cortez

The Cortez mine is located 100 kilometers southwest of Elko, Nevada, on one of the world’s most highly-prospective mineral trends. The Pipeline and Cortez Hills deposits are mined by conventional open-pit methods, and the Cortez Hills underground is an underhand cut and fill operation.

With a 382-square-mile land package, Cortez remains a highly prospective district for Barrick.

The mine produced 999,000 ounces of gold in 2015, at a cost of sales of $826 million, and all-in sustaining costs of $603 per ounce1. In 2016, production is expected to be 1.00-1.05 million ounces, at a cost of sales of $880-$920 per ounce, and all-in sustaining costs of $510-$530 per ounce.1

Proven and probable mineral reserves as of December 31, 2015, were 11.1 million ounces of gold(153.2 million tonnes, grading 2.26 grams per tonne).

Map

Performance

999,000 Ounces of gold produced in 2015 11,129,000 Ounces of proven and probable gold reserves
Date Download Description
January 1, 2013 files/design/bodybg/cortez.jpg
Operations > North America > Cortez

Footnotes

  1. "Cash costs" per ounce and "All-in sustaining costs" per ounce are non-GAAP financial performance measures. "Cash costs" per ounce is based on cost of sales but excludes, among other items, the impact of depreciation. "All-in sustaining costs" per ounce begins with "Cash costs" per ounce and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and minesite exploration and evaluation costs. Barrick believes that the use of "cash costs" per ounce and "all-in sustaining costs" per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "Cash costs" per ounce and "All-in sustaining costs" per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

  2. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2015, unless otherwise noted. For United States reporting purposes, Industry Guide 7 under the Securities and Exchange Act of 1934 (as interpreted by Staff of the SEC), applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, approximately 1.70 million ounces of proven and probable gold reserves at Cortez and approximately 2.11 million ounces of proven and probable gold reserves at Lagunas Norte are classified as mineralized material. Complete mineral reserve and mineral resource data for all mines and projects referenced on this website, including tonnes, grades and ounces, can be found on pages 25-35 of Barrick’s 2015 Form 40-F/Annual Information Form.
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Gold  $ 1,202.71 +5.31 +0.44% Volume: January 16, 2017

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