The new business, named Nevada Gold Mines, will be owned 61.5% by Barrick and 38.5% by Newmont Goldcorp. It will be operated by Barrick, led by Barrick’s current head of North American operations, Greg Walker. He was named executive managing director. The operations making up the joint venture produced in excess of 4 million ounces (oz) of gold in 2018, more than three times the next largest gold mine. Barrick President and Chief Executive Officer Mark Bristow said practical measures required to integrate the joint venture assets and establish the new business are now being taken and are anticipated to be complete in this quarter.

“The joint venture agreement represents a historic accord between our companies that will unlock the enormous geological potential of the Nevada goldfields and maximize its many value-creating opportunities,” Bristow said. Newmont Goldcorp CEO Gary Goldberg said, “By combining our operations and assets in Nevada, we will be able to extend profitable production, lower costs and create new opportunities for our stakeholders in the region.”