ELKO, Nev., Aug. 07, 2019 (GLOBE NEWSWIRE) -- Barrick President and CEO Mark Bristow was joined by Nevada Governor Steve Sisolak in Elko yesterday, hosting a meeting of local, regional and tribal leaders. As Chairman of Nevada Gold Mines, Bristow updated the community stakeholders regarding the joint venture between Barrick Gold Corporation and Newmont Goldcorp Corporation.
Yesterday's event underscores the long-term benefits of the joint venture, including longer mine lives, longer-term employment opportunities, longer-term benefits to our local communities and suppliers and longer-term benefits to Nevada’s economic growth.
Mark Bristow said the company is eager to demonstrate the lasting value to Nevada.
“This joint venture positions Northern Nevada as the world’s greatest gold mining complex. Our company is proud to be part of a joint investment with Newmont Goldcorp in Nevada Gold Mines. We see this massive investment in Nevada and its world class mining industry enduring for decades to come. There’s a reason why Nevada is ranked as one of the more attractive jurisdictions in the world for mining investment. It’s not only the geological attractiveness, but that we have a true partnership with the state and federal government in growing a responsible, safe, and beneficial industry for our local communities,” he said.
The new company, owned 61.5% and operated by Barrick, and owned 38.5% by Newmont Goldcorp, officially launched on July 1, 2019.
Earlier in the day, Governor Sisolak visited the Cortez mine site, his first visit to a Tier One1 mine. Cortez has been continuously mined since 1862 and demonstrates the magnitude of the industry in Northern Nevada as an economic driver for the state through the capital involved in running modern mining operations, environmental safeguards, employee safety, and job security.
President and CEO
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Executive Managing Director
Nevada Gold Mines
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|Kathy du Plessis|
Barrick Investor and
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Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; litigation and legal and administrative proceedings; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
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1 A Tier One gold asset is a mine with a stated mine life in excess of 10 years with annual production of at least five hundred thousand ounces of gold and total cash cost per ounce within the bottom half of Wood Mackenzie’s cost curve tools (excluding state-owned and privately owned mines).