Few gold mines can operate profitably below 1 gram a ton which is equivalent to extracting two teaspoons of gold from a Statue of Liberty’s worth of ore.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
South Africa's National Union of Mineworkers (NUM) signed a three-year wage deal with AngloGold Ashanti, inking the same agreement that other unions reached with the company earlier in the week.