Barrick Gold Corp withdrew its $18 billion bid for its biggest rival Newmont Min...
FILE PHOTO: Mark Bristow, chief executive officer of Barrick Gold, speaks during an interview at the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings/File Photo
The companies said they have instead signed an agreement to create a joint venture for their operations in Nevada, where Newmont has 19 mines adjacent to Barrick’s. Barrick’s offer included Newmont ditching its previously announced takeover of Canada’s Goldcorp Inc, which on Monday backed the joint venture plans.
Last week, a top Barrick shareholder urged the gold miner to strike an agreement for the Nevada operations. Both companies agreed to combine their Nevada assets to cut costs, but were so far unable to hammer out a solution on how it should be done.
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