- Newmont (TSX:NGT) and Barrick Gold’s (TSX:ABX) Goldrush underground mine has been approved by The US Bureau of Land Management for 2024 production
- The Nevada-based mine is part of the world’s largest gold-producing complex and is forecast to produce 130,000 ounces of gold in 2024
- Barrick is a global gold and copper producer
- Barrick Gold stock (TSX:ABX) has lost a little more than 1 per cent year-over-year, but has gained approximately 23 per cent since 2018
Newmont (TSX:NGT) and Barrick Gold’s (TSX:ABX) Goldrush underground mine has been approved by The U.S. Bureau of Land Management for 2024 production.
The mine is at the Cortez Complex near Beowawe, Nevada, and is forecast to produce 130,000 ounces of gold in 2024, growing to about 400,000 ounces per year by 2028.
The companies have invested more than US$370 million into the project, with a further US$1 billion earmarked to get the mine into production. Recruitment is underway with production equipment en route to the site.
The approval follows multiple years of consultation and analysis in line with the National Environmental Policy Act, including specialist environmental studies.
Newmont and Barrick estimate the Goldrush mine will create approximately 500 jobs during construction and an additional 570 when in operation, with hundreds of millions in expected net proceeds taxes and gold and silver excise taxes, the latter earmarked for education in Nevada.
Mark Bristow, Barrick Gold’s president and chief executive officer, said “the addition of Goldrush would not only expand an asset base that already hosts three tier-one mines but was a clear indication of the complex’s enormous potential for continuing growth.”
The Goldrush mine falls under the companies’ Nevada-based joint venture, known as Nevada Gold Mines, which is currently the world’s largest gold-producing complex. It is 61.5-per-cent owned by Barrick and 38.5-per-cent owned by Newmont.
Barrick is a global leader in gold and copper production, developing a portfolio of high-margin, long-life assets.
Barrick Gold stock (TSX:ABX) is down by 1.69 per cent, trading at C$22.45 per share. The stock has lost a little more than 1 per cent year-over-year, but has gained approximately 23 per cent since 2018.
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