SALT LAKE CITY, July 1, 2019 /PRNewswire/ -- Today,
Barrick Gold Corporation (NYSE: GOLD) and Newmont Goldcorp Corporation, formerly Newmont
Mining Company (NYSE: NEM) formally closed an historic joint
venture 20 years in the making that creates Nevada Gold Mines LLC, the world's
third-largest gold mining company behind Barrick and Newmont.
Parsons Behle & Latimer, a regional law firm headquartered in
Salt Lake City and Barrick's
counsel for more than 30 years, played a
lead role in completing the transaction. The newly-formed
Nevada Gold Mines LLC is now the world's largest gold mining
complex.
Parsons Behle & Latimer shareholder and team lead
Nora Pincus says seeing a
"sophisticated puzzle" come together has been a rewarding aspect of
completing the joint venture. "This transaction has long been a
goal of one of our most valued clients and will bring tremendous
value to the company, its shareholders and to Nevada," said Pincus. "I was fortunate to have
a team at Parsons that includes some of the most hard-working and
capable attorneys and staff anywhere to help our client realize
this historic deal."
Pincus says she believes Barrick chose Parsons Behle &
Latimer to represent the company in the deal due to its
multidisciplinary, multigenerational and multistate team of mining,
corporate, environmental, utility and real estate attorneys
who brought a depth of knowledge and experience to one of the
largest mining transactions in U.S. history. "We have a long
history and a trusted partnership with Barrick," said Parsons Behle
& Latimer attorney Stephen
Hull, who has represented Barrick for the past 30 years. "I
couldn't be more pleased to see Barrick's goal finally
realized."
Peter Webster, Barrick's General
Counsel U.S. said, "This was a complicated transaction which
presented myriad legal and regulatory challenges. The Parsons
Behle & Latimer team, under Nora's guidance, met each challenge
in an efficient and professional manner to bring the deal to a
successful close."
Founded in 1882 as a mining law firm, Parsons Behle &
Latimer has successfully represented clients in the mining industry
both domestically and internationally for more than 137 years. With
mining in its DNA, Parsons' mining practice brings together
financing, joint ventures, mergers and acquisitions, environmental
permitting, exploration, electrical power supply, water rights and
other sub-specialties integral to its mining clients. The firm's
clients consist of senior, mid-size and junior mining companies
with relationships that extend over multiple decades and have even
exceeded 100 years.
Parsons Behle & Latimer worked seamlessly with Davies Ward
Phillips & Vineberg from Toronto,
Canada, to complete the joint venture. "Davies has been a
great partner and we look forward to a long relationship with them
and Barrick," says Pincus.
The joint venture between Barrick and Newmont is expected to
generate approximately $500 million
in average pre-tax savings for the first five full years of
operation, which is projected to total $5
billion pre-tax net present value over a 20-year period. The
joint venture includes Barrick's Goldstrike, Cortez, Turquoise
Ridge and Goldrush mines and Newmont's Carlin, Twin Creeks, Phoenix and Long Canyon mines along with
associated processing plants and infrastructure of both companies.
Excluded from the joint venture are
Barrick's Fourmile project and Newmont's Fiberline and Mike
deposits, which will be contributed to the
joint venture in the future if exploration is successful.
Barrick has 61.5 percent ownership in the joint venture with
Newmont holding 38.5 percent ownership. Boards of directors are
split along ownership lines. The combined companies represent more
than 80 years of operating experience in Nevada.
About Parsons Behle & Latimer
Parsons
Behle & Latimer's (PB&L) team of more than 150 attorneys
delivers an in-depth range of experience to its clients in the
following industries: agriculture; banking and financial services;
construction; cybersecurity and data privacy; dental; energy;
healthcare; manufacturing; mining; natural resources; oil and gas;
resorts and recreation; and technology. One of Utah's largest law firms, PB&L subscribes
to a progressive philosophy of legal service delivery and remains
on the forefront of business and industry trends to help clients
accelerate their business objectives. To learn more, visit
www.parsonsbehle.com.
Media contact:
Dana
Robinson
Parsons Behle & Latimer
Phone: 801.536.6647 Mobile: 801.541.4625
drobinson@parsonsbehle.com
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