Barrick’s Nevada Gold Mine Output Exceeded Expectations

SEATTLE (Scrap Monster):  Barrick Gold’s Nevada Gold Mines (NGM) posted exceptional operational results during the first year of its operations. The company operates and owns 61.5% of the gold mining complex along with Newmont which holds the remaining 38.5% stake.

The media statement published by the company on Wednesday noted that NGM exceeded the cost and production guidance set out at the start of the joint venture project a year before, despite the challenges on account of Covid-19 pandemic. NGM’s production is expected to range between 2.1 and 2.25 million ounces of gold in 2020, said Mark Bristow, CEO, Barrick Gold.

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During the course of the year, the joint venture had integrated multiple assets, combining three tier-1 mines into a unified complex. It had also deployed a new leadership team, comprising of eminent leaders from both legacy companies, to oversee operations. The new models helped the company quickly and effectively restructure its operations, thus enabling it to deal with the unprecedented threats posed by the pandemic.

The 10-year production plan released by the company sees NGM emerging as the undisputed industry leader. The company eyes annual gold production of about 5 million ounces, with major contributions expected from North American mines.