Canadian mining company Barrick Gold, the world’s largest gold producer, and Chinese Shandong Gold Group plan to invest nearly US$34 million within the next two years at the Veladero mine, located in San Juan, Argentina. This will extend the mine life beyond 2028.

The announcement was made by Barrick President and CEO Mark Bristow in a presentation in San Juan. Bristow said, “The work to recover its full potential and extend the mine life is already giving results.” He stressed that “the mine increased its production by 26,000 ounces in the second quarter of the year.”

In the last 14 years, Veladero has contributed $8.9 billion to the Argentine economy through taxes, royalties, salaries and payments to local suppliers, Bristow added.

Bristow also said the company will review the original parameters of the Argentine-Chilean project Pascua Lama to define its future potential and ratified the decision to make more investments based on development possibilities. Bristow recalled that Barrick has “a highly prospective land package, with mining rights over 34,000 hectares in the El Indio gold belt,” a mining area that extends between Argentina, Chile and Peru.