Nevada Gold Mines (NGM) has delivered real value to all its stakeholders, says Mark Bristow, president and chief executive of Barrick Gold Corporation.

Barrick operates NGM, the world’s largest gold mining complex, and owns 61.5% of the business, with Newmont Corporation holding the rest.

In its first year of combined operation, NGM not only met the production and cost targets set out at the start of the joint venture, but did so despite the past few months of stress experienced as a result of the Covid-19 pandemic.

Bristow said this was a significant achievement, considering that the joint venture had required the integration of multiple assets, including three Tier One 1 mines into a unified complex under a new leadership team.

At the same time, the company has been working with the State of Nevada and its stakeholders to provide financial and logistical support to mitigate the impact of the pandemic on its employees, local communities and the State.

“The new team was drawn from both legacy companies. It started with a clean slate in a fit-for-purpose structure, integrating the two bodies of knowledge to produce new models and fresh opportunities, and introduced a strong geological focus to the operations.

“It was the strength of the team and the structure, incidentally, that enabled NGM to deal so quickly and effectively with the unprecedented threat posed by the pandemic,” he said.

“By removing the fences that had previously separated geologically connected assets, mines and projects that clearly belonged together could be combined into larger and more efficient operations, with substantial savings as an immediate benefit.

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“Even more important, this joint venture has created a platform from where we can see a bright new future for NGM as the leader of its industry in every respect: truly a case of the best assets and the best people delivering the best returns.”

Website: www.barrick.com

Read more articles about Barrick here.

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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.