Canada-based Barrick Gold has outlined a long-term investment plan that will see the company achieve 4.2 million to 4.6 million ounces of average annual gold production between 2019 and 2022.
The company expects to produce more than one million ounces starting in 2021 from four projects that are at feasibility-level.
The firm’s objective is to maximise long-term value from its portfolio of gold operations and projects, located throughout the Americas.
Barrick has approved Cortez Deep South, Goldrush, and Turquoise Ridge projects in Nevada, US, while optimisation works on extending the life of Lagunas Norte mine are Peru underway.
The company is set to invest $300m-$325m to construct a third shaft at Turquoise Ridge, which along with additional processing capacity, will allow the mine to increase annual production by nearly two times to more than 500,000oz per annum.
The mine is owned by Barrick and Newmont Mining on 75:25 basis, with proven and probable gold reserves of 5.9 million ounces.
It is expected that the production from the new shaft will start in 2022.
Construction and initial production at the Goldrush project are expected to commence between 2021 and 2022, with the company engaged in development of an underground mine.
Barrick is awaiting government approval to go ahead with its plan to expand mining into the Deep South area below currently permitted levels of the Cortez Hills underground mine.
The company has projected average annual gold production of more than four million ounces between 2023 and 2027.
The projection comes at a time when the company’s rival Newmont stated that it expects to achieve gold production of 4.9 million to 5.4 million ounces this year, and between 4.6 million and 5.1 million ounces annually through 2022.