Barrick Gold and Newmont Goldcorp have concluded a transaction establishing Nevada Gold Mines. Canadian mining company Barrick Gold will own 61.5% of the new company, while Newmont takes the remaining 38.5%.
The joint venture (JV) assets in North-eastern Nevada comprise ten underground and 12 open pit mines, two autoclave facilities and two roasting facilities. It also consists of four oxide mills, a flotation plant and five heap leach facilities.
Barrick Gold president and CEO Mark Bristow said: “The establishment of Nevada Gold Mines was designed to combine arguably the industry’s best assets and people in order to deliver the best value to stakeholders.
“Its creation was driven by a compelling logic which had long been evident to all but had been elusive for two decades until we finally achieved a breakthrough this year.” In February this year, Barrick Gold made a proposal to combine with Newmont Mining in an all-share transaction.
Barrick Gold and Newmont Mining signed an implementation agreement this March to create a JV combining their respective mining operations, assets and reserves in Nevada, US.
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