Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Barrick Gold (NYSE: GOLD) and Newmont (NYSE: NEM) joint venture in Nevada approved the conversion of its TS Coal Power Plant into a facility that also could produce power from natural gas, which would cut carbon emissions by as much as 50%.
Nevada Gold Mines (NGM) says it is working with Nevada officials on final permitting to allow construction to begin near the end of 2020, with the goal of final commissioning in Q2 2022.
The join venture is also reviewing the potential to add a 200 MW solar facility with battery storage to the mining development.
Barrick owns 61.5% of NGM and operates the development, which includes the Cortez, Carlin, Turquoise Ridge and other gold mines in the state.
“Nevada Gold Mines is committed to providing its operations low-cost, secure power generation through northeastern Nevada’s power grid now and into the future. The conversion of NGM’s TS Power Plant and the potential for an additional solar power facility illustrates this commitment while reducing the State’s carbon emissions,” said Greg Walker, Executive Managing Director, Nevada Gold Mines.
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