The Argentinean media has reported that Barrick has been told by the local judiciary to close Veladero ‘indefinitely’.  However the term is non quantifiable and given the importance of the operation - Barrick’s third largest gold producer with a gold output of some 600,000 ounces annually - to the Provincial and Federal economies, we suspect ‘indefinite’ closure will actually mean perhaps a week or so longer than might normally have been the case in order to highlight local displeasure with the world’s largest gold miner.  But even a few weeks closure will affect Barrick’s bottom line given the mine generates revenues of around US$2.2 million a day at current gold prices.

Readers are directed to a more detailed article published today on Seeking Alpha - click on  Barrick’s Third Largest Gold Mine Suspended ‘Indefinitely’ to read the full article.