Barrick forms new JV in Guiana Shield push

Reunion Gold

04/02/2019 14:29

Feb 4 (Reuters) - Barrick Gold Corp  ABX.TO  said on Monday
it would form a joint venture with South America-focused Reunion
Gold Corp  RGD.V  to explore the gold-rich Guiana Shield, which
covers parts of Guyana, Venezuela and northern Brazil.
    Barrick will fund an initial amount of $4.2 million on the
projects with Reunion and subsequent funding will be shared
equally between the two companies, the Toronto-based miner said.
 urn:newsml:reuters.com:*:nGNX4q8dSh
    The deal will help Barrick identify and buy tier one mines
in the region, Chief Executive Officer Mark Bristow said.
    Barrick defines tier one mines as low-cost operations that
produce at least 500,000 ounces of gold per year. 
    Barrick will also raise its stake in Reunion to 20 percent
from 15 percent now.
    U.S-listed shares of Barrick Gold were down 1.7 percent to
$13.02 before the bell. Shares of gold miners were down on
Monday due to stronger dollar as well as upbeat economic data. 
   

 (Reporting by Shanti S Nair in BengaluruEditing by James
Emmanuel)
 ((ShantiS.Nair@thomsonreuters.com; +1 646 223 8780 Ext: 9897;
Reuters Messaging: shantis.nair.thomsonreuters.com@reuters.net))