Pascua-Lama
Straddling the border of Argentina and Chile, the Pascua-Lama project is located in the Frontera district at an elevation of 3,800 to 5,200 metres, approximately 10 kilometres 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.
Barrick announced a go-ahead decision on construction of Pascua-Lama on May 7, 2009. As of February 2010, about 90% of the detailed engineering work had been completed. Major earthworks on the Chilean side are advancing, the portal for the tunnel which provides access for the shipment of ore between Chile and Argentina has been established and the Barreales camp has about 500 people currently on site. In Argentina, contracts for early earthworks site preparation have mobilized to site. Over 25% of the capital has been committed, securing the mining fleet, processing mills, camp accommodation and earthworks contractors. The project remains in line with its pre-production capital budget of $2.8-$3.0 billion and is on schedule to enter production in the first quarter of 2013.
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. With an estimated mine life of more than 25 years, average annual production is expected to be 750,000-800,000 ounces of gold in the first full five years of operation at total cash costs of $20-$50 per ounce2 (assuming a silver price of $12 per ounce), making Pascua-Lama one of the lowest cost gold mines in the world.
For additional facts about Pascua-Lama and its development, please see: A Special Report in Beyond Borders, the Pascua-Lama fact sheet and Pascua-Lama Update: Questions and Answers. Para obtener más información sobre Pascua-Lama, haga click en Proyectos en Sudamérica.