PRESS RELEASE: The third shaft will allow the mine to roughly double annual production to more than 500,000oz per year (100% basis), with initial production from the new shaft expected to begin in 2022, and sustained production from 2023.
The construction of surface infrastructure for electrical distribution and other mine utilities is already well advanced, while shaft sinking is expected to take place in 2018 and 2019, followed by equipping of the shaft in 2020 and 2021.
Gold reserves at the Turquoise Ridge underground mine have an average grade of 15.5g per tonne -the highest reserve grade in Barrick's operating portfolio, and among the highest in the gold industry. Barrick is the operator and 75% owner of the mine; Newmont Mining owns the remaining 25%
