The mine is expected to generate 130,000 ounces of gold in 2024 and grow to about 400,000 ounces of the precious metal per annum by 2028.
Barrick, the world’s second-largest gold miner, operates NGM, which is the world’s largest gold mining complex. It has a 61.5% stake in the business, with Newmont, the world’s largest gold producer, holding the remaining 38.5%.
The Toronto-based miner and NGM have invested more than $370 million in the project to date and they anticipate spending a total of nearly $1 billion (100% basis) to get to planned production.
Barrick president and chief executive Mark Bristow said the addition of Goldrush would expand an asset base that already hosts three tier one mines and has potential for continuing growth.
Tier one mines are “company making” operations – generally large with a long productive life at low costs.
The US government’s approval follows a multi-year consultation and…
