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Barrick to spend US$34M to extend Veladero gold mine life to 2028

Barrick Gold Corp. plans to spend US$34 million to prolong the mine life of its Veladero gold joint venture with Shandong Gold Mining Co. Ltd. in Argentina until 2028, Mining.com reported Aug. 24, citing CEO Mark Bristow.

The company is reviewing Veladero's geological model to evaluate the likelihood of expanding its footprint.

Bristow said some of that value around the mine should go to the surrounding communities, therefore the company and community leaders will work on developing infrastructure and economic activity that will continue even after the mine closes.

He also said Barrick is investing in water plants to make sure that towns and villages around the mine have access to clean water.

Additionally, he said the company is looking for opportunities to de-risk the Pascua-Lama gold-silver-copper project to keep it as an option for future development. The company fully suspended Pascua Lama on the Chilean-Argentine border in 2014.

Barrick is also aiming to invest US$34 million in new discoveries until the end of 2020. The company owns and is exploring a 34,000-hectare area in the Indian gold belt, a gold-rich terrain that spans Argentina, Chile and Peru.