Thursday, 16th June 2005 (2637 views)

Barrick Gold has revealed its new Lagunas Norte mine has achieved start-up before its original third-quarter schedule.

In addition start-up occurred within the firm's $340 million budget.

Lagunas Norte is located in Peru and is the second of Barrick's new generation of mines, expected to contribute significantly to the firm's gold production during the second half of this year.

It is thought the mine will produce around 545,000 to 550,000 ounces of gold, costing around $110 to $120 per ounce.

Greg Wilkins, president and CEO, said: "We are very pleased with the strong capital cost management of this project and early start-up of the mine, as it is a unique accomplishment in light of the current cost pressures and regulatory environment facing the industry.

"This is Barrick's second mine in Peru, and is very similar to our successful Pierina operation. The start up of Lagunas Norte represents a significant milestone, as it is the largest greenfields discovery for the gold industry in the last decade."

Barrick is now building a new generation of mines across the world, aiming to be the world's best gold company by finding, producing and developing reserves.

 

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