Nevada Gold Mines has exceeded expectations: Bristow

Nevada Gold Mines has exceeded expectations: Bristow

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The joint venture with Newmont, 61.5% owned by Barrick, integrated “geologically connected assets” and now comprised the world’s largest gold mining complex. 

Bristow said NGM contained three tier one assets and “almost limitless prospects for further, sustainable, profitable growth”.

“And congratulations to Greg [Walker], his team and all of you who worked so hard to exceed everyone’s expectations in your first year,” he said.

NGM not only met the production and cost targets set out at the start of the joint venture, but did so despite the past few months of stress experienced as a result of the COVID-19 pandemic, Barrick said.

Barrick had forecast attributable production of 2.1-2.25 million ounces of gold from NGM this year.

The joint venture was expected to deliver up to US$500 million per year in cost savings over the first five years from 2020, the companies said last year, through optimisations including operating Turquoise Ridge/Twin Creeks as a single mine.

Barrick closed down 0.48% to $26.81 in New York yesterday, capitalising it about $47.7 billion.

Newmont eased 0.65% to $61.36, capitalising it at $49.2 billion.

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