Newmont Goldcorp is nearing completion of its joint venture with Barrick Gold to combine their operations in Nevada ahead of a schedule.
The new venture, which has cleared all regulatory conditions, is yet to be named and ownership will be split 61.5% to Barrick and 38.5% to the newly formed Newmont Goldcorp. Barrick will also be the operator of what the partners pledge will be the world’s largest gold producing complex. 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, said 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,” said Bristow.
Gary Goldberg, Newmont Goldcorp’s Chief Executive Officer, commented: “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.”
Excluded from the joint-venture, for now, are Barrick’s Fourmile project and Newmont Goldcorp’s Fiberline and Mike deposits. It also does not include Newmont Goldcorp’s Cripple Creek & Victor mine.