Barrick – Newmont JV unlocking Nevada gold fields potential
Barrick Gold and Newmont established the Nevada Gold Mines (NGM) joint venture in July 2019. A recent intensive strategic review has confirmed the huge potential of the NGM properties and outlinedkey development projects.
The Barrick-operated JV hosts three of Barrick’s Tier One mines1 and is targeting production of between 3.4 and 3.7 million ounces this year.
Barrick president and chief executive Mark Bristow said unlocking the full potential of the Nevada gold fields, one of the world’s largest and most prospective gold endowments, had been one of the key drivers behind the formation of NGM.
With the newly integrated operation having met all its key performance indicators last year, the focus was now shifting to the hunt for new discoveries and resource additions.
“Barrick’s emphasis on agile management and exploration and orebody knowledge was implanted at NGM and is already delivering results. There are exciting opportunities for major new discoveries in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex, and in the Carlin Basin south of Gold Quarry. There are also good prospects of near to medium-term Life of Mine resource additions at North Leeville, Fourmile3 and Goldrush, as well as at the Ren project at the Carlin complex,” he commented.
Bristow added that in addition to building a solid foundation for its 10-year business plan, NGM had also established itself as a valued partner to its communities, the state of Nevada and its other local stakeholders, as evidenced by the Covid-19 support it provided.
“NGM is now driving online learning initiatives through partnerships with Nevada’s Department of Education and Discovery Education, and continues its long-term backing of the Western Shoshone Scholarship Foundation. As a further demonstration of our commitment to deliver long-lasting economic benefits to our stakeholders, we have approved an investment in broadband infrastructure for our surrounding communities.
“This will complement our support for remote learning, which relies on fast and reliable internet access, while giving our neighbours a tool that has become essential for almost every part of their daily lives.”
Nevada Gold Mines is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combines significant assets across Nevada to create the single largest gold-producing complex in the world. Nevada Gold Mines is operated by Barrick.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.