Barrick highlights Veladero's revival: "Emerging stronger than ever"

News
During the announcement of its year-end results, the Canadian company, operator of the iconic Veladero gold deposit located in the Iglesia department of San Juan province, stated that "the operation comfortably exceeded its production expectations and managed to reduce costs, marking a significant shift in its trajectory."

By Panorama Minero

Now, the expansion phase of the leaching system, previously postponed, will be completed this year, while Phase 8 will be initiated, aiming to support a robust production level and extend the mine's lifespan by two years beyond the initial estimate, reaching a total of ten years of continuous operation. The average annual production rate will be approximately 400,000 ounces.

According to the company, at the time of the merger in 2019, the gold mine was viewed as a liability rather than an asset: "Its performance was, at best, lackluster, it had a checkered environmental record, shaky geology, and difficult relationships with stakeholders."

Furthermore, they noted that Argentina's ongoing financial crisis exacerbated these issues, making 2023 a particularly challenging year for the mine. "However, in the face of all these adversities, Veladero comfortably exceeded its production guidance and surpassed its cost guidance." Following the merger, Barrick set out to revitalize Veladero by reinterpreting its geology, thoroughly reviewing its business plan, and adopting a productive approach to partnering with communities and authorities.

The execution of the revitalization strategy required disciplined execution by the new management team, agile decision-making focused on business, and addressing issues in the country head-on. It also necessitated right-sizing the cost base, which meant postponing some projects as now planned to be restarted during the current year, Phase 7B and Phase 8 respectively.

"The consistent performance improvement in 2023 was supported by the Libertadores powerline's first full year of operation. The line supplies renewable power from Chile's national grid, reducing greenhouse gas emissions and adding cost efficiencies."

Additionally, according to Mark Hill, Chief Operating Officer of Barrick's Latin America and Asia Pacific region, recent changes in the Argentine government have also improved Veladero's prospects: "We are optimistic that the new administration intends to promote mining investment with a stable regulatory and economic framework. We will continue to work closely with both federal and local governments, employing the Barrick partnership model that has served us so well in other jurisdictions."

Magazine

Edición 528 - Marzo 2024
2024 Argentine Mining Compendium
Edición 527 - Febrero 2024
Edición 526 - Diciembre 2023
Edición 525 - Noviembre 2023
Edición 524 - Octubre 2023
Edición 523 - Septiembre 2023
Edición 522 - Agosto 2023
Edicion 521 - Julio 2023
Edición 520 - Junio 2023
Edicion 519 - Mayo 2023
Edición 518 - Abril 2023

Events

    Expo San Juan
    Lithium in South America
    Gold, Silver & Copper

Do you want to receive news about the sector and Panorama Minero initiatives?


Sign up for our newsletter.

Salta: Lindero gold mine produced over 23,000 ounces in the last quarter

Salta: Lindero gold mine produced over 23,000 ounces in the last quarter

Canadian mining company Fortuna Silver Mines Inc., operator of the first surface gold mine in the province of Salta, in Argentina, has announced robust gold production figures for the first quarter of 2024, stemming from its five operational mines located across West Africa and Latin America. Gold and silver production for the quarter stood at 89,678 ounces and 1.1 million ounces, respectively, amounting to 112,543 gold equivalent ounces, inclusive of lead and zinc by-products.
McEwen Copper executives meet with President Javier Milei

McEwen Copper executives meet with President Javier Milei

On Tuesday, the Chairman and CEO of McEwen Mining, Rob McEwen, along with McEwen Copper's VP and General Manager of Los Azules, Michael Meding, lawyer Carmen Diges, and VP of Corporate Development, Stefan Spears, held a meeting with the Argentine President. During the meeting, they discussed the current economic and legislative progress made by the government and the advancements towards the development of the Los Azules copper mining project, located in the Calingasta department, San Juan.
A new suppliers chamber was founded in the province of Santa Cruz

A new suppliers chamber was founded in the province of Santa Cruz

In an event held on March 27th in the city of Río Gallegos, where both public and private sectors converged, CAPPEMA - Chamber of Suppliers of Inputs and Service Providers in the Energy, Mining, and Environmental Sectors - was established. Comprised of companies from Santa Cruz, its aim is to encourage investments and the creation of genuine job opportunities in the reported industrial segments.

Salta: AbraSilver presents Diablillos Prefeasibility Study

Salta: AbraSilver presents Diablillos Prefeasibility Study

The Canadian mining company announced a robust Prefeasibility Study for its silver and gold project Diablillos, located in the province of Salta. The study process was conducted by SGS Geological Services with support from Knight Piésold, SGS Bateman, Bmining (Chile), and INSA.
Catamarca: Lake Resources announced EIA for phase one of Kachi lithium project

Catamarca: Lake Resources announced EIA for phase one of Kachi lithium project

Australian company Lake Resources announced on Tuesday the submission of the Environmental Impact Assessment (EIA) for phase 1 of the Kachi lithium project, located in the Argentine northwest region. The assessment was submitted to the Catamarca Ministry of Mining and, as stated, "marks an important milestone for the project as it represents the culmination of extensive fieldwork and community engagement achieved over the past three years”.

For the first time, the mining chambers of Salta, Jujuy, and Catamarca come together to define a joint work agenda

For the first time, the mining chambers of Salta, Jujuy, and Catamarca come together to define a joint work agenda

This Tuesday, the presidents of the three mining chambers of the Argentine northern region, which bring together companies engaged in the exploration and operation of lithium, gold, silver, copper, and other minerals -the Chamber of Mining of Salta, the Mining Chamber of Catamarca, and the Mining Chamber of Jujuy- have marked a milestone by holding their first joint meeting to build a comprehensive work agenda for the sustainable mining development of the three provinces.
Argentina: The most important mining event of the year will take place in San Juan from May 21 to 23

Argentina: The most important mining event of the year will take place in San Juan from May 21 to 23

The San Juan International Mining Expo, the most federal gathering of the Argentine mining industry, will be held on May 21st, 22nd, and 23rd at the Cepas Sanjuaninas venue in the province of San Juan. The event, organized by Panorama Minero and declared of interest by the main provinces with mining tradition, expects an influx of more than 15,000 people. Additionally, the official launch of the Copper Task Force will take place, with the presence of governors seeking to boost copper development in the country.