Barrick Plans to Close Lagunas Norte
After a tour through the company’s Latin American operations in January, Barrick CEO Mark Bristow decided they would look for a “new plan” for Lagunas Norte and suspended plans to sell their assets in Peru. Another mine in Peru, Pierina, is also marked for closure.
Barrick reserved a $405 million impairment charge in Lagunas Norte last year, resulting in a net loss of $431 million in the September quarter. Production in 2018 totaled 245,000 ounces of gold at a total maintenance cost of $636/oz. tons.