Barrick – Newmont JV unlocking Nevada gold fields potential
Barrick Gold and Newmont established the Nevada Gold Mines (NGM) joint venture in July 2019. A recent intensive strategic review has confirmed the huge potential of the NGM properties and outlinedkey development projects.
The Barrick-operated JV hosts three of Barrick’s Tier One mines1 and is targeting production of between 3.4 and 3.7 million ounces this year.
Barrick president and chief executive Mark Bristow said unlocking the full potential of the Nevada gold fields, one of the world’s largest and most prospective gold endowments, had been one of the key drivers behind the formation of NGM.
With the newly integrated operation having met all its key performance indicators last year, the focus was now shifting to the hunt for new discoveries and resource additions.
“Barrick’s emphasis on agile management and exploration and orebody knowledge was implanted at NGM and is already delivering results. There are exciting opportunities for major new discoveries in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex, and in the Carlin Basin south of Gold Quarry. There are also good prospects of near to medium-term Life of Mine resource additions at North Leeville, Fourmile3 and Goldrush, as well as at the Ren project at the Carlin complex,” he commented.
Bristow added that in addition to building a solid foundation for its 10-year business plan, NGM had also established itself as a valued partner to its communities, the state of Nevada and its other local stakeholders, as evidenced by the Covid-19 support it provided.
“NGM is now driving online learning initiatives through partnerships with Nevada’s Department of Education and Discovery Education, and continues its long-term backing of the Western Shoshone Scholarship Foundation. As a further demonstration of our commitment to deliver long-lasting economic benefits to our stakeholders, we have approved an investment in broadband infrastructure for our surrounding communities.
“This will complement our support for remote learning, which relies on fast and reliable internet access, while giving our neighbours a tool that has become essential for almost every part of their daily lives.”
Nevada Gold Mines is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combines significant assets across Nevada to create the single largest gold-producing complex in the world. Nevada Gold Mines is operated by Barrick.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.