Canadian mining company Barrick Gold recently reported an "exceptional" year in 2024, citing strong financial and operational performance. The company increased gold production by 15% and copper output by 33% in the fourth quarter, meeting its annual guidance. Additionally, gold sales costs and cash costs were reduced by 3% and 5%, respectively, reflecting greater operational efficiency. Despite its maturity as a producing mine, Veladero exceeded 500,000 ounces of gold output.
By Panorama Minero
One of Barrick’s key operational highlights in 2024 was Veladero, the mining site located in San Juan, Argentina, which recorded its best production levels in five years. This increase helped offset weaker performances from other Barrick operations, such as Pueblo Viejo in the Dominican Republic.
In 2024, Veladero produced 505,000 ounces of gold (100% basis), marking a 22% increase from 2023. In terms of efficiency, the mine lowered sales costs by 13%, while cash costs and all-in sustaining costs per ounce decreased by 10% and 12%, respectively. These improvements were driven by process optimization and the successful implementation of Phase 7B of the leaching platform, ensuring long-term operational sustainability.
For 2025, Barrick projects attributable gold production between 3.15 million and 3.5 million ounces, with Veladero maintaining a key role in the company’s Latin American portfolio. To achieve this, Barrick stated that it will continue investing in operational improvements and expanding infrastructure to sustain the mine’s efficiency and profitability over time.
“Veladero’s performance in 2024 has been exceptional, achieving its highest production levels in five years while significantly reducing costs. This reinforces our vision for sustainable growth and allows us to continue delivering value to all our stakeholders,” Barrick President and CEO Mark Bristow said.
San Juan Infrastructure Investment
In April 2024, the San Juan government and Veladero announced a $7.4 billion ARS investment to improve community infrastructure in Iglesia and Jáchal. The funding, sourced from the mine’s trust fund, will support four key projects:
-Acquisition of medical equipment and the opening of Hospital Rodeo.
-Completion of the first section of the Agua Negra canal to improve irrigation.
-Expansion of the Iglesia irrigation network, benefiting multiple localities.
-Completion of the Jáchal aqueduct and the drilling of new potable water wells.
During the announcement, Bristow reaffirmed Barrick’s commitment to Veladero’s long-term sustainability, highlighting an investment of $271 million USD through 2027 to extend the mine’s life until 2035, with an average annual production rate of approximately 400,000 ounces.
