Date: 05 March 2019 , 15:53
News ID: 3840
NEWS SERVICE: Non-Ferrous

Barrick open to discuss joint venture in Nevada with Newmont

Barrick Gold’s (TSX:ABX)(NYSE:GOLD) chief executive Mark Bristow said Monday he’s open to negotiate with rival Newmont about a deal to work together in Nevada, but only if his company runs the operations.
Barrick open to discuss joint venture in Nevada with Newmont

“Nevada, with a combined 76M ounces, will be worth a whole lot more if it is run by one operator," Bristow said earlier in the day, adding that Barrick can do that more efficiently than Newmont.

“My suggestion is that Gary [Goldberg, Newmont's CEO] gets his team up here tomorrow,” Bristow told the Financial Times. “Time is of the essence.”

Barrick had previously said that teaming up in Nevada was not "the right path" forward. 

Only last week, the Canadian gold miner said teaming up in Nevada was not "the right path" forward. It noted it would not enable full realization of benefits due to duplicate administration, conflicting priorities and cumbersome governance.

Earlier in the day, Newmont Mining (NYSE:NEM) rejected the Toronto-based company’s $18 billion unsolicited acquisition offer, countering with a proposal for a joint venture (JV) in Nevada. Such deal would be worth billions of dollars and create a major operator in the largest U.S. gold-producing region.

The contra-proposal stated that the Toronto-based rival would hold a 55% interest in the Nevada JV, while the Newmont-Goldcorp merged company would have a 45% stake.

The two gold miners have held merger talks every decade or so for almost thirty years, with the last one before today’s blowing at the 11th hour in 2014.

source: MINING.COM
Barrick Gold Nevada Mark Bristow Newmont Goldcorp
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Twelve Days ago
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Six last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Six last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Five last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Five last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like