Barrick, partner Shandong Gold seek $400M more for Argentina's Veladero mine - Reuters

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Barrick Gold (NYSE:B [https://seekingalpha.com/symbol/B]) and Shandong Gold (OTC:SDGMF [https://seekingalpha.com/symbol/SDGMF]), joint operators of Argentina's Veladero gold mine, are seeking to add a $400M project to a new government scheme designed to attract large investments, Reuters reported Thursday.

The project, submitted to Argentina's Large Investment Incentive Scheme, aims to increase the mine's production by 1.6M oz over its useful life through a $400M investment during 2025-28, according to the report [https://finance.yahoo.com/news/barrick-shandong-gold-aim-400-181032519.html].

The framework is a key part of Argentine President Milei's economic reforms aimed at boosting investment, providing companies with tax, customs and foreign exchange benefits, as well as guaranteeing legal stability for 30 years.

The Veladero mine, which has been in operation since 2005, produced 504K oz of gold last year and forecasts output of 380K-440K oz for this year.

The proposed investment reportedly would fund the construction of new mining phases, which would add 89.2M tons of capacity for stockpiling and processing new ore and $3.8B in export revenue over its lifespan through 2033.

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