ELKO, NEVADA – Nevada Gold Mines (NGM) has marked a significant milestone with the official inauguration of the Goldrush Project, poised to contribute an estimated 130,000 ounces1 of gold to the market this year. Addressing attendees at the project’s commencement ceremony, including Governor Joe Lombardo and local stakeholders, Mark Bristow, President and CEO of Barrick, emphasized the project’s potential to augment the state’s prosperity through tax revenues, job creation, and community development.
With Barrick holding a majority stake of 61.5% in the venture alongside Newmont’s 38.5%, the Goldrush Project is under development and will be managed by Barrick, aiming for commercial production status by 2026. Forecasts suggest the mine’s output will escalate to approximately 400,000 ounces1 by 2028 on a 100% basis. Spanning a 24-year period, the underground operation is anticipated to generate employment opportunities for 500 individuals during its construction phase and sustain a workforce of 570 once operational.
A significant portion of the project’s $1 billion capital budget, exceeding $300 million, has already been allocated. Projections indicate substantial returns for Nevada, with an estimated $326 million in net proceeds tax, along with an additional $142 million in gold and silver excise tax earmarked for education within the state under the new mine tax framework.
Expressing gratitude during the ribbon-cutting ceremony, Bristow acknowledged the bipartisan efforts of federal representatives and the governor, highlighting their pivotal role in securing the necessary approvals. He also extended appreciation to community stakeholders for their support throughout the permitting process. “We understand the magnitude of the economic and environmental stewardship entrusted to us and eagerly anticipate sharing the benefits of this venture with the people of Nevada,” Bristow affirmed.