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World's largest gold complex launched as Barrick-Newmont JV clears hurdles

  • Barrick Gold (NYSE:GOLD -1%) and Newmont Goldcorp (NYSE:NEM -0.8%) say their Nevada joint venture has cleared all regulatory conditions required for its completion.
  • Barrick will operate the new business, which has yet to be named, with 61.5% ownership while NEM will hold 38.5% of what the partners say will be the world's largest gold producing complex.
  • The companies expect the combination to generate savings of $500M/year within the first full five years; the JV includes Barrick’s Goldstrike, Cortez, Turquoise Ridge and Goldrush mines and NEM's Carlin, Twin Creeks, Phoenix and Long Canyon mines, along with associated processing plants and infrastructure.

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