Newmont (ASX:NEM) is currently digesting Newcrest Mining after completing the largest-ever gold mining takeover. Decisions regarding asset retention, potential resale, or immediate sale are pending.
These decisions will involve mines in Australia, PNG, and Canada. Detailed information is not expected until Newmont's December quarter and the early 2024 production and financial reports.
In contrast, Barrick is closing out the year with the restart of one of its successful mines in PNG and a new operation in Nevada, where Newmont plays a smaller role.
Canada's Barrick Gold has received approval to invest over $US1 billion (alongside rival Newmont) in a new 400,000-ounce per year mine in Nevada. Barrick also announced the resumption of production at its mothballed Pogera mine in Papua New Guinea this month.
The US Bureau of Land Management has greenlit the Goldrush underground mine at the Cortez Complex in Nevada, a joint venture owned and operated by Nevada Gold Mines (61.5% Barrick – 38.5% Newmont). Production is expected to start next year at 130,000 ounces annually, growing to 400,000 ounces by 2028.
Barrick and NGM have invested over $US370 million in the project to date, with a total expenditure of nearly $US1 billion (100% basis) expected to reach planned production.
Barrick CEO Mark Bristow noted that Goldrush would expand their asset base in Nevada, known for hosting tier-one mines with long productive lives and low costs.
Goldrush will create approximately 500 construction jobs and 570 new operational jobs while generating significant tax revenue and gold and silver excise taxes earmarked for education in Nevada.
Barrick also anticipates the Porgera mine in Papua New Guinea to produce its first ore this month, with the first gold production in the first quarter of the following year.
The mine was placed under care and maintenance in April 2020 following disputes with the PNG government and local stakeholders over benefit sharing from its 700,000-ounce annual output.
Bristow stated, "It's been a long journey, but we've secured the buy-in of all stakeholders, and we look forward to restoring the mine to world-class production."
The New Porgera Ltd. (NPL), a joint venture between Barrick and PNG stakeholders, received a special mining lease from the country's governor-general in October, paving the way for production resumption.
