide from Barrick Gold.
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) platform 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).
Click on the image at right for a graph detailing Barrick Gold's active and planned projects across the U.S. and Canada, by project type.Despite its strong fourth-quarter performance, Barrick's gold production for all of 2023 totaled 4.05 million ounces, a 2% decrease from 2022, while its copper production totaled 420 million pounds, a 4.5% decrease. Capital expenditures totaled $2.36 billion for 2023, compared with $2.42 billion in 2022.
Barrick expects to produce between 3.9 million and 4.3 million ounces of gold in 2024, along with between 360 million and 420 million pounds of copper, with full-year capital expenditures expected to total between $2.5 billion and $2.9 billion. The company's Nevada mines are expected to account for between 1.65 million and 1.8 million ounces of gold, with its Goldstrike complex near Carlin, Nevada, expected to see two major projects wrap up before the end of the year: a $58 million backfill plant, which will improve the process of refilling excavated holes, and a $30 million quarry mill upgrade, which will improve the "roasting" process that removes impurities in ore.
The company also is at work on a new heap leach pad at Goldstrike to process an additional 12 million tons per year of lower-grade ores, which is expected to wrap up in the first quarter of 2025. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed project reports on the backfill plant, quarry mill upgrade and new leach pad.
But the most anticipated U.S. project from Barrick is adjacent to the Cortez mine and is nearing construction: the roughly $1 billion Goldrush Mine near Crescent Valley, Nevada, on which the company already has started work on its surface infrastructure accesses, following approval in December from the U.S. Bureau of Land Management. Goldrush is forecast to produce about 130,000 ounces of gold this year, rising to 400,000 ounces by 2028, according to the company.
In a quarterly earnings-related press release, Barrick said the recent work on Goldrush will improve the power supply, ventilation and surface infrastructure, including the dewatering capacity. Subscribers can learn more from a detailed project report and December 14, 2023, article - Goldrush Mine in Nevada Gets Green Light.
Barrick's gold-mining operations in Nevada are overseen by Nevada Gold Mines, which is a joint venture between Barrick (61.5%) and Newmont Corporation (NYSE:NEM) (Greenwood Village, Colorado) (38.5%) formed in 2019. Fourth-quarter production from the Cortez mine was the highest from the past four years; for details on the facility, see Industrial Info's plant profile.
Although nearly all of Barrick's copper production comes from its mines in Chile, Saudi Arabia and Zambia, the company is evaluating proposed improvements to its Phoenix Mine near Battle Mountain, Nevada, to maintain its 42 million-pound-per-year copper output. The company would expand the size of its heap leach pads to bolster the extraction process. Subscribers can learn more from a detailed project report.
"Feasibility work advanced on the giant Reko Diq copper-gold project in Pakistan and the Lumwana Super Pit project in Zambia, both targeting production in 2028," Barrick Gold said in a press release. "These projects will rank among the world's largest copper mines, significantly advancing Barrick's strategic objective of increasing the size and enhancing the quality of its growing copper portfolio."
Subscribers can read detailed profiles for the Reko Diq and Lumwana plants, and click here for a list of detailed reports for active and planned projects at these sites.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects worldwide from Barrick Gold.
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) platform 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).
