The Bureau of Land Management gave its approval for another open-pit gold mining operation in Lander County, Nevada on Wednesday.
The Robertson Mine Project, owned and operated by Nevada Gold Mines (NGM), will have a 12-year lifespan. Barrick Gold Corp (TSE: ABX) (NYSE: GOLD) and Newmont Corporation’s (TSE: NGT) (NYSE: NEM) joint venture is now permitted to extract precious metals from a 5,990-acre chunk of land.
“The project would employ a contractor workforce of approximately 150 employees during the initial two-year construction period and approximately 415 full-time employees,” the bureau specified, “comprised of approximately 370 existing Cortez Mine employees and 45 new hires, for the operations period.”
The broader Cortez Complex — comprised of the Pipeline, Cortez Hills, Crossroads, Gold Acres and South Pipeline operations — sits within reasonable proximity to the new mine site. It also resides near the major operator’s Goldstrike mine.
The SW Pipe Project, run by NV Gold Corp (CVE: NVX) (OTCMKTS: NVGLF) is a noteworthy precious metals asset in the county too.
On another note, Lander County is known to have a history of turquoise mining. The Indian Mountain Turquoise Mine has been one of the most significant contributors.
Battery metal prospecting is popular in the county as well. The Daisy Creek exploration project, held by the junior GMV Minerals Inc (CVE: GMV) (OTCMKTS: GMVMF), is one notable lithium property in the area.
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Gold dips but climbs back up on Goldman Sachs prediction
Although the metal’s price has been steadily climbing for most of the year thus far, it recently hit a two-month low.
Nonetheless, the major New York bank Goldman Sachs Group Inc (NYSE: GS) just reiterated its target of US$3,000 per ounce for the yellow metal by 2025-end. This prediction was a significant contributor to the commodity’s rebound early this week.
“Go for gold” the American financial institution said.
The metal’s high value is a beneficial factor for other major miners in the state of Nevada like Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) and SSR Mining Inc (TSE: SSRM) (NASDAQ: SSRM).
"Go For Gold"
Goldman Sachs predicts gold to hit record highs in 2025, fueled by central bank acquisitions and U.S. rate cuts, with potential for further gains during Trump's presidency.
Analysts target a remarkable $3,000 an ounce as central banks ramp up demand and ETF flows… pic.twitter.com/EeUj18Lj9c
— Katusa Research (@KatusaResearch) November 18, 2024
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