3/11/2019, 1:14 PM (Source: TeleTrader)
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Barrick Gold to form JV in Nevada with Newmont Mining

Canadian gold mining giant Barrick Gold Corp. and American company Newmont Mining Corp. said on Monday that they will be forming a joint venture that combines their mining operations and assets in Nevada.

According to the agreement that was signed, 61.5% of the joint venture will be owned by Barrick, with the remaining held by Newmont. It is estimated to value $5 billion pre-tax over a 20-year period, the statement from the companies noted, and become the world’s largest gold producer, "with a pro forma output of more than four million ounces in 2018."

"We are finally taking down the fences to operate Nevada as a single entity in order to deliver full value to both sets of shareholders, as well as to all our stakeholders in the state, by securing the long-term future of gold mining in Nevada," said Mark Bristow, President and CEO of Barrick.

Breaking the News / NI