Barrick Mining Corporation reports developments tied to its global gold and copper mining, exploration and development portfolio. Company news commonly covers operating and financial results, mine and project updates, technical and governance matters, and capital allocation actions for common shares that trade on the NYSE under B and on the TSX under ABX.
Recurring updates include quarterly results releases, dividend declarations, share repurchase authorizations, annual meeting materials and changes in executive or board oversight. Barrick also reports on its gold assets in North America and other mining jurisdictions, including disclosures connected to major mines, development projects, reserves, production, costs, cash flow and responsible mining obligations.
Nevada Gold Mines (NGM), operated by Barrick Gold Corporation (NYSE:GOLD), showcased significant advancements in its operations and mineral reserves during a recent investor visit. NGM has achieved production of 10 million ounces of gold since the joint venture with Newmont, with notable mineral reserve increases of 14.7 million ounces and 8.5 million ounces in inferred resources. The flagship Goldrush project promises a lifespan exceeding 20 years and will provide employment for 570 individuals. NGM's community initiatives and talent development programs further establish its role as a committed partner in Nevada.
On September 1, 2022, Nevada Gold Mines announced a definitive agreement to sell a portfolio of royalties to Gold Royalty Corp. for $27.5 million. This Portfolio includes royalties from the Granite Creek and Bald Mountain projects in Nevada. The payment will be made through the issuance of 9,393,681 common shares by Gold Royalty, allowing Nevada Gold Mines to hold approximately 7.0% of Gold Royalty's shares post-transaction. This move aligns with their strategy to optimize assets in the evolving gold market.
Barrick Gold Corporation (NYSE:GOLD) announced a definitive agreement to sell a portfolio of 22 royalties to Maverix Metals Inc. for up to $60 million. This sale includes $50 million in cash upon closing, with additional contingent payments of $6 million and $4 million based on future cash flows from the royalties. The transaction is expected to close by the end of Q3 2022, contingent on customary conditions.
Barrick Gold Corporation (NYSE:GOLD) is donating $150,000 to Balochistan's Provincial Disaster Management Authority to aid flood relief efforts following severe monsoon rains that killed over 500 people in Pakistan. The contribution reflects the partnership in the Reko Diq project, one of the largest undeveloped copper-gold deposits globally, where Balochistan will hold a 25% share. Expected benefits include $70 million in social development programs and substantial job creation, with around 7,500 positions during peak construction and 4,000 full-time jobs once operational.
Barrick Gold Corporation announced a new growth phase for Nevada Gold Mines (NGM), focusing on further discoveries and additions. NGM, which is 61.5% owned by Barrick, has produced 10 million ounces of gold in three years and plans future projects like the Goldrush development. This project is expected to create significant local employment during construction and operation. Barrick continues to invest in education and community initiatives, paying nearly $60 million towards a new mining excise tax. Their workforce of 7,000 makes NGM one of Nevada's largest employers.
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Peter Richardson has been appointed as the incoming executive managing director of Nevada Gold Mines effective August 2022. He will work alongside Greg Walker, who is set to retire by the end of December 2022. Richardson boasts a strong background in process engineering and mining operations, having previously served as senior vice president at Lundin Mining Corp. His appointment is backed by Mark Bristow, who highlighted Richardson's proven track record and commitment to safety, ESG initiatives, and operational excellence, emphasizing expected value creation for stakeholders.
Barrick Gold Corporation (NYSE:GOLD) announced plans for the Reko Diq copper-gold project in Pakistan, projected to generate significant economic value for Balochistan. The province will own a 25% stake, funded by partners, allowing it to benefit from dividends and royalties without initial financial contributions. The project aims to implement $70 million in social development programs and will provide up to $10 million annually in royalties. Reko Diq is expected to create 7,500 construction jobs and 4,000 long-term positions, with a mine life of 40 years.
Barrick Gold Corporation (NYSE:GOLD) has reaffirmed its commitment to the Reko Diq copper-gold project in Pakistan, highlighting its strategic importance. Following an agreement with the Pakistani government, the project, on hold since 2011, will be reconstituted with Barrick owning 50%. A feasibility study update is planned, followed by construction expected to commence with initial production by 2027/2028. The project aims to create significant employment and economic benefits for local communities, with no financial burden on the Balochistan province for its 25% ownership stake.
Barrick Gold Corporation (NYSE:GOLD) announced preliminary Q2 2022 results, achieving 1.04 million ounces of gold and 113 million pounds of copper sales and production. The average gold price was $1,871 per ounce, while copper averaged $4.32 per pound. Despite strong overall production, Q2 copper prices are expected to be 13-15% lower due to market fluctuations. Costs for gold production are also anticipated to rise slightly. The company will release full Q2 results on August 8, 2022.