Newmont and Barrick Agree to Nevada Joint Venture, Ending Barrick’s Unsolicited Bid
Following Newmont’s rejection of Barrick’s unsolicited acquisition and proposed alternative for a joint venture of their Nevada assets on March 4, the two senior gold producers formally agreed to and announced their joint venture agreement. Based on consensus net asset values for the contributed assets, Barrick will own 61.5% of the joint venture while Newmont will own 38.5%. The difference in ownership from Newmont’s initially proposed ownership split of 55% Barrick and 45% Newmont stems from t...Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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