(Reuters) - Barrick Gold Corp (TO:ABX) (N:ABX), the world's largest gold miner, said it would spend a total of about $2 billion on projects in Nevada and Peru for construction starting 2019.
The miner also said it would redeem up to $750 million in notes to help cut debt by at least $2 billion this year.
The company's U.S.-listed shares were down about 3 percent at $12.18 in premarket trading on Monday.
Barrick said it planned to spend $1 billion as initial capital investment on the Goldrush project in Nevada, with construction expected to start in 2020.
The project is expected to produce 440,000 ounces of gold a year, with all-in sustaining costs of $665 per ounce.
Barrick will also spend $640 million to extend the life of the Lagunas Norte project in Peru by about nine years.
The Toronto-based miner will also spend $300 million to $325 million at its Turquoise Ridge mine in Nevada to boost production, and another $153 million on the Cortez project in the state, where construction will start in 2019-2020.
The company said on Monday it expected to maintain annual production of at least 4.5 million ounces of gold through 2020.
Barrick, which has one of the highest debt loads of any gold miner, has been selling its non-core assets and had cut debt by $3 billion last year.
The miner had outstanding debt of about $9.77 billion as of Dec. 31.