World: launch of Nevada Gold Mines activities

Barrick Gold Corporation and Goldcorp Newmont Corporation have successfully completed the Nevada Gold Mines LLC Settlement transaction. The official launch took place on July 1, 2019. Thus, the new company owned 61.5% and 38.5% by Newmont Goldcorp, is operated by Barrick.

According to Mark Bristow, President of Barrick’s new company and CEO, his creation was guided by a compelling logic that had long been obvious to all. However it had been hard to reach for two decades until they finally broke through this year.

« In recent months, we have selected and implemented the leadership of Nevada Gold Mines. The company now has a team that shares the same vision and is more than ready to get out of the starting block. We have also identified the very important synergy opportunities immediately available and those targeted for the future, « he said.

Nevada Gold Mines has assets in northeastern Nevada that include 10 underground and 12 open pit mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five leach facilities. heap. It will be by far the largest gold complex in the world, with three of the 10 largest tier 1 gold assets in the world.

Nevada Gold Mines is also targeting production of between 1.8 and 1.9 million ounces at an estimated preliminary cost of $ 940 to $ 970 per ounce and AISC6 of $ 920 to $ 950 per ounce for the second half of the year. of 2019.

The synergies identified are expected to generate up to $ 500 million per year in the first five years from 2020, and then gradually decline over time. These will come primarily from integrated mine planning, optimized mining and processing, cost reductions and the combination of the Turquoise Ridge and Twin Creeks ridges, which will operate as a single mine.

The second half of the year forecasts include the synergies that the company should be able to achieve over the next six months, which is about half of the cash improvements expected each year. With the closing of the joint venture now complete, the Company will seek to incorporate new synergies for the benefit of 2020 and beyond.

Future benefits include a longer and more profitable life, long-term employment opportunities, long-term benefit sharing with local communities, and long-term benefits for the Nevada economy.

Nadine FULA