The Pueblo Viejo gold mine in the Dominican Republic consists of two open pits, Moore and Monte Negro, with ore processed through autoclaves. The commissioning of the expansion project has been completed and the process plant is currently ramping up to achieve its design throughput, supported by additional throughput and recovery improvement projects scheduled for 2025. This expansion is expected to extend the mine's life beyond 2040 while maintaining average annual gold production above 800,000 ounces. The Naranjo Tailings Storage Facility project transitioned from feasibility study to execution following the successful completion of the study in Q3 2024. Meanwhile, the resettlement initiative for residents impacted by the Naranjo Dam footprint continues to advance, with numerous homes completed and several hundred more under construction. Exploration activities have consolidated new high-potential areas in the Dominican Republic, with geological fieldwork conducted in 2024 and field validation activities planned for 2025 to support further resource development.
At Veladero in Argentina, the mine exceeded its 2024 production guidance while remaining below the cost guidance threshold. The Phase 7B leach pad expansion was successfully completed at the end of 2024. The construction of the Phase 8 leach pad is set to start in Q1 2025 and completion expected by 2026. At the same time, exploration drilling continues in the Veladero district with a view to extend the current life of mine.
In Papua New Guinea, the recommissioning of Porgera was completed ahead of schedule with operations steadily ramping up despite significant logistical challenges. In response to the Mulitaka landslide disaster, which disrupted the primary access road to the Porgera Valley, interim solutions have been implemented while long-term infrastructure plans advance.
In Peru, Pierina remains an industry-leading example of environmental rehabilitation and closure is expected to be substantially completed in 2025. Generative exploration work continues across multiple targets to support growth in this country.
At Reko Diq in Pakistan, Barrick successfully completed the updated feasibility study in 2024, representing a major milestone in the development of one of the world's largest undeveloped copper-gold deposits. Once fully commissioned, the project is projected to deliver 240,000 tonnes of copper production and 297,000 ounces of gold per year during Phase 1, increasing to 460,000 tonnes of copper and 520,000 ounces of gold during the first 10 years (2034-2043) of Phase 2 (100% basis). First production is targeted for the end of 2028. In addition, the full project Environmental and Social Impact Assessment was submitted to the Balochistan Environmental Protection Agency during Q4 2024 and approval is expected in Q1 2025. With the completion of the updated feasibility study, early works construction began in Q1 2025 with a final investment decision expected later in 2025 to proceed with development of Phase 1, subject to joint venture approvals and the finalization of the project financing. Exploration and sampling activities continue to identify further growth opportunities in the area.