06:42:18 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,331,319
Close 2016-10-03 C$ 22.78
Market Cap C$ 26,546,247,447
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Barrick Gold resumes operations at Veladero mine

2016-10-04 10:46 ET - News Release

Mr. Daniel Oh reports

BARRICK ANNOUNCES RESUMPTION OF OPERATIONS AT VELADERO MINE

Barrick Gold Corp. has resumed normal operations at its Veladero mine in Argentina, following approval from San Juan provincial authorities.

Operations at the mine were suspended on Sept. 15, a week after falling ice damaged a pipe carrying process solution in the leach pad area, causing some material to leave the leach pad. This material, primarily crushed ore saturated with process solution, was contained on the mine site and returned to the leach pad. Extensive water monitoring in the area has confirmed the incident did not result in any environmental impacts. The company has completed a series of remedial works required by provincial authorities designed to prevent such an incident from reoccurring, including increasing the height of the perimeter berms that surround the leach pad.

As normal operations resume, the company will continue to assess the impact of the temporary suspension on Veladero's production for 2016. However, Barrick continues to expect total gold production for 2016 in the range of five million ounces to 5.5 million ounces at a cost of sales applicable to gold of $5.2-billion (U.S.) to $5.5-billion (U.S.) and all-in sustaining costs of $750 (U.S.) to $790 (U.S.) per ounce.

We seek Safe Harbor.

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