Barrick Gold Corp. is taking this week’s news of a joint venture agreement with Newmont Mining Corp. to shareholders.
On a “roadshow” with Barrick Executive Chairman John L. Thornton to update shareholders on the company’s operations, Barrick President and CEO Mark Bristow said, “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.”
The joint venture operations in Nevada produced approximately 4.1 million ounces in 2018, which is more than three times the next largest gold operation, according to Barrick.
“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,” Bristow said. “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.”