Goldrush is expected to start ramping up production in 2024, after completion of the commissioning of the initial project infrastructure, to produce an estimated 130,000 ounces in 2024, with plans to expand the production to 400,000 ounces by 2028
NGM will ramp up operations at the Goldrush mine. (Credit: Barrick Gold Corporation)
Nevada Gold Mines (NGM), a joint venture between mining companies Barrick and Newmont, has secured approval for the plan of operations for its new Goldrush underground mine in Nevada.
The US Bureau of Land Management has approved the company’s plan for the Nevada gold mine, by granting a Record of Decision (ROD).
The ROD has been granted following a multi-year consultation and independent analysis that allowed all stakeholders to engage with NGM, under the National Environmental Policy Act.
Goldrush mine is expected to start ramping up production in 2024, after completion of the commissioning of the initial project infrastructure.
The long-life mine is estimated to produce 130,000 ounces in 2024 and increase the production to 400,000 ounces per annum by 2028.
Barrick and NGM have invested more than $370m in the Nevada gold project, with plans to spend a total of around $1bn to achieve the planned production.
The companies ramped up recruitment, with the delivery of production equipment on schedule.
Barrick president and CEO Mark Bristow said: “The addition of Goldrush would not only expand an asset base that already hosts three Tier One mines but was a clear indication of the complex’s enormous potential for continuing growth.”
The Goldrush mine, located at the Cortez Complex near Beowawe, Nevada, is expected to create around 500 jobs during construction and 570 new jobs during operations.
In addition, the project is expected to generate hundreds of millions of dollars in tax proceeds and gold and silver excise taxes, allocated for education in Nevada.
Established in March 2019, NGM is owned by Barrick with a 61.5% stake and Newmont with the remaining 38.5% stake, combining both companies’ respective mining operations, assets, and reserves.
The JV operates Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon and Lone Tree properties.