Chief executive Mark Bristow will discuss a potential JV with rival Newmont only if his company runs the operation.
Randgold Resource Ltd Mining News
The US mining giant also fired back with a deal that seeks merging operations in the state of Nevada.
Barrick forecasts over $7 billion in pre-tax savings over 20 years, based on net present value — $4.7 billion of which will come from Nevada.
The portfolio would include their Kalgoorlie super pit 50/50 joint-venture in Western Australia, as well as other regional assets such as Porgera, Tanami and Boddington mines.
If successful, the move will create the world’s largest gold company with a value of around $42 billion at current market prices.
It’s tempting to wish Barrick and Newmont would just get a room and end the speculation.
The Canadian gold giant confirmed it has reviewed the opportunity to merge with the US miner in an all-share deal.
Mark Bristow, known throughout the gold industry for his relentless focus on costs, is counting on his belt-tightening skills to take Barrick Gold Corp. to the next level.
The company pinned the cost increases partly on mining ending at its low-cost Cortez Hills open pit in Nevada in the first half of the year.
"Our commitment to the DRC, made 10 years ago when Randgold started developing Kibali, has not dimmed" - Mark Bristow
After nine months of intermittent production caused by illegal strikes and social unrest, Tongon gold mine achieved its revised production target of 230,000 ounces for 2018, down from 288,680 the previous year.
"Simply put, this is not a deal we have to do. This is a deal that we want to do."
Barrick now trades as GOLD in New York and continues as ABX in Toronto.
Reports that AngloGold Ashanti Ltd. is considering a London listing provides some festive cheer to a city that’s lost its way as a home for gold miners.
The planned merger, which creates the world's top gold miner by value and output, has been approved by the Royal Court of Jersey.
A deal would be a major victory for Bristow as he prepares to take the helm of Barrick in January
A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is taking aim at mining executives who don’t have enough skin in the game.
Kabila’s anointed successor in power would raise the risk of instability in a key supplier of the metals used in electric vehicles and mobile phones.
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
While Kibali has been a crowning achievement for Randgold, it’s set to challenge Mark Bristow's trouble-shooting skills even before he takes over as CEO of the enlarged company.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
Few gold mines can operate profitably below 1 gram a ton which is equivalent to extracting two teaspoons of gold from a Statue of Liberty’s worth of ore.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Randgold Resources is not yet paying the higher royalties and taxes required by the Democratic Republic of Congo's new mining code as the gold miner is still negotiating with the government.