Reports related to this article:
Project(s): View 4 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Barrick Gold Corporation (NYSE:GOLD) (Toronto, Canada) continues to advance key growth projects and will maintain its expected guidance targets for 2021, despite reporting a dip in second-quarter gold production. Industrial Info is tracking $3 billion in projects attributed to Barrick globally that have a medium (70% to 80%) to high (81% to 99%) likelihood of moving forward as scheduled, including $2 billion in the U.S.
During the company's Monday second-quarter earnings conference call with industry analysts, President and Chief Executive Officer Mark Bristow reviewed the project pipeline, including the status of projects in the Nevada Gold Mines operation -- Barrick's joint venture with Newmont Corporation (NYSE:NEM) (Denver, Colorado), which combines their mining operations, assets, reserves and personnel assets. Barrick is the sole operator.
For more information, see Industrial Info's March 19, 2019, article - Barrick, Newmont Forge Ahead with Nevada Venture to Create World's Largest Gold Producer.
In the second quarter, Barrick reached the final depth of a third shaft ventilation addition at the Turquoise Ridge gold mine complex near Golconda, Nevada, as work to convert the addition to a production shaft is underway. The project is expected to increase the site's gold production capacity from 280,000 ounces per year to 500,000 ounces per year, and commissioning is expected late next year. For more information, subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a detailed project report.
Barrick completed an updated feasibility study in the second quarter for construction of the Goldrush underground gold mine in Crescent Valley, Nevada. Total initial capital spending for the project is expected to be slightly lower than the previous estimate of $1 billion, the company said in its earnings-related press release. The mine would produce 500,000 ounces per year of gold over a 16-year mine life, and truck oxide ores to its adjacent Cortez gold mine complex near Crescent Valley.
"To put it plainly, the updated study underscores our belief that this is a world-class asset, which more than meets our investment criteria," Bristow said. For more information, subscribers can click here for a detailed project report.
Gold production in the second quarter was down 9.4% from the previous quarter, largely due to a mechanical failure on a roaster at its Carlin Goldstrike gold mine in Nevada, which reduced throughput at the mill by 40%.
However, the company is still on track to reach its full-year guidance for production -- 4.4 million ounces to 4.7 million ounces of gold, and 410 million pounds to 460 million pounds of copper -- due in part to the expected completion of repairs on the Goldstrike roaster in late third-quarter.
Despite the dip in gold production, second-quarter adjusted net earnings were $513 million, up from $507 million in the first quarter and $415 million year-over-year.
Barrick also expects to maintain its 2021 capital expenditures of between $1.8 billion and $2.1 billion. The mining company spent $518 million in the second quarter, up from $424 million the previous quarter and $402 million year-over-year.
Bristow also talked about the status of growth projects worldwide, including the planned expansion of the Pueblo Viejo gold and silver mine in the Dominican Republic. The joint project between Barrick and Pueblo Viejo Dominicana Corporation (Santo Domingo, Dominican Republic) would increase ore throughput by about 50% to 12 million tons per year, and an accompanying tailings dam expansion will allow the mine to store approximately 9 million ounces of reserves. The combined effort is designed to "extend the mine's life to beyond the 2040s," Bristow said. For more information, see Industrial Info's project reports on the mine expansion and tailings dam projects.
The project is scheduled for completion by the end of 2022, although there have been some delays to the timeline, according to Bristow. Barrick and Pueblo Viejo Dominicana Corporation and stakeholders recently agreed on an independent, government-led environmental impact assessment to be conducted.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
During the company's Monday second-quarter earnings conference call with industry analysts, President and Chief Executive Officer Mark Bristow reviewed the project pipeline, including the status of projects in the Nevada Gold Mines operation -- Barrick's joint venture with Newmont Corporation (NYSE:NEM) (Denver, Colorado), which combines their mining operations, assets, reserves and personnel assets. Barrick is the sole operator.
For more information, see Industrial Info's March 19, 2019, article - Barrick, Newmont Forge Ahead with Nevada Venture to Create World's Largest Gold Producer.
In the second quarter, Barrick reached the final depth of a third shaft ventilation addition at the Turquoise Ridge gold mine complex near Golconda, Nevada, as work to convert the addition to a production shaft is underway. The project is expected to increase the site's gold production capacity from 280,000 ounces per year to 500,000 ounces per year, and commissioning is expected late next year. For more information, subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a detailed project report.
Barrick completed an updated feasibility study in the second quarter for construction of the Goldrush underground gold mine in Crescent Valley, Nevada. Total initial capital spending for the project is expected to be slightly lower than the previous estimate of $1 billion, the company said in its earnings-related press release. The mine would produce 500,000 ounces per year of gold over a 16-year mine life, and truck oxide ores to its adjacent Cortez gold mine complex near Crescent Valley.
"To put it plainly, the updated study underscores our belief that this is a world-class asset, which more than meets our investment criteria," Bristow said. For more information, subscribers can click here for a detailed project report.
Gold production in the second quarter was down 9.4% from the previous quarter, largely due to a mechanical failure on a roaster at its Carlin Goldstrike gold mine in Nevada, which reduced throughput at the mill by 40%.
However, the company is still on track to reach its full-year guidance for production -- 4.4 million ounces to 4.7 million ounces of gold, and 410 million pounds to 460 million pounds of copper -- due in part to the expected completion of repairs on the Goldstrike roaster in late third-quarter.
Despite the dip in gold production, second-quarter adjusted net earnings were $513 million, up from $507 million in the first quarter and $415 million year-over-year.
Barrick also expects to maintain its 2021 capital expenditures of between $1.8 billion and $2.1 billion. The mining company spent $518 million in the second quarter, up from $424 million the previous quarter and $402 million year-over-year.
Bristow also talked about the status of growth projects worldwide, including the planned expansion of the Pueblo Viejo gold and silver mine in the Dominican Republic. The joint project between Barrick and Pueblo Viejo Dominicana Corporation (Santo Domingo, Dominican Republic) would increase ore throughput by about 50% to 12 million tons per year, and an accompanying tailings dam expansion will allow the mine to store approximately 9 million ounces of reserves. The combined effort is designed to "extend the mine's life to beyond the 2040s," Bristow said. For more information, see Industrial Info's project reports on the mine expansion and tailings dam projects.
The project is scheduled for completion by the end of 2022, although there have been some delays to the timeline, according to Bristow. Barrick and Pueblo Viejo Dominicana Corporation and stakeholders recently agreed on an independent, government-led environmental impact assessment to be conducted.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
