The Turquoise Ridge property is located in the Potosi Mining District, about 70 kilometers northeast of Winnemucca, Nevada. Barrick is the operator and 75% owner of the mine with Newmont owning the remaining 25%.
Turquoise Ridge uses underhand cut-and-fill mining methods and ore is transported to Newmont’s Twin Creeks mill for processing. The refractory gold ore is treated by pressure oxidation technology and gold is recovered using conventional carbon-in-leach technology.
Barrick’s share of gold production in 2015 was 217,000 ounces of gold, at a cost of sales of $141 million, and all-in sustaining costs of $742 per ounce.1 The mine is expected to produce 255,000-275,000 ounces of gold in 2016 (Barrick's share), at a cost of sales of $600-$650 per ounce, and all-in sustaining costs of $650-$700 per ounce.1
Barrick's share of proven and probable mineral reserves as of December 31, 2015, was 4.2 million ounces2 of gold (8.6 million tonnes, grading 15.3 grams per tonne).