The world’s largest gold-producing company has signed an agreement to buy into an advanced gold exploration project northeast of Keno City.

Barrick Gold Corp. has agreed to make an $8.3-million investment into ATAC Resources.

There is an option to spend up to $55 million more to earn a 70 per cent interest in ATAC’s Orion project, ATAC announced Monday.

Barrick Gold is headquartered in Toronto, and is said to be the largest gold producer on Earth.

It’s the most recent of four major international gold producers that have made substantial investment in Yukon projects in the last 10 months.

Canadian-based Goldcorp, said to be the fourth-largest gold producer in the world, started the recent parade of major investors last summer when it purchased the Coffee gold project from Kaminak Gold Corp. for $520 million.

The Canadian-based Agnico Eagle Mines Ltd. bought into the White Gold Corp. and its project in the White Gold District last December.

And the U.S.-based Newmont Mining, believed to be the second-largest gold producer behind Barrick Gold, bought into a gold project west of Mayo owned by Goldstrike Resources last month.

The initial investment included options to expand its interest in the Plateau project with further expenditures in exploration.

Kinross Gold, the Canadian-based company thought to be the fifth-largest gold producer in 2015, bought into the White Gold District in 2010.

ATAC Resources is in the advanced exploration stage at its Rau Property comprising of three distinct projects: the Orion project; the Rau project, which ATAC is currently focused on; and the Osiris project.

The company is facing opposition to its proposal for an all-season road into the Rau Property, particularly since the project is still in the exploration phase.

The proposal would require upgrades to 12 kilometres of existing road and the construction of 55 kilometres of new road.

The assessment board is preparing its recommendation on the road proposal.

Under the arrangement between Barrick and ATAC, following its initial investment of $8.3 million, Barrick has the option to obtain a 60 per cent interest in the Orion project with a further $35 million in exploration expenditures over five years.

It can increase its interest in Orion to 70 per cent by spending $20 million more in exploration, for a total investment of $63.3 million.

Under the arrangement, the initial $8.3 million will be used this year to partially fund ATAC’s $10-million exploration plan for its Rau and Osiris project, says ATAC’s press release.

Goldcorp filed its proposal for an open-pit, heap leach mine with the Yukon Environmental and Socio-economic Assessment board in March. The company has stated publicly it wants initial production of gold by the end of 2020, with commercial production beginning in early 2021.

Goldcorp estimates it will cost $400 million to bring the open-pit mine into production.