Barrick Gold Corp announced that it started production at the Pueblo Viejo Mine in the Dominican Republic, with full commercial output expected later this year.
The mine, which is a joint venture with Goldcorp Inc, is expected to produce more than 31.1 t/a (1 million oz/year) of gold.
“Bringing this mine successfully into production on schedule, within capital guidance and with an excellent safety record is the result of tremendous efforts from across the company,” said chief executive Jamie Sokalsky in a statement.
That is in contrast to Barrick’s other major development project, Pascua-Lama in Chile, where the company last month announced a major increase in capital costs and a one-year delay. Pascua-Lama is now expected to start up in 2014.
At Pueblo Viejo, Barrick expects its 60 percent share of 2012 output to be some 3.1 to 3.8 t (100,000 to 125,000 oz)s of gold at cash costs of $400 to $500 an ounce, while Goldcorp's share this year is anticipated to be some 2.1 to 2.6 t (68,000 to 85,000 oz).
Pueblo Viejo, located some 100 km (60 miles) northwest of the capital city of Santo Domingo, has proven and probable reserves of 786 t (25.3 million oz).