Barrick Gold Corp Up, But Off Day Highs as Receives Record of Decision on Cortez Hills
Barrick Gold Corp. ( ABX ), the world's biggest producer of the metal, is higher, but well off a day high $49.26, after announcing today that the federal Bureau of Land Management (BLM) has issued a Record of Decision approving the Supplemental Environmental Impact Statement for the Cortez Hills mine in Nevada. The Record of Decision is effective as of March 15, 2011.
"We are pleased to have the Record of Decision in hand and would like to thank the regulatory agencies for their thorough and detailed work," Aaron Regent, President and CEO of Barrick, said in a statement. "Cortez Hills is a key asset for Barrick and one that will provide significant low cost ounces to the Company for many years to come. This mine is an important contributor to economic development and job opportunities in rural Nevada."
Barrick Gold said Cortez Hills has been operating under a tailored injunction granted by the U.S. District Court since April 2010. "The injunction allowed mining to continue subject to certain restrictions on ore transportation and dewatering pending completion of the SEIS, which was finalized in January. The Record of Decision removes these restrictions and enables the operation to immediately revert to its original scope."
It added: "The entire Cortez property is expected to produce 1.30-1.45 million ounces in 2011 at total cash costs of $235-$265 per ounce. The property includes the Pipeline Open Pit, the Cortez Hills Open Pit and the Cortez Hills Underground mines."
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