ELKO -- Barrick President and Chief Executive Officer Mark Bristow told a group of Elko residents Monday that the new Nevada Complex joint venture with Newmont Mining Corp. will be the single largest gold producer in the world.
Bristow spoke just hours after the company announced it had reached “an historic accord” with Newmont to combine operations. The move is expected to produce $500 million in average annual pre-tax synergies during its first five years. Barrick will control the company with 61.5 percent ownership, pending regulatory approval including compliance with federal antitrust laws.
Elkoans representing city, county and state government, along with Great Basin College and other stakeholders, were invited to a breakfast at the Western Folklife Center featuring a presentation by Bristow, after which the CEO responded to several questions.
The Nevada Complex ranks far above other mines at 4.1 million ounces per year, Bristow said. The joint venture ensures at least 20 years of production in Nevada at significant value accretion to both Barrick and Newmont shareholders.
Check back with elkodaily.com for more on Bristow’s visit to Elko and in the Tuesday edition of the Elko Daily Free Press.