Barrick Gold Corporation and Newmont Mining Corporation have signed an implementation contract to develop the world’s single largest gold producer at the Nevada complex, on completion of the joint venture (JV).
The signing of this agreement took place on March 11th, 2019. In 2018, the JV operations produced almost 4.1 million ounces, which is more than three times the next biggest gold operation.
We are very excited about the prospects of the new Barrick. The merger with Randgold Resources has created significant value for shareholders, and the JV with Newmont is yet another catalyst which we believe will create further value for our shareholders and stakeholders. We are engaged in reviewing the impact of the new JV on our guidance for both 2019 and the five-year outlook, and expect to provide an update during the year. Our current 2019 gold production guidance is 5.1–5.6 million ounces, at cost of sales of $880–$940 per ounce, cash costs of $650–$700 per ounce, and all-in sustaining costs of $870–$920 per ounce. We currently expect our five-year gold production and cost outlook to be within that range, albeit that cash costs and all-in sustaining costs are expected to decline over that period to below the bottom of these ranges.
Mark Bristow, President and CEO, Barrick.
Bristow expressed his views during a roadshow with Barrick Executive Chairman John L. Thornton in order to keep the shareholders posted about the company’s operations.
Barrick’s website covers the presentation delivered during the roadshow.