Goldcorp, Barrick creating another NuevaUnión-like JV at close to discovery cost

Canadian gold majors Goldcorp and Barrick Gold on Tuesday announced a series of transactions that will result in the creation of a new 50:50 joint venture (JV) over a new project located in the Atacama region of Chile, that combines Barrick and Kinross Gold’s Cerro Casale project, with Exeter Resource Corp’s Caspiche project. “This JV structure with Barrick has the potential to allow us to consolidate infrastructure to reduce costs, reduce the environmental footprint and provide higher returns compared to two standalone projects. With our combined technical and financial strength, we see significant potential to increase net asset value per share and deliver value for all partners and stakeholders,” Goldcorp president and CEO David Garofalo said on Tuesday.