The provincial governor of San Juan, Marcelo Orrego, and Mark Bristow, president and CEO of Barrick, announced on Thursday an investment of $7.404 billion for community projects in Iglesia and Jáchal, regions near the Veladero mine. These projects mainly include water infrastructure works.

By Panorama Minero

The funds for these initiatives will come from the mine's trust fund, established in 2021 with 1.5% of Veladero's sales and dedicated to the development of community infrastructure. "This partnership underscores Veladero's commitment to sustainable development and generating a positive impact on nearby communities," the company reported.

Addressing the press and community representatives in the Iglesia department, Bristow specified that Veladero had a successful 2023 and a positive first quarter in 2024, confirming the effectiveness of the asset revitalization strategy. This strategy was implemented through disciplined execution by the new leadership team, agile decision-making focused on the company, and proactive resolution of challenges posed in the country due to the political-economic context.

"These changes, along with future expansions of leaching facilities, involving a capital investment of over US$271 million until 2027, will extend the mine's life by up to ten years, with an average annual production rate of approximately 400,000 ounces."

"With Veladero stronger than ever, it is an honor to announce alongside the governor of San Juan, Marcelo Orrego, four projects for the communities of Iglesia and Jáchal. These projects will have a positive and lasting impact on people's lives, focusing on crucial areas such as irrigation and drinking water, which will also create employment for more people," Bristow elaborated.

Meanwhile, the provincial leader, Marcelo Orrego, stated: 'These are times when we must value mining, which plays a fundamental role for San Juan residents. Only 3% of the land in the province is cultivable, 83% is mountains, and the rest is desert. San Juan residents are clear about where we want to take our productive matrix. Of course, it must focus on a diversified economy, including mining, renewable energies, where San Juan has much to contribute to the world. It must also focus on tourism because we have beautiful landscapes, and on the knowledge economy. That is our productive matrix.'"

Marcelo Álvarez, Executive Director of Government Relations for Barrick South America, commented, "It is very significant for Barrick that we can hold this event in Iglesia, which has been our host for many years in the development of the Veladero mine. Surely we will also be able to do it in Jáchal, where they have accompanied us in the mine's development."

The initiatives announced by the Government of San Juan include four main projects:

-Acquisition of medical equipment and essential facilities for the opening of the Rodeo Hospital. -Completion of the first section of the Agua Negra canal, crucial for recovering irrigation water and reducing current losses. -Works on the irrigation network for Iglesia, covering Buena Esperanza, Las Flores, Maliman, and Las Cuevas. -Completion of the Jáchal aqueduct and installation of two new water wells for drinking water in Jáchal.

Also in attendance were Mark Hill, Corporate Executive overseeing Operations in Latin America and Asia; Yuri Saenz, Manager of Veladero; Jorge Espejo, Mayor of Iglesia; Matías Espejo, Mayor of Jáchal; as well as Ministers Gustavo Fernández for the Production Ministry of San Juan, Amilcar Dobladez for Health, Juan Pablo Perea for Mining, Fernando Perea for Infrastructure, and several other officials.