Barrick Gold (ABX) Gets Operational Approval for Cortez Mine

Barrick Gold Corp. (NYSE:ABX) announced it has received approval from American land regulators for the environmental assessment report concerning its low-cost Cortez Hills mine in Nevada, removing operational restrictions on the project.

Cortez Hills, according the largest gold miner in the world, has been operational, but under a tailored injunction, which included certain restrictions on ore transportation, by the U.S. District Court since April 2010.

Projected output at Cortez mine is production of 1.30-1.45 million ounces of gold in 2011 at a cost of $235-$265 an ounce.

Barrick closed Wednesday at $48.38, falling $0.85, or 1.73 percent.