ELKO, NEVADA – The Goldrush Project is officially on track to produce 130,000 ounces1 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project’s opening ceremony attended by Governor Joe Lombardo and local stakeholders.
Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000 ounces1 by 2028 (100% basis). The 24-year underground mine is expected to provide 500 jobs during its construction and employment for 570 people once operational.
More than $300 million* of a $1 billioncapital budget has been spent on the project which is expected to produce $326 million in net proceeds tax and a further $142 million in gold and silver excise tax for education in Nevada under the new mine tax framework.
Speaking at the ribbon-cutting ceremony, Bristow thanked the bi-partisan federal delegation and the governor for their active and unwavering commitment that was instrumental in obtaining the record of decision, as well as our community stakeholders for supporting the project through the permitting process. “We recognize that we have been entrusted with a tremendous economic and environmental responsibility and we look forward to sharing the benefits of this new mine with Nevada and its people,” he said.
About Nevada Gold Mines
Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.
*All $ amounts expressed in USD.
