16:12:59 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,796,918
Close 2015-11-20 C$ 9.57
Market Cap C$ 11,147,106,505
Recent Sedar Documents

Barrick, Goldcorp suffer plant failure at Pueblo Viejo

2015-11-23 17:56 ET - News Release

Also News Release (C-G) Goldcorp Inc (2)

Ms. Angela Parr reports

BARRICK REPORTS MECHANICAL ISSUE AT PUEBLO VIEJO OXYGEN PLANT

A mechanical issue at the Pueblo Viejo mine in the Dominican Republic is expected to result in reduced production at the operation until mid-January, 2016. Pueblo Viejo is a joint venture owned by Barrick Gold Corp. (60 per cent) and Goldcorp Inc. (40 per cent).

All amounts in this press release are expressed in U.S. dollars.

Two of three electric motors at the mine's oxygen plant experienced an unexpected failure on Nov. 19 and have been shipped to a specialized facility in the United States for repair. One motor remains operational. The plant provides the oxygen required for the autoclave processing facility that treats Pueblo Viejo's refractory ore. Until the damaged motors are repaired, the autoclave facility will operate at a reduced capacity. The cause of the motor failure is currently under investigation.

Taking into account the potential effect of lower production from Pueblo Viejo in the fourth quarter, and based on the current rate of production, Barrick now expects to produce six million to 6.15 million ounces of gold in 2015 at all-in sustaining costs of $830 to $870 per ounce.

Current estimates indicate that repairs can be completed with units back in service by mid-January. While repairs are under way, Pueblo Viejo is bringing forward maintenance activities previously scheduled for January to optimize the processing downtime. Pueblo Viejo has property and machinery breakdown insurance, including business interruption coverage, which is triggered after 30 days.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.