the 40% interest in the South Arturo Joint Venture that NGM does not already own as well as a low-cost option to acquire the adjacent Rodeo Creek exploration property, in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure which are currently in care and maintenance.
In return, NGM’s acquisition of i-80’s 40% of the South Arturo Joint Venture secures additional ounces with both open-pit and underground optionality for our Carlin operation.
In connection with the asset exchange, NGM will also enter into toll-milling agreements providing i-80 Gold with interim processing capacity at NGM’s autoclave facilities until the earlier of the three-year anniversary of the asset exchange and the date on which the Lone Tree facility is operational and at NGM’s roaster facilities for a 10-year period.
As a condition to closing of the Exchange Agreement, i-80 Gold will assume the environmental liabilities for the Lone Tree and Buffalo Mountain properties and will be responsible for securing replacement closure bonding and a release of NGM’s existing bonds.
In particular, this press release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits to NGM from the consolidation of NGM’s interest in the South Arturo property in exchange for its Lone Tree and Buffalo Mountain properties including the potential for South Arturo to provide additional ounces to NGM’s Carlin operation and to facilitate other operational synergies while reducing closure liabilities; the potential acquisition by NGM of the Rodeo Creek property; the estimated contingent cash consideration to NGM from the exchange transaction; the duration of interim processing capacity provided by NGM to i-80 Gold under toll-milling agreements; the proposed investment by NGM in the shares of i-80 Gold and the reimbursement by NGM of certain funding previously provided by i-80 Gold; the expected timing for i-80 Gold to assume the environmental liabilities for the Lone Tree and Buffalo Mountain properties and to secure replacement closure bonding for those properties; the satisfaction of the closing conditions to the transaction; and anticipated benefits from transaction for the community and for Nevada.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Barrick.
To opt-in for email alerts, please enter your email address in the field below and select at least one alert option.
At Barrick Gold Corporation, we promise to treat your data with respect and will not share your information with any third party.