VANCOUVER - Barrick Gold Corp. [TSX-ABX; NYSE-GOLD] reported that the United States Bureau of Land Management has issued a record of decision (ROD) approving the Barrick joint venture with Nevada Gold Mines' (NGM) plan of operations for its new Goldrush underground mine at the Cortez complex near Beowawe, Nevada.
The long-life mine is expected to start ramping up production in 2024 after the commissioning of the initial project infrastructure and is forecast to produce 130,000 ounces in 2024 and grow to approximately 400,000 ounces per year by 2028 (100% basis).
Barrick and NGM have invested more than US$370 million in the project to date, and the company anticipates spending a total of approximately US$1 billion (100% basis) to get to planned production. Recruitment is being ramped up, and the delivery of production equipment is on track.
The issuance of the ROD follows a multiyear consultation and independent impacts analysis process pursuant to the National Environmental Policy Act, which included specialist environmental studies. In the course of the analyses, all stakeholders were given the opportunity to engage with NGM and contribute to the outcome.
It is anticipated that Goldrush will create a total of approximately 500 jobs during construction and 570 new jobs during operations. Additionally, Goldrush will generate hundreds of millions of dollars in net proceeds tax and gold and silver excise taxes, the latter of which are earmarked for education in Nevada.
NGM, majority owned and operated by Barrick Gold, is the world's largest gold production complex. Barrick president and CEO Mark Bristow said the addition of Goldrush would not only expand an asset base that already hosts three Tier 1 mines, but was a clear indication of the complex's enormous potential for continuing growth.
Nevada Gold Mines is operated by Barrick Gold and is a joint venture between Barrick (61.5% and Newmont Corp. [TSX-NGT; NYSE-NEM] (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.