The company pinned the cost increases partly on mining ending at its low-cost Cortez Hills open pit in Nevada in the first half of the year.
Barrick Gold Corporation Mining News
Strategic alliance expands Barrick’s exploration footprint in the Guiana Shield, a significantly under-explored region and one of the most prospective in the world for large scale gold discoveries.
Massive deal creates company that challenges rival Barrick as the world’s largest gold producer.
Barrick now trades as GOLD in New York and continues as ABX in Toronto.
The planned merger, which creates the world's top gold miner by value and output, has been approved by the Royal Court of Jersey.
The Toronto-based company, which already owns 15% of Reunion, said the fresh $2.27-million investment leaves its stake in the Quebec-based miner unchanged.
Golden Ridge spent $4 million on exploration at Hank and completed nearly 11,000m of diamond drilling.
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Converting the power plant that feeds the Pueblo Viejo mine from heavy fuel oil to natural gas is expected to reduce the operation’s average cost of sales and all-in sustaining costs by about $54 per ounce.
The company said its founder and chairman emeritus, Peter Munk, passed away Wednesday in Toronto, surrounded by his family.
The boss of the world's top gold miner has bought 306,000 additional shares in the company.
The gold miner’s employees will receive this year 90 shares each, taking the total held by staff to more than 1.5 million shares.
The power generation facility that supplies electricity to the Porgera Joint Venture mine experienced significant damage during the earthquake.
Miner is advancing a pipeline of projects expected to contribute more than 1 million ounces of annual production starting in 2021.
Proceeds from the private placement and financing will be used for exploration and development of the junior miner’s projects in Colombia and Nicaragua.
Agency also cut a 2013 fine for violations to $11.5 million (7 billion Chilean pesos) from the previous $16 million it had charged Barrick Gold, but later forced to review by an environmental court.
The non-brokered private placement gives Barrick about 15% of Reunion Gold Corporation (TSX-V:RGD), which has interests in four different projects in South America’s North Atlantic coast.
Shareholders argue Barrick decision to hand Tanzania 50 percent of "economic benefits" from Acacia's mines may set baseline for future host nations' demands.
Lawsuit was filed last year after the miner halted payments due to a local group.
Court of appeals says charges of “pollution, negligence and malpractice" still in place for 8 of 9 people.
While the measure allows the company to resume full operations, Barrick said it plans to gradually restart them.
The Robertson Property located about 96km (60 miles) south of Elko, Lander County, Nevada.