barrick kibali

NYSE/TSX Barrick Gold and Newmont Goldcorp have announced their joint venture in Nevada 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 CEO, Mark Bristow, says 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 says.

Gary Goldberg, Newmont Goldcorp’s CEO, says, “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.”

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Barrick
On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.