The new business, yet to be named, is set to be the world’s largest gold producing complex.
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Barrick said that although the ruling was not helpful because it just delays a decision on the future of its Pascua-Lama project, the company remains focused on resolving the legal and environmental issues around the project.
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Under the deal, Barrick will take a 61.5% stake in the joint venture consisting of the duo’s Nevada mines, with Newmont holding the remainder.
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Chief executive Mark Bristow will discuss a potential JV with rival Newmont only if his company runs the operation.
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The US mining giant fired back with the terms of a deal that seeks merging operations in Nevada.
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Barrick forecasts over $7 billion in pre-tax savings over 20 years, based on net present value — $4.7 billion of which will come from Nevada.
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The portfolio would include their Kalgoorlie super pit 50/50 joint-venture in Western Australia, as well as other regional assets such as Porgera, Tanami and Boddington mines.
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If successful, the move will create the world’s largest gold company with a value of around $42 billion at current market prices.
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Company pinned the cost increases partly on mining ending at its low-cost Cortez Hills open pit in Nevada in the first half of the year, but noted it expected to reverse the trend over the next two to three years.
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Strategic alliance expands Barrick’s exploration footprint in the Guiana Shield, a significantly under-explored region and one of the most prospective in the world for large scale gold discoveries.
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