Pascua-Lama
Straddling the border of Argentina and Chile, the Pascua-Lama project is located in the Frontera district at an elevation of 3,800 to 5,200 metres, within approximately 10 kilometres of our Veladero mine. Pascua-Lama has proven and probable reserves of 17.8 million ounces of gold, with 717.6 million ounces of silver and 649.5 million pounds of copper contained within the gold reserves1. With an estimated mine life of more than 25 years, expected average annual production is about 750,000-800,000 ounces of gold and 35 million ounces of silver in the first full five years. Anticipated total cash costs in the first full five years are $20-$50 per ounce2, making Pascua-Lama one of the lowest cost gold mines in the world.
On May 7, 2009, Barrick announced a go-ahead decision on construction of Pascua-Lama and the project is currently in construction. Its pre-production construction estimate is $2.8-$3.0 billion and commissioning is expected in late 2012 with first gold anticipated in Q1 2013.
The Pascua-Lama project has strong bi-national government support and strong support from local citizens and regional stakeholders in both countries. One of our objectives is to help the people in the region find ways to grow their economy, skills and infrastructure for long-term benefit. As a result, this large, long-life mine also is expected to offer jobs and community development in the region for many years to come. For additional facts about Pascua-Lama and its development, please see: A Special Report in Beyond Borders, the Pascua-Lama fact sheet and Pascua-Lama Update: Questions and Answers. Para obtener más información sobre Pascua-Lama, haga click en Proyectos en Sudamérica.
In 2006, we received a number of emails regarding a chain letter questioning the Company’s Pascua-Lama project in Chile. We believe that it is important that you have factual information about our operations, projects and activities. Please see Barrick's response to this letter.