Barrick Newmont Nevada Joint Venture Deal Clears All Regulatory Conditions
APRIL 22, 2019 Barrick reports
New York, NY — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) and Newmont Goldcorp Corporation (NYSE:NEM)(TSX:NGT) (“Newmont Goldcorp”) today announced that their joint venture in Nevada, which will create the world’s largest gold producing complex, has cleared all the regulatory conditions required for its completion.
The U.S. Federal Trade Commission granted an early termination of the waiting period under the Hart-Scott-Rodino Act on April 19, 2019.
The new business, yet to be named, will be owned 61.5% by Barrick and 38.5% by Newmont Goldcorp, and will be operated by Barrick. 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,” Bristow said.
Gary Goldberg, Newmont Goldcorp’s chief executive officer, 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.”