Barrick Reports Increase in Profits, Nevada Mines Advance | Mining
“We now plan to restart the authorization process for Phase 2,” said Bristow.
He also said exploration at Carlin was continuing, with drilling at North Leeville “continuing to produce high grade results”.
On a related topic, Bristow said NGM was willing to invest in drilling companies to provide more rigs for its projects.
First-quarter gold production was down company-wide to 1.10 million ounces, compared to 1.25 million ounces in the first quarter of 2020, but Barrick said production would be higher in the second half of the year, mainly due to the sequencing of the mine at NGM, the commissioning of a new leach platform at Veladaro in Argentina, the ramp-up of underground mining at Bulyanhulu in Tanzania and higher grades. expected in Lumwana, Zambia.
Bristow said in the call that Nevada Gold Mines’ two roasters will be down this quarter for maintenance, which is another reason gold production will be higher in the second half of the year.
In Nevada, gold production from Barrick’s 61.5% share in NGM totaled 485,000 ounces in the first quarter and on a 100% basis with Newmont’s share, NGM produced 789,000 ounces in the 2021 quarter, compared at 855,000 ounces in quarter 2020.
All-inclusive sustaining costs averaged $ 932 per ounce for NGM, down from $ 952 per ounce in the first quarter of last year. Bristow pointed out that Long Canyon’s cash costs in the first quarter were only $ 79 per ounce and the all-in sustaining cost was $ 156 per ounce.