Barrick Gold Expands Gold Exploration in Chile and Argentina…

Barrick Gold plans to invest US$35 million in a new exploration project in Chile’s Atacama region while expanding operations at the Veladero mine in Argentina, aimed at enhancing gold production amidst record prices. The company submitted an environmental impact assessment for the El Alto project and has achieved significant gold production at Veladero, forecasting continued growth in gold prices influenced by economic conditions.

Barrick Gold Corporation, based in Canada, is slated to invest approximately US$35 million in an exploration initiative located in Chile’s Atacama region. This initiative follows a previous attempt to develop the Pascua project, which is now in the closure phase. In Argentina, Barrick focuses on expanding the Veladero mine in San Juan province through optimization efforts and new exploration targets.

The Chilean endeavor, named El Alto, has recently submitted an environmental impact assessment to the relevant authority. The project aims to enhance resource potential in the Alto del Carmen region, an area where Barrick previously invested heavily in the Pascua-Lama project, abandoned in 2020 due to court-ordered closure over environmental violations.

Barrick continues to seek approval from the environmental agency to establish 43 drilling platforms in the Andes mountains. If sanctioned, operations are expected to commence in July 2026, lasting for two years. The scheduling takes into account the difficult access to the site during winter months.

At Veladero, Barrick achieved an exceptional production milestone last year, yielding 505,000 ounces of gold, surpassing guidance predictions. This success was fueled by improvements in the leaching pad and an expansion of operational capabilities, allowing costs to remain beneath forecast despite an increase in royalties.

Currently, analysts predict a sustained upward trend in gold prices, influenced by factors such as the Federal Reserve’s monetary policies and global geopolitical situations. A recent peak of gold prices briefly exceeded US$3,000 per ounce, a record attributed to easing inflation and rising demand for gold as a safe-haven asset.

In moving forward, Barrick is committed to enhancing production at the Veladero mine. Following the completion of phase 7B of the leach pad expansion, a subsequent investment for phase 8 with a projected cost of US$250-270 million is underway, further extending the mine’s lifespan through ongoing exploratory efforts.

In conclusion, Barrick Gold is intensifying its focus on gold exploration and production in Chile and Argentina. With significant investments planned for projects like El Alto and expansion at Veladero, the firm is strategically positioned to leverage the recent surge in gold prices. As analysts anticipate continued market growth, Barrick’s initiatives reflect a commitment to optimize operations while being mindful of environmental considerations.

Original Source: www.bnamericas.com