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.
“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.”
Earlier in the day, Newmont Mining (NYSE:NEM) rejected the Canadian miner’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.
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