The Nevada joint venture creates the largest gold mining complex with an output about 4.0 million oz. per year. (Image: Barrick Gold)
NEVADA – The Nevada joint venture of Toronto’s Barrick Gold Corp. and Newmont Goldcorp Corp. of Denver has cleared all the regulatory conditions required for completion of the arrangement. Their joint operations will create the world’s largest gold producing complex.
The new business (yet to be named) will be operated by and owned 61.5% Barrick and 38.5% by Newmont Goldcorp. The mines and processing plants covered by the JV produced more than 4.0 million oz. of gold in 2018. Barrick noted that was more than three times the next largest gold mine. The integration of the various producers is expected to be complete by June 30, 2019.
Gary Goldberg, Newmont Goldcorp’s CEO, said, “By combining our operations and assets in Nevada we will be able to extend profitable production, lower costs and create new opportunities for our stakeholders in the region.”
Added Barrick president and CEO Mark Bristow, “The joint venture agreement represents a historic accord between our companies that will unlock the enormous geological potential of the Nevada goldfields and maximize its many value creating opportunities.”
Until the joint venture has a name and website, information can be found at www.Barrick.com.