Barrick Gold withdrew its hostile $18 billion takeover bid for rival Newmont Mining — a move that if successful, would have created the world’s largest gold mining firm. The two companies have instead, signed a deal for a joint venture for their Nevada operations, where Newmont has 19 mines adjacent to Barrick’s.
Newmont itself was in the process of wrapping up a deal to take over Canada’s Goldcorp Inc. when Barrick launched its takeover bid, asking Newmont to abandon the planned takeover. Goldcorp has now backed the joint venture agreement between the two gold mining giants, which will see the merged operations majority owned and managed by Barrick.
The joint venture concludes some two decades of unsuccessful talks between the two mining giants, who have sought synergy in their adjacent Nevada operations.