Barrick – Newmont JV unlocking Nevada gold fields potential
Barrick Gold and Newmont established the Nevada Gold Mines (NGM) joint venture in July 2019. A recent intensive strategic review has confirmed the huge potential of the NGM properties and outlinedkey development projects.
The Barrick-operated JV hosts three of Barrick’s Tier One mines1 and is targeting production of between 3.4 and 3.7 million ounces this year.
Barrick president and chief executive Mark Bristow said unlocking the full potential of the Nevada gold fields, one of the world’s largest and most prospective gold endowments, had been one of the key drivers behind the formation of NGM.
With the newly integrated operation having met all its key performance indicators last year, the focus was now shifting to the hunt for new discoveries and resource additions.
“Barrick’s emphasis on agile management and exploration and orebody knowledge was implanted at NGM and is already delivering results. There are exciting opportunities for major new discoveries in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex, and in the Carlin Basin south of Gold Quarry. There are also good prospects of near to medium-term Life of Mine resource additions at North Leeville, Fourmile3 and Goldrush, as well as at the Ren project at the Carlin complex,” he commented.
Bristow added that in addition to building a solid foundation for its 10-year business plan, NGM had also established itself as a valued partner to its communities, the state of Nevada and its other local stakeholders, as evidenced by the Covid-19 support it provided.
“NGM is now driving online learning initiatives through partnerships with Nevada’s Department of Education and Discovery Education, and continues its long-term backing of the Western Shoshone Scholarship Foundation. As a further demonstration of our commitment to deliver long-lasting economic benefits to our stakeholders, we have approved an investment in broadband infrastructure for our surrounding communities.
“This will complement our support for remote learning, which relies on fast and reliable internet access, while giving our neighbours a tool that has become essential for almost every part of their daily lives.”
Nevada Gold Mines is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combines significant assets across Nevada to create the single largest gold-producing complex in the world. Nevada Gold Mines is operated by Barrick.
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