Barrick Gold Corporation’s (NYSE: GOLD) (TSX: ABX) subsidiary Nevada Gold Mines is set to start operations at its Goldrush mine.
The U.S. Bureau of Land Management granted the Record of Decision for the underground mine located in the Cortez Complex near Beowawe, Nevada. The permit follows years of consultation and analysis based on the National Environmental Policy Act involving environmental studies. The company announced the news on Monday.
The mine will start production in 2024 and will produce 130,000 ounces of gold after ramping up. By 2028, the project is expected to produce around 400,000 ounces each year.
Barrick and Nevada Gold Mines have invested over USD$370 million to date and plan to spend around USD$1 billion to get to the planned production.
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The company anticipates creating 500 jobs during construction and 570 during operations. It will also generate millions of dollars in taxes, some of which will go toward education in the state.
CEO Mark Bristow said the addition of Goldrush not only expands an asset base that already hosts three tier One mines, but also is a clear indication of the complex’s enormous potential for continuing growth.
Nevada Gold Mines is a joint venture between Barrick (61.5 per cent) and Newmont Corporation (NYSE: NEM) (TSX: NGT) (38.5 per cent). The companies combined their assets in 2019 to form the largest gold-producing complex in the world.
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Lee Ashley
December 12, 2023 at 9:08 pm
Gold Rush. We are the safest strongest mine in the world. Great things to come. Come join a great family.
Nora Sullivan Suminski
December 13, 2023 at 5:32 am
Yes but sadly for average hard working American it takes money to make money and I’m barely able as a single mom to feed my 2 sons & keep roof over our heads and I’m
Considered paid decent up until life threatening diagnosis. It’s just not fair