Jan. 10, 2024 - What is a spurned seller’s recourse when a buyer walks away from a deal in breach of the purchase agreement? In private M&A, the answer is reasonably straightforward: sue the buyer to close the deal or to recover damages. In public M&A, however, the answer is murky at best. The problem arises...
Announcement
Barrick and Newmont Launch Nevada Gold Mines
Davies acted for Barrick Gold Corporation in connection with its historic joint venture with Newmont Goldcorp Corporation, which combined their respective mining properties in Nevada to create the world’s largest gold complex. The new joint venture, which will operate as Nevada Gold Mines, officially launched on July 1, 2019.
The joint venture is a landmark accord between the two gold mining companies, which have operated independently in Nevada for decades. Under the agreement reached earlier this year, Barrick will operate the Nevada complex and will hold a 61.5% ownership stake, while Newmont will own 38.5%.
Nevada Gold Mines will rank as the largest global gold-producing complex by a wide margin, and includes 10 underground and 12 open pit mines, two autoclave facilities, two roasting plants, four oxide mills, a flotation plant and five heap leach operations. It aims to produce between 1.8 and 1.9 million ounces of gold in the second half of 2019.
The Davies team on the transaction comprised Melanie Shishler, Richard Fridman, Marc Pontone, Jared Solinger and Andrew Mihalik (Corporate/M&A); John Bodrug and Jim Dinning (Competition); Chris Anderson, Peter Glicklich and Heath Martin (Tax); Jessica Bullock (Labour and Employment); and Scott Hyman (Finance).
Related
As the Pandemic Abates, Activists Advance: Shareholder Activism Rebounds in Canada
Oct. 20, 2023 - Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with competing demands. Activism has also been on the rise in response to M&A...
