Q2: Barrick reported production of 56,000 gold ounces at Veladero

Q2: Barrick reported production of 56,000 gold ounces at Veladero
Q2: Barrick reported production of 56,000 gold ounces at Veladero
Share:
Barrick Gold Corporation has announced the production and sales volume of its iconic Veladero mine, located in the province of San Juan, in which it holds a 50% stake alongside its Chinese partner Shandong Gold. During the last quarter, the mine produced 56,000 ounces of gold, reaching a total of 113,000 ounces year-to-date. In terms of sales, Barrick reported the commercialization of 68,000 ounces of gold produced at Veladero during the second quarter (Q2), bringing the total to 101,000 ounces sold in 2024.

By Panorama Minero

The sales were made in a favorable gold market context. The average price received by the company in the second quarter was US$2,338 per ounce. It is worth noting that this Friday, the gold price started at US$2,370 per ounce, and according to projections by J.P. Morgan, the price of gold could reach a new all-time high by the end of 2024, surpassing US$2,500 per ounce.

In a preliminary report, Barrick also detailed the total gold and copper production in the second quarter for all its operational mines. The company produced approximately 948,000 ounces of gold and 43,000 tonnes of copper globally, with preliminary sales of 956,000 ounces of gold and 42,000 tonnes of copper. Barrick expects gold and copper production to progressively increase each quarter in 2024, with a higher weight in the second half of the year, remaining in line with its annual projections.

"The gold market has shown remarkable growth, with an average gold price received in the second quarter of US$2,338 per ounce and an average copper price of US$4.42 per pound. Gold production in the second quarter exceeded that of the first quarter due to increased operations at Turquoise Ridge (USA), the successful production ramp-up at Porgera (Papua New Guinea), and significant increases at Tongon (Ivory Coast), North Mara (Tanzania), and Kibali (Democratic Republic of Congo). These increases were partially offset by planned lower production at Cortez (USA) and Phoenix (USA), while production at Pueblo Viejo (Dominican Republic) remained stable."

Published by: Panorama Minero

Category: News

Follow us on Google News

Join our mining community!


Subscribe to our newsletter for exclusive news, insights, and updates on the mining industry and Panorama Minero's latest initiatives.

Illustrative image for the article: Copper: BHP and Lundin Mining finalize the acquisition of Filo Corp

Copper: BHP and Lundin Mining finalize the acquisition of Filo Corp

In a move that reinforces their position in the global mining industry, BHP and Lundin Mining have completed the acquisition of Filo Corp., a company listed on the Toronto Stock Exchange and the owner of the Filo del Sol (FDS) copper project, located in the Vicuña district between Argentina and Chile. This step marks a key milestone in the expansion of both giants in the copper market, a critical mineral for the energy transition and global technological growth.
Illustrative image for the article: Challenger Gold Completes Strategic Placement and Initiates Processing Agreement at Casposo

Challenger Gold Completes Strategic Placement and Initiates Processing Agreement at Casposo

Australian company Challenger Gold (ASX: CEL) announced the completion of a strategic placement for US$6.6 million with an entity controlled by Eduardo Elsztain, who becomes the company's largest shareholder with a 12.7% stake. Additionally, the initial payment of US$2 million was made under the Toll Processing Agreement with Casposo Argentina Mining Limited, securing the processing of 150,000 tons of Hualilán material annually for three years, with a total guaranteed capacity of 450,000 tons.
Illustrative image for the article: Galan Lithium Secures Permit to Expand Production in Catamarca

Galan Lithium Secures Permit to Expand Production in Catamarca

Australian junior Galan Lithium Limited (ASX:GLN) has received approval from the Ministry of Mining of Catamarca for the Phase 2 exploitation permit for its Hombre Muerto Oeste (HMW) lithium brine project. This permit enables the company to expand its production capacity to 21,000 tons per year of lithium carbonate equivalent (LCE), subject to project financing and the implementation of Phase 1, which targets an output of 5,400 tons per year of LCE.
Illustrative image for the article: Arcadium Lithium Secures Key U.S. Approval, Advancing Rio Tinto Acquisition

Arcadium Lithium Secures Key U.S. Approval, Advancing Rio Tinto Acquisition

Arcadium Lithium, a leading global producer of lithium chemicals, has obtained approval from the Committee on Foreign Investment in the United States (CFIUS) for its acquisition by Rio Tinto. This clearance removes one of the final regulatory hurdles for the deal initially announced in October 2024.
Jujuy: Caucharí-Olaroz Surpasses 25,000 Tons of Lithium Carbonate

Jujuy: Caucharí-Olaroz Surpasses 25,000 Tons of Lithium Carbonate

Lithium Argentina reported that its lithium brine operation in Caucharí-Olaroz, located in Jujuy, achieved a record production of approximately 25,400 tons of lithium carbonate during 2024, meeting its annual targets. For 2025, the company projects an increase in production, estimating between 30,000 and 35,000 tons.
Catamarca: YMAD Opens Tender for Farallón Negro Mine Equipment

Catamarca: YMAD Opens Tender for Farallón Negro Mine Equipment

The intergovernmental company YMAD has launched Public Tender No. 002/24 to acquire a rock breaker equipment for the Farallón Negro underground mine, located in the Belén department, Catamarca. The tender is aimed at companies interested in supplying key technology for mining operations.
Mining Employment in Argentina Closes 2024 with a Downward Trend

Mining Employment in Argentina Closes 2024 with a Downward Trend

The year 2024 ends with challenges for mining employment in Argentina, marked by a sustained decline in job creation throughout the year. According to the year-end monthly report published by the Secretariat of Mining in December, 39,280 formal direct mining jobs were recorded in August 2024. This data, part of a retrospective analysis of the year, shows a 2.1% decrease compared to August 2023, equating to a loss of 824 jobs over the year and a total of 1,787 fewer jobs in the first eight months of 2024.