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Top Barrick shareholder urges joint venture in Nevada with Newmont, not full merger

Section: Daily Dispatches

By Ernest Scheyder and Liana B. Baker
Tuesday, March 5, 2019

Barrick Gold Corp.'s top shareholder said Tuesday the miner should focus on striking a joint venture deal in Nevada with rival Newmont Mining Corp. before considering a full-blown merger.

"My preference is a joint venture," Joe Foster of the Van Eck International Investors Gold Fund said in a phone interview. "I don't flat-out oppose a merger. If a merger is the only way to unify Nevada, then maybe, just maybe, that's something we might consider. But as it stands the best path right now is to form a joint venture in Nevada."

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Last month Barrick launched an $18 billion takeover offer for Newmont, which Newmont rejected. Both sides have said they agree that their neighboring Nevada assets should be combined to cut costs, but they disagree on how this should be done. ...

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