Barrick Gold Announced Significant Progress in Capital Projects

Also, the third underground mine in the Luolo-Gounkoto complex, Mali announced delivery of first ore.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced progress in major capital projects during the second quarter of the year.

According to the company, it commissioned the new Phase 6 heap leach facility at Valadero on time. The third shaft at Turquoise Ridge has been sunk to its final depth. The feasibility study has further reaffirmed that the assets meet Barrick’s investment criteria. In Dominican Republic, Pueblo Viejo and its stakeholders have agreed on a government-led strategic environmental assessment of the mine life extension project. Also, the third underground mine in the Luolo-Gounkoto complex, Mali announced delivery of first ore.

Barrick’s second quarter production was impacted by mechanical failure at Carlin. The net earnings per share during the quarter stood at 23 cents as compared with 30 cents in the prior quarter. Also, adjusted net earnings remained flat at 29 cents per share. The gold production too dropped from 1.101 Moz to 1.041 Moz over the quarter. The all-in sustaining costs (AISC) were $1,087 per ounce. The company reported cash in excess of $5 billion at the end of the quarter.

The company’s exploration portfolio expanded significantly with new property positions in Egypt, Guyana, Japan, Senegal and Tanzania.

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