The recent joint venture between Barrick Gold and Newmont Goldcorp in Nevada has been announced and that all regulatory conditions required for its completion have been completed.
The operations making up the joint venture produced in excess of 4 million ounces of gold in 2018, more than three times the next largest gold mine.
Barrick President and Chief Executive Officer, Mark Bristow alluded that practical measures required to integrate the joint venture assets and establish the new business are now being taken and are anticipated to be complete within the current quarter.
“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,” Bristow 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,” Gary Goldberg, Newmont Goldcorp’s Chief Executive Officer said.
This follows an early termination of the waiting period under the Hart-Scott-Rodino Act on April 19, 2019 granted by the United States Federal Trade Commission.
The new business which is yet to be named will show ownership figures of 61.5% by Barrick, 38.5% by Newmont Goldcorp and will be operated by Barrick.