Barrick’s Merger with Nevada Gold Mines Mission accomplished
The successful merger of two different sets of assets, systems, people and practices into the fully integrated Nevada Gold Mines (NGM) has been a classic case of the whole exceeding the sum of its parts, says Mark Bristow.
Bristow, the chairman of NGM and president and CEO of majority-owner Barrick, says the combination of Barrick’s Nevada assets’ reserves and grades with Newmont’s infrastructure has delivered industry-leading growth and performance. In the three years since the establishment of the joint venture, it has produced 10 million ounces of gold (on a 100% basis) and added 14.7 million ounces of proven and probable reserves (on a 100% basis before depletion) as well as 8.5 million ounces of inferred resources (on a 100% basis).
Greatly improved knowledge of the orebodies supports robust 10-year mine plans and has increased the pre-merger life of mine, and new opportunities for innovations and discoveries that will support a 15-year plan have been identified.
“As far as the first phase of NGM’s development is concerned, I think we can safely say: Mission Accomplished,” says Bristow.
NGM set out to be a thoroughly Nevadan business, the partner of choice for the state as well as its communities. Since September 2020, it has contributed more than $5.5 million to Nevadan causes through its five community development committees (CDCs). Each of these covers a different region of Nevada, including the Native American community. NGM’s support is focused on economic development, education, environment, health and cultural heritage.
NGM’s top priority is to create a “Zero-Harm” workplace. A steady decline in the Lost Time Injury Frequency Rate and Total Recordable Injury Frequency Rate in 2022 delivered NGM’s best safety quarter of the year in the three months to September.
