“Regionally, coordinated infrastructure, cross-border synergies where they add value, and a stronger supplier base, can position Argentina as a key player in the energy transition.”
Could you explain Barrick’s priorities in South America?
We are pursuing organic growth with a strong emphasis on exploration and new projects that meet Barrick’s Tier One and Tier Two filters. We have exploration programs in Peru. We are investing heavily around the Veladero–-Lama district in San Juan, Argentina, and we signed a notable agreement in Ecuador to explore ENAMI concessions.
Could you summarize Veladero’s 20-year trajectory and its significance for Argentina?
Veladero is celebrating 20 years of operation as Argentina’s first large-scale, high-altitude mine. It has served as a national training ground for professionals working at altitude and in remote conditions.
Since 2018, we’ve put the community at the center of the operation. Local supplier hiring increased by roughly thirteen times. We now work with nearly 400 local suppliers in San Juan, and we spend approximately $500 million per year in the province on goods and services, plus around US$120 million in payroll, which is primarily paid to residents of San Juan. Adding taxes and national contracts, the vast majority of Veladero’s export value remains in Argentina and in San Juan.
From 2021, we began to allocate 1.5% of sales to a dedicated trust for provincial infrastructure. In a water-scarce, desert climate, the priority is water security: automated, solar-powered potable water plants sized to serve future population growth, as well as the rehabilitation and modernization of the central irrigation canals to reduce losses from evaporation and infiltration and to enhance agricultural efficiency. Project selection flows from Community Development Committees, where communities define long-term priorities.
How has Veladero’s mine life evolved?
Between 2019 and 2021, we invested in power line connecting to Chile, which lowered costs and reduced our carbon footprint by approximately 18%. We also stepped up exploration to add resources and reserves, extending mine life to 2032. We are now pursuing a US$400 million RIGI-backed investment to add two new phases that would unlock mineralization that is otherwise uneconomic, increase productive capacity within the existing life, and drive an estimated US$3.8 billion in additional exports.
Why is RIGI necessary for new investment decisions?
RIGI improves Argentina’s overall fiscal competitiveness and provides regulatory stability, which allows for long-term investments. In Veladero’s case, RIGI enables processing of marginal material and supports incremental export growth, higher provincial royalties and taxes, and additional exploration to pursue further life extensions.
How do you view the broader mining build-out envisioned for San Juan?
Three collaborative pillars are essential: core infrastructure (including power, water, roads, rail, pipelines, and logistics corridors), cross-border synergies with Chile for ports, energy, water and logistics, which enhance competitiveness, and a robust, competitive supplier base. The Governor of San Juan is coordinating to align provinces on a strategic plan that addresses these pillars at scale. Chile’s short haul to port and history of mining have produced dedicated infrastructure. Innovative collaboration on energy, logistics, ports and, where appropriate, water can raise Argentine competitiveness and catalyze exponential growth from a significantly underexplored base, while each project still optimizes its own cost structure and technical realities.
Given high gold prices, why have few new Argentine gold projects advanced recently?
Project viability depends on technical and economic specifics. Current prices create a real window for small and mid-scale gold and silver projects that were previously marginal. Restarts and mid-tier builds, along with several high-grade opportunities in Santa Cruz, illustrate the opening. There is also an essential role for local investors in these projects, which can help strengthen the social license and diversify the production base.
What must happen to strengthen Argentina’s mining supply chain?
We need to develop a competitive and innovative supplier ecosystem, learning from models such as those in Australia and Norway. That requires coordinated public-private action on skills, standards, finance, and technology adoption so that local and national firms can scale with copper and gold and compete regionally.
What is your closing message about Barrick’s path in Argentina?
Our commitment is to long-term value creation through disciplined exploration, competitive and stable investment frameworks, and community-centric development. Regionally, coordinated infrastructure, cross-border synergies where they add value, and a stronger supplier base, can position Argentina as a key player in the energy transition.
Could you explain Barrick’s priorities in South America?
We are pursuing organic growth with a strong emphasis on exploration and new projects that meet Barrick’s Tier One and Tier Two filters. We have exploration programs in Peru. We are investing heavily around the Veladero–-Lama district in San Juan, Argentina, and we signed a notable agreement in Ecuador to explore ENAMI concessions.
Could you summarize Veladero’s 20-year trajectory and its significance for Argentina?
Veladero is celebrating 20 years of operation as Argentina’s first large-scale, high-altitude mine. It has served as a national training ground for professionals working at altitude and in remote conditions.
Since 2018, we’ve put the community at the center of the operation. Local supplier hiring increased by roughly thirteen times. We now work with nearly 400 local suppliers in San Juan, and we spend approximately $500 million per year in the province on goods and services, plus around US$120 million in payroll, which is primarily paid to residents of San Juan. Adding taxes and national contracts, the vast majority of Veladero’s export value remains in Argentina and in San Juan.
From 2021, we began to allocate 1.5% of sales to a dedicated trust for provincial infrastructure. In a water-scarce, desert climate, the priority is water security: automated, solar-powered potable water plants sized to serve future population growth, as well as the rehabilitation and modernization of the central irrigation canals to reduce losses from evaporation and infiltration and to enhance agricultural efficiency. Project selection flows from Community Development Committees, where communities define long-term priorities.
How has Veladero’s mine life evolved?
Between 2019 and 2021, we invested in power line connecting to Chile, which lowered costs and reduced our carbon footprint by approximately 18%. We also stepped up exploration to add resources and reserves, extending mine life to 2032. We are now pursuing a US$400 million RIGI-backed investment to add two new phases that would unlock mineralization that is otherwise uneconomic, increase productive capacity within the existing life, and drive an estimated US$3.8 billion in additional exports.
Why is RIGI necessary for new investment decisions?
RIGI improves Argentina’s overall fiscal competitiveness and provides regulatory stability, which allows for long-term investments. In Veladero’s case, RIGI enables processing of marginal material and supports incremental export growth, higher provincial royalties and taxes, and additional exploration to pursue further life extensions.
How do you view the broader mining build-out envisioned for San Juan?
Three collaborative pillars are essential: core infrastructure (including power, water, roads, rail, pipelines, and logistics corridors), cross-border synergies with Chile for ports, energy, water and logistics, which enhance competitiveness, and a robust, competitive supplier base. The Governor of San Juan is coordinating to align provinces on a strategic plan that addresses these pillars at scale. Chile’s short haul to port and history of mining have produced dedicated infrastructure. Innovative collaboration on energy, logistics, ports and, where appropriate, water can raise Argentine competitiveness and catalyze exponential growth from a significantly underexplored base, while each project still optimizes its own cost structure and technical realities.
Given high gold prices, why have few new Argentine gold projects advanced recently?
Project viability depends on technical and economic specifics. Current prices create a real window for small and mid-scale gold and silver projects that were previously marginal. Restarts and mid-tier builds, along with several high-grade opportunities in Santa Cruz, illustrate the opening. There is also an essential role for local investors in these projects, which can help strengthen the social license and diversify the production base.
What must happen to strengthen Argentina’s mining supply chain?
We need to develop a competitive and innovative supplier ecosystem, learning from models such as those in Australia and Norway. That requires coordinated public-private action on skills, standards, finance, and technology adoption so that local and national firms can scale with copper and gold and compete regionally.
What is your closing message about Barrick’s path in Argentina?
Our commitment is to long-term value creation through disciplined exploration, competitive and stable investment frameworks, and community-centric development. Regionally, coordinated infrastructure, cross-border synergies where they add value, and a stronger supplier base, can position Argentina as a key player in the energy transition.
