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 1.06 million ounces of gold in 2016, at a cost of sales of $901 per ounce, and all-in sustaining costs of $518 per ounce1. In 2017, production is expected to be 1.25-1.29 million ounces, at a cost of sales of $730-$760 per ounce, and all-in sustaining costs of $430-$470 per ounce.1

Proven and probable mineral reserves as of December 31, 2016, were 10.2 million ounces of gold(151 million tonnes, grading 2.11 grams per tonne).

Operations and Technical Update
February 22, 2017 (PDF)

Map

Performance

1,059,000 Ounces of gold produced in 2016 10,220,000 Ounces of proven and probable gold reserves
Date Download Description
January 1, 2013 files/design/bodybg/cortez.jpg
Operations > North America > Cortez

Footnotes

  1. “All-in sustaining costs” per ounce of gold is a non-GAAP financial performance measure. “All-in sustaining costs” per ounce begins with cost of sales less, among other items, the impact of depreciation, 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 “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. “All-in sustaining costs” per ounce is intended to provide additional information only, and does 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. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on this non-GAAP measure 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. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. 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 88-93 of Barrick’s Fourth Quarter and Year-End 2016 Report.
Gold  $ 1,247.37 -2.73 -0.22% Volume: March 23, 2017
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Gold  $ 1,247.37 -2.73 -0.22% Volume: March 23, 2017

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