Canadian Mining Journal


GOLD: Barrick, Newmont launch Nevada Gold Mines

A map of mines included in the Nevada Gold Mines joint venture. (Image: Barrick Gold)

NEVADA – Barrick Gold Corp. of Toronto and Newmont Goldcorp Corp. of Denver launched their new partnership on July 1, 2019, in this state. The  joint venture (61.5% Barrick and 38.5% Newmont) will operate as Nevada Gold Mines LLC.

The assets of the JV include 10 underground and 12 open pit mines, two autoclave facilities, two roasting plants, four oxide mills, a flotation plant, and five heap leach operations. Barrick calls the undertaking the largest global gold producing complex “by a wide margin.” In 2018 the Nevada assets produced a total of 4.1 million oz. of gold, about double the output of Muruntau in Uzbekistan, the next largest gold producer.

Nevada Gold Mines is targeting production of between 1.8 million and 1.9 million oz. at a preliminary estimated cost of sales of $940 (all U.S. dollars) to $970 per oz. and an all-in sustaining cost of $920 to $950 per oz. for the second half of 2019. It expects to reap synergies of up to $500 million per year over the first five years from 2020.

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