Barrick: first gold from Dominican Republic mine
Toronto.-The world’s largest gold mining company, Canadian Barrick Gold announced this week it had poured the first gold at its new 60% owned Pueblo Viejo mine in the Dominican Republic.
Ore at the US$3.8-billion mine was now being processed through the first two of four autoclaves. The mine is expected to add about one million gold ounces a year to the miner’s production profile, as Barrick targets production of nine million gold ounces by 2016.
“Bringing this mine successfully into production on schedule, within capital guidance and with an excellent safety record is the result of tremendous efforts from across the company,” Barrick CEO Jamie Sokalsky said in a statement.
He added that the mine would be a significant low-cost producer throughout its mine life.
The mine is now proceeding with remaining plant commissioning activities, including the final two autoclaves, with commercial production expected at the end of the year.
Barrick’s 60% share of the year’s production from Pueblo Viejo is expected to be between 100,000 oz and 125,000 oz, at total cash costs of US$400 to US$500 per ounce.
In its first full five years of operation, Barrick’s share of production is expected to total 625,000 oz to 675,000 oz at cash costs of US$300/oz to US$350/oz.
Source: Dominican Today
Category: DR News |