Barrick Gold Pursues Exploration and Expansion in Chile and…

Barrick Gold plans to invest US$35 million in a new exploration project in Chile’s Atacama region while expanding its Veladero mine in Argentina. Although its Pascua project faced closure due to environmental issues, Barrick is targeting new resource potential through El Alto with plans to submit an environmental impact assessment. The Veladero mine has exceeded production goals, benefiting from strategic improvements amid rising gold prices.

Barrick Gold Corp, based in Canada, has announced plans to invest US$35 million in a new exploration initiative in Chile’s Atacama region, where it had previously pursued the Pascua project, now in closure. This venture, named El Alto, involves submitting an environmental impact assessment, targeting enhanced resource extraction in Alto del Carmen.

The Pascua-Lama project was halted in 2020 following a court order due to environmental breaches, having already cost Barrick over US$8 billion with an anticipated annual output of approximately 700,000 ounces of gold and substantial silver and copper. The current exploration would include 43 drilling platforms, pending regulatory approval from SEA, with operations set to commence in July 2026.

On the Argentinian front, Barrick is augmenting its Veladero mine operations in San Juan province, which achieved a production of 505,000 ounces of gold last year, surpassing projections. This increase was attributed to enhanced recovery processes from a recent plant expansion while controlling costs despite rising royalties.

Analysts forecast sustained growth in gold prices amid economic instability, which has spurred demand for gold as a secure asset. Factors influencing this trend include decreased inflation in the United States and protracted US dollar weakness. Antonio Di Giacomo, a financial analyst, noted that persisting uncertainty could propel gold prices to new heights.

Barrick is committed to scaling up its Veladero operations through ongoing projects, such as the expansion of its leach pad which recently saw a US$159 million investment. New developments will focus on promising high-sulfidation gold targets in the area, conducting exploratory drilling before the onset of winter.

In conclusion, Barrick Gold is poised to capitalize on record gold prices while reinforcing its commitment to expanding its operations in Chile and Argentina. The proposed investments in El Alto and Veladero reflect the firm’s strategic focus on exploration and production efficiency, maintaining its competitive edge in a volatile market. With potential for increased gold output and ongoing technological enhancements, Barrick aims to enhance its long-term viability and profitability.

Original Source: www.bnamericas.com