Barrick ends hostile bid for Newmont, announces joint venture in Nevada

Dado Galdieri | Bloomberg | Getty Images

Operations at Yanacocha, South America’s largest gold mine, are a joint venture between Newmont Mining Corp., Minas Buenaventura and International Finance Corp.

Barrick Gold has withdrawn its proposal to buy Newmont Mining, the companies said on Monday, ending a hostile takeover effort that sought to unite the world’s two biggest gold producers.

Barrick and Newmont have instead signed an agreement to create a joint venture for their mining operations in Nevada, the companies said.

Barrick last month proposed to buy Newmont for about $18 billion.