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Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced that a mechanical issue at the Dominican Republic-based Pueblo Viejo mine should reduce production there until midway through January 2016.
Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced that a mechanical issue at the Dominican Republic-based Pueblo Viejo mine should reduce production there until midway through January 2016.
Pueblo Viejo is a joint venture between Barrick (60 percent) and Goldcorp Inc. (TSX:G,NYSE:GG) (40 percent).
As quoted in the press release:
Two of three electric motors at the mine’s oxygen plant experienced an unexpected failure on November 19 and have been shipped to a specialized facility in the United States for repair. One motor remains operational. The plant provides the oxygen required for the autoclave processing facility that treats Pueblo Viejo’s refractory ore. Until the damaged motors are repaired, the autoclave facility will operate at a reduced capacity. The cause of the motor failure is currently under investigation.
Taking into account the potential impact of lower production from Pueblo Viejo in the fourth quarter, and based on our current rate of production, Barrick now expects to produce 6.0-6.15 million ounces of gold in 2015 at all-in sustaining costs of $830-$870 per ounce.
Click here to read the full Barrick Gold Corp. (TSX:ABX,NYSE:ABX) press release.