Cerro Casale JV

Cerro Casale is one of the world’s largest undeveloped gold-copper deposits, with gold reserves of 23.2 million ounces (100% basis; Barrick’s interest is 75%)¹. The project is located in the Maricunga district of Region III in Chile, 130 kilometers north of the Pascua–Lama project, which is expected to provide opportunities for construction and operating synergies. Estimated total mine construction capital is approximately $6 billion (100% basis)².

The Environmental Impact Assessment was submitted in the third quarter and the permitting process is anticipated to be about 18 months, at which time Barrick will consider a construction decision and commence detailed engineering. Exploration programs will continue in parallel with completing basic engineering and permitting. Discussions with the government and meetings with local communities and indigenous groups are continuing in conjunction with these activities.

Barrick’s 75% share of average annual production is anticipated to be about 750,000-825,000 ounces of gold and 190-210 million pounds of copper in the first full five years of operation at total cash costs of about $125-$175 per ounce^2,3.

1. Click here for more information regarding reserve and resource measurements.
2. Based on gold, copper and oil price assumptions of $1,300 per ounce, $3.25 per pound and $90 per barrel, respectively, and assuming a Chilean peso foreign exchange rate of 475:1.
3. Click here for more information regarding the calculation of total cash costs.