Super Pit Closure Delayed Until 2029

Reuters reported that the closure of the Super Pit gold mine, which is operated by Kalgoorlie Consolidated Gold Mines Pty Ltd. on behalf of Barrick Gold Corp. (TSX:ABX,NYSE:ABX) and Newmont Mining Corp. (NYSE:NEM), has been delayed until 2029.

As quoted in the market news:

Actual mining of gold-bearing ore will cease in around five years at what was until recently Australia’s biggest gold mine, though processing of ores already dug up and stockpiled has been extended from 2021 to 2029, according to the operator.

By moving to process ores containing lower grades of gold, deemed mine reserves, the Super Pit will be able to keep up production for a longer period, according to KCGM.

Click here to read the full Reuters report.