Barrick-Newmont Nevada JV to produce 1.8-1.9moz gold in H2 2019
Barrick Gold Corp said on Monday its Nevada joint venture with Newmont Goldcorp is expected to produce 1.8 million ounces to 1.9 million ounces of gold in the second half of 2019.
The operations, which include 10 underground and 12 open pit mines in the southwestern U.S. state and rank as the largest global gold producing complex, had produced a total of 4.1 million ounces of gold in 2018.
Barrick and Newmont agreed to form the joint venture in Nevada in March after Barrick withdrew its $18 billion offer for its rival, ending a hostile takeover bid that sought to unite the world’s two largest gold producers.
Barrick and Newmont Goldcorp have 61.5% and 38.5% stakes, respectively, in the joint venture, which was officially launched on Monday.
Barrick, which also operates the joint venture, Nevada Gold Mines LLC, estimates cost of sales there in the range of $940 to $970 per ounce, while all in sustaining costs are expected to be $920 to $950 per ounce for the second half of the year.
By combining their operations, Barrick and Newmont had hoped to save more than $5 billion over the next 20 years, at a time when gold miners have struggled with a loss of investor confidence and constraints on funding projects.
Barrick said on Monday that it expected to deliver cost savings of up to $500 million per year over the first five years from 2020, which will fall thereafter.
source: MINING.COM
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
