Barrick, Newmont sign agreement

A definitive joint cooperation agreement has been signed by American Barrick Resources (TSE) and Newmont Gold (NYSE) for development of the gold producers’ common areas in the northern sector of the Carlin Trend in Nevada.

The main components of the agreement include development of the Deep and Lower Post deposit and sharing of Newmont’s bioleach technology. Barrick says it began implementing the joint mining plan in the Betze pit during the second quarter of this year in anticipation of the final agreement. The pit will be expanded to encompass Deep and Lower Post, the larger pit to be known as the Betze-Post pit.