The Veladero mine is located in the San Juan Province of Argentina in the highly prospective Frontera District. The property is located at elevations of 4,000 to 4,850 meters above sea level, approximately 374 kilometers northwest of the city of San Juan.

Veladero is a 50/50 joint venture operation with Shandong Gold Group, overseen by a joint Board of Directors, consisting of three nominees appointed by each company.

The operation is a conventional open-pit where ore is crushed by a two-stage crushing process and transported via overland conveyor and trucks to the leach pad area. Run-of-mine ore is trucked directly to the valley-fill leach pad.

Veladero produced 544,000 ounces of gold in 2016 (100% basis), at a cost of sales of $872 per ounce, and all-in sustaining costs of $769 per ounce.1 Barrick's share of proven and probable mineral reserves as of December 31, 2016, were 3.4 million ounces of gold2 (126 million tonnes, grading 0.83 grams per tonne). 

Barrick's share of gold production in 2017 is expected to be 430,000-465,000 ounces, at a cost of sales of $870-$940 per ounce, and all-in sustaining costs of $920-$990 per ounce.1 

Operations and Technical Update
February 22, 2017 (PDF)


544,000 Ounces of gold produced in 2016 3,375,000 Ounces of proven and probable gold reserves2
Date Download Description
January 1, 2013 files/design/bodybg/veladero.jpg
Operations > South America > Veladero


  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 and on EDGAR at

  2. Reserves and resources for Veladero are as at December 31, 2016 and have been adjusted to reflect our 50 percent interest as a joint operation with Shandong Gold Group Co.

    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  $ 1,336.60 +6.90 +0.52% Volume: January 19, 2018
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Gold  $ 1,336.60 +6.90 +0.52% Volume: January 19, 2018

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