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Barrick CEO says Nevada partnership with Newmont could help share costs

  • Barrick Gold (NYSE:GOLD) CEO Mark Bristow rekindles the desire for a potential partnership with rival Newmont Mining (NYSE:NEM), via an interview with the Wall Street Journal.
  • Bristow says the two companies have not yet discussed a joint venture, but “it makes sense to work it out" as part of a broader effort to reduce ore processing costs at some of their gold mines in Nevada.
  • Both companies own a number of gold mines and processing facilities in the state, but Bristow says he expects additional processing capacity will be needed at some of its expanding mines such as Turquoise Ridge, which Barrick operates and owns 75% while NEM owns 25%.
  • The new CEO tells WSJ he plans to cut $200M in costs by the end of 2020 by reducing staff and operating costs, saying management of Barrick's mining operations has been "weak" because the company was more focused on cash flow than operating efficiency.

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GOLD--
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