Nevada Gold Mines Exceeds All Expectations in First Year


Nevada Gold Mines produces close to 2 million oz/y of gold, with targeted all-in sustaining costs below $950/oz
Nevada Gold Mines (NGM), established a year ago, has posted an exceptional performance in its first 12 months of operation, according to Mark Bristow, president and chief executive of Barrick Gold Corp. Barrick operates NGM, the world’s largest gold mining complex, and owns 61.5%, with Newmont Corp. owning the remaining 38.5%. In its first year of combined operation, NGM met the production and cost targets set out at the start of the joint venture, even during the coronavirus pandemic.

Bristow said this was a significant achievement, considering the merger required the integration of multiple assets, including three tier one mines into a unified complex under a new leadership team. The company said it has been working with Nevada and its stakeholders to provide financial and logistical support to mitigate the impact of the pandemic. The company started with a clean slate in a fit-for-purpose structure, Bristow added.

“By removing the fences that had previously separated geologically connected assets, mines and projects that clearly belonged together could be combined into larger and more efficient operations, with substantial savings as an immediate benefit,” Bristow said. “Even more important, this merger has created a platform from where we can see a bright new future for NGM as the leader of its industry in every respect: truly a case of the best assets and the best people delivering the best returns.”

The assets of Nevada Gold Mines include 10 underground and 12 open-pit mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap-leach facilities.

As featured in Womp 2020 Vol 07 - www.womp-int.com