Barrick highlights Veladero's revival: "Emerging stronger than ever"

News
During the announcement of its year-end results, the Canadian company, operator of the iconic Veladero gold deposit located in the Iglesia department of San Juan province, stated that "the operation comfortably exceeded its production expectations and managed to reduce costs, marking a significant shift in its trajectory."

By Panorama Minero

Now, the expansion phase of the leaching system, previously postponed, will be completed this year, while Phase 8 will be initiated, aiming to support a robust production level and extend the mine's lifespan by two years beyond the initial estimate, reaching a total of ten years of continuous operation. The average annual production rate will be approximately 400,000 ounces.

According to the company, at the time of the merger in 2019, the gold mine was viewed as a liability rather than an asset: "Its performance was, at best, lackluster, it had a checkered environmental record, shaky geology, and difficult relationships with stakeholders."

Furthermore, they noted that Argentina's ongoing financial crisis exacerbated these issues, making 2023 a particularly challenging year for the mine. "However, in the face of all these adversities, Veladero comfortably exceeded its production guidance and surpassed its cost guidance." Following the merger, Barrick set out to revitalize Veladero by reinterpreting its geology, thoroughly reviewing its business plan, and adopting a productive approach to partnering with communities and authorities.

The execution of the revitalization strategy required disciplined execution by the new management team, agile decision-making focused on business, and addressing issues in the country head-on. It also necessitated right-sizing the cost base, which meant postponing some projects as now planned to be restarted during the current year, Phase 7B and Phase 8 respectively.

"The consistent performance improvement in 2023 was supported by the Libertadores powerline's first full year of operation. The line supplies renewable power from Chile's national grid, reducing greenhouse gas emissions and adding cost efficiencies."

Additionally, according to Mark Hill, Chief Operating Officer of Barrick's Latin America and Asia Pacific region, recent changes in the Argentine government have also improved Veladero's prospects: "We are optimistic that the new administration intends to promote mining investment with a stable regulatory and economic framework. We will continue to work closely with both federal and local governments, employing the Barrick partnership model that has served us so well in other jurisdictions."

Magazine

Edición 528 - Marzo 2024
2024 Argentine Mining Compendium
Edición 527 - Febrero 2024
Edición 526 - Diciembre 2023
Edición 525 - Noviembre 2023
Edición 524 - Octubre 2023
Edición 523 - Septiembre 2023
Edición 522 - Agosto 2023
Edicion 521 - Julio 2023
Edición 520 - Junio 2023
Edicion 519 - Mayo 2023
Edición 518 - Abril 2023

Events

    Expo San Juan
    Lithium in South America
    Gold, Silver & Copper

Do you want to receive news about the sector and Panorama Minero initiatives?


Sign up for our newsletter.

In May, San Juan will serve as the focal point for the Argentine mining industry

In May, San Juan will serve as the focal point for the Argentine mining industry

On May 21, 22, and 23, at the Cepas Sanjuaninas venue in the province of San Juan, the mining industry will showcase its latest innovations and productive advancements within the framework of the "10th International Exhibition: San Juan Mining Expo". Organized since 2006 by the specialized media outlet Panorama Minero, the event expects to gather more than 15,000 attendees and will have the participation of over 15 countries and 300 companies linked to the sector.
San Juan: Barrick reached a production of 57 thousand ounces of gold at Veladero

San Juan: Barrick reached a production of 57 thousand ounces of gold at Veladero

Barrick Gold Corporation announced preliminary production for the first quarter of 940 thousand ounces of gold and 40 thousand tons of copper, along with preliminary sales of 910 thousand ounces of gold and 39 thousand tons of copper for all its operating mines. The company expects gold and copper production to increase progressively each quarter throughout the year, with the expansion of the Pueblo Viejo plant in the Dominican Republic increasing from the second quarter and the reactivation of the Porgera mine in Papua New Guinea continuing as planned. "We remain on track to achieve our annual projections for gold and copper.”
NOA Lithium continues exploring the Río Grande lithium project and reports high-grade results

NOA Lithium continues exploring the Río Grande lithium project and reports high-grade results

The exploration junior NOA Lithium Brines reported positive results from the brine sampling of hole RG23-005, the fifth of the phase 1 diamond drilling program executed at the Río Grande project, in Argentina. The hole, located in the Juana Azul concession within the salar, reached a depth of 602 meters and intersected a lithium brine aquifer of significant thickness, starting from a depth of only one meter.
Salta: Lindero gold mine produced over 23,000 ounces in the last quarter

Salta: Lindero gold mine produced over 23,000 ounces in the last quarter

Canadian mining company Fortuna Silver Mines Inc., operator of the first surface gold mine in the province of Salta, in Argentina, has announced robust gold production figures for the first quarter of 2024, stemming from its five operational mines located across West Africa and Latin America. Gold and silver production for the quarter stood at 89,678 ounces and 1.1 million ounces, respectively, amounting to 112,543 gold equivalent ounces, inclusive of lead and zinc by-products.

McEwen Copper executives meet with President Javier Milei

McEwen Copper executives meet with President Javier Milei

On Tuesday, the Chairman and CEO of McEwen Mining, Rob McEwen, along with McEwen Copper's VP and General Manager of Los Azules, Michael Meding, lawyer Carmen Diges, and VP of Corporate Development, Stefan Spears, held a meeting with the Argentine President. During the meeting, they discussed the current economic and legislative progress made by the government and the advancements towards the development of the Los Azules copper mining project, located in the Calingasta department, San Juan.

A new suppliers chamber was founded in the province of Santa Cruz

A new suppliers chamber was founded in the province of Santa Cruz

In an event held on March 27th in the city of Río Gallegos, where both public and private sectors converged, CAPPEMA - Chamber of Suppliers of Inputs and Service Providers in the Energy, Mining, and Environmental Sectors - was established. Comprised of companies from Santa Cruz, its aim is to encourage investments and the creation of genuine job opportunities in the reported industrial segments.
Salta: AbraSilver presents Diablillos Prefeasibility Study

Salta: AbraSilver presents Diablillos Prefeasibility Study

The Canadian mining company announced a robust Prefeasibility Study for its silver and gold project Diablillos, located in the province of Salta. The study process was conducted by SGS Geological Services with support from Knight Piésold, SGS Bateman, Bmining (Chile), and INSA.