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 432,000 ounces of gold1 in 2017, at a cost of sales2 of $897 per ounce, and all-in sustaining costs3 of $987 per ounce.1 Barrick's share of proven and probable mineral reserves as of December 31, 2017, were 2.8 million ounces of gold4 (113.9 million tonnes, grading 0.77 grams per tonne). 

Barrick's share of gold production in 2018 is expected to be 275,000-330,000 ounces, at a cost of sales2 of $970-$1,110 per ounce, and all-in sustaining costs3 of $960-$1,110 per ounce.

Technical Report (PDF, March 23, 2018)



432,000 Ounces of gold produced in 2017 2,816,000 Ounces of proven and probable gold reserves4
Date Download Description
January 1, 2013 files/design/bodybg/veladero.jpg
Operations > South America > Veladero


  1. Reflects production and sales from Veladero on a 100% basis up to June 30, 2017, and a 50% basis thereafter, which reflects our equity share during such periods.

  2. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

  3. “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Cash costs” per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. 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 23 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 and on EDGAR at

  4. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2017, 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 86-91 of Barrick’s Fourth Quarter and Year-End 2017 Report.

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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