Pascua-Lama

The Pascua-Lama project is located on the border of Chile and Argentina, in the Frontera district at an elevation of 3,800 to 5,200 meters, approximately 10 kilometers from Barrick’s Veladero mine. The Pascua-Lama project has strong bi-national government support and strong support from local citizens and regional stakeholders in both countries. One of Barrick’s objectives is to help the people in the region find ways to grow their economy, skills and infrastructure for long-term benefit. As a result, this large, long-life mine also is expected to offer jobs and community development in the region for many years to come.

As at December 31, 2010, Pascua-Lama has proven and probable reserves of 17.8 million ounces of gold, with 671 million ounces of silver contained within the gold reserves¹.

Pascua-Lama is a high quality, world class resource. Expected average annual gold production is 800,000–850,000 ounces in the first full five years of operation at negative total cash costs of $225-$275 per ounce^2,3 assuming a silver price of $25 per ounce. Average annual silver production for the first full five years is expected to be about 35 million ounces. For every $1 per ounce increase in the silver price, total cash costs are expected to decrease by about $35 per ounce over this period.

Pre-production capital is expected to be $4.7-$5.0 billion², of which approximately 50% has been committed at the end of the third quarter. In Chile, earthworks are about 80% complete. In Argentina, good progress was made on earthworks which are approximately 60% complete at the end of Q3. Civil concrete works continue for the structures at the stockpile, grinding and pebble crusher areas, and have started in the Merrill Crowe process plant area. 

• Learn more about the Pascua-Lama project
• Para obtener más información sobre Pascua-Lama, haga click en Proyectos en Sudamérica

1. Click here for more information regarding reserve and resource measurements.
2. Based on gold, silver and oil price assumptions of $1,300 per ounce, $25 per ounce, and $90 per barrel, respectively and assuming a Chilean peso f/x rate of 475:1.
3. Click here for more information regarding the calculation of total cash costs.