Barrick wisely decides harmony is golden, says gfhay:
Barrick Gold and Newmont Mining agreed a joint venture on March 11 to combine their gold mining operations in Nevada.
Barrick will own 61.5 percent of the venture; Newmont will hold 38.5 percent. Barrick will operate the assets, and receive a management fee. That is worth around 3 percent of the economic value of the project, according to a person familiar with the situation. Barrick will also withdraw its offer to acquire Newmont, which will still be able to pursue its own separate acquisition of rival Goldcorp.
The two companies said the venture would generate $500 million in extra pre-tax profit in the first five full years of the combination, representing a $5 billion pre-tax net present value over a 20-year period. After the deal, the Nevada complex will be the world’s single largest gold producer, with a pro forma output of more than 4 million ounces in 2018.
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