Newmont Goldcorp and Barrick Gold have cleared all the regulatory conditions to combine their operations in Nevada ahead of schedule.
The U.S. Federal Trade Commission, said the companies were granted an early termination of the waiting period under the Hart-Scott-Rodino Act on April 19.
The new business, yet to be named, will be owned 38.5 percent by Newmont Goldcorp and 61.5 percent by Barrick, which will also be the operator of what the partners say it’ll be the world’s largest gold producing complex.
The business combination is expected to generate savings of $500 million a year within the first full five years. It includes Barrick’s Goldstrike, Cortez, Turquoise Ridge operations, and Goldrush and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon mines, along with associated processing plants and infrastructure of both companies.
Excluded from the joint-venture, for now, are Barrick’s Fourmile project and Newmont’s Fiberline and Mike deposits as well as Newmont’s Cripple Creek & Victor Mine in Colorado. ?