Blast-hole drilling is being carried out remotely at Nevada Gold Mines, which is close to being an automated mine in sections.

Nevada Gold Mines is a joint venture between Barrick Gold Corporation (61.5%) and Newmont Goldcorp Corporation (38.5%). In the first half of 2019, Barrick merged with Randgold, Newmont acquired Goldcorp, and then Barrick and Newmont pooled their Nevadan assets to create Nevada Gold Mines.

“You can drill from the office,” president and CEO Dr Mark Bristow told Mining Weekly last week, when Barrick reported second-quarter production of 1.35-million ounces, with profit rising 27% on the higher output.

“We’ve pretty much got a fully automated mine in sections. We’ve got trucks in Goldstrike that are automatic and they are operating amongst manned trucks,” he said.

With ten underground mines, 12 opencast mines, two autoclave facilities, two roasting facilities, four oxide mills and five heap-leach facilities, Nevada Gold Mines is the world’s largest gold mining complex, with a production capacity of 3.5-million to four-million ounces a year. Nevada Gold Mines is expected to yield an additional 100 000 oz this year.

“We’re doing nonblast remote mining with self-miners. Most of our jumbos now drill through the shift change automatically, which is a big help,” he added.

Barrick is also implementing a single information system across its operations, including Nevada Gold Mines. When Randgold Resources merged with Barrick, Randgold had real-time data.

“We’re now at a stage where, on a group-wide basis, all of us have the numbers at our fingers tips when we meet once a week and respond to things that need attention,” Bristow said. A software platform being rolled out across the entire group will take the combined entity to where Randgold was with real-time information, from exploration drill intersections and orebody models all the way to the profit-and-loss account, all in a single data set.

Barrick’s overall second-quarter production rose to 1.35-million ounces, with profit up 27% on higher production. The gold mining company, which has assets in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, Tanzania, the US and Zambia, is forecasting gold production for the year of 5.1-million ounces to 5.6-million ounces at an all-in sustaining cost (AISC) of $870/oz to $920/oz.

In the second quarter, net earnings were $0.11 per share, adjusted net earnings of $0.09 were in line with consensus and postdividend debt net of cash was unchanged at $3.7-billion, with $0.04 per share paid out as a second-quarter dividend.

Last week, the gold price was at close to $1 500/oz, buoyed by China-US trade dispute uncertainties and concerns of slowing global economic growth.

Barrick is already halfway to unlocking $500-million in synergies at Nevada Gold Mines and a “very exciting expansion project” is unfolding at PV, in the Dominican Republic.

Once PV’s new tailings site and permitting are settled, 11-million ounces of measured and indicated reserves will immediately be converted, resulting in a mine of 800 000 oz of gold a year for more than 20 years.

The Veladero operation, in Argentina, which was the standout second-quarter performer with Loulo-Gounkoto, in Mali, is very much back on track, with a challenge to bring it to Tier 1 status.

A new feasibility team has been formed to comprehensively review Pascua-Lama, in Argentina, where Barrick holds rights covering 34 000 ha in the El Indio gold belt, the legendary gold trend that also crosses into Chile and Peru.

“Peru, Chile and Argentina are very key for us going forward,” said Bristow, who still regards Africa as another stalwart.

The company has the troubled Acacia gold mine, in Tanzania, moving in the right direction, following an investment erosion in the last few years and with the acquisition of minority shareholders’ interests expected to be finalised next month.

“We’ve at least arrested the situation – now the job is to build on that to recover some of the value that has been lost there,” he said.

A court ruling last week gave Barrick the right to continue to the Porgera mine, in Papua New Guinea, while negotiations for extensions are under way, which has taken away the time pressure.

The second-quarter performance of Barrick’s copper business in Zambia was strong, despite a lower copper price. All the operations were profitable and reported a pleasing AISC of 2.28/lb.

All the operations are at the top end of their guidance, with the exception of Kalgoorlie, in Australia, and Lagunas Norte, in Peru, which is being placed on care and maintenance.

The Toronto-based company reported adjusted second-quarter profit of $154-million, up from $81-million a year earlier.