veladero

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 conventional open-pit operation 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 602,000 ounces of gold in 2015, at a cost of sales of $499 million, and all-in sustaining costs of $946 per ounce.1 Proven and probable mineral reserves as of December 31, 2015, were 7.5 million ounces of gold2 (276.9 million tonnes, grading 0.85 grams per tonne). 

Gold production in 2016 is expected to be 530,000-580,000 ounces, at a cost of sales of $820-$900 per ounce, and all-in sustaining costs of $800-$870 per ounce.1

Performance

602,000 Ounces of gold produced in 20157,544,000 Ounces of proven and probable gold reserves
Date Download Description
January 1, 2013 files/design/bodybg/veladero.jpg
Operations > South America > Veladero

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. 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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