March 5 (Reuters) - Barrick Gold Corp’s largest shareholder said the miner should focus on developing a Nevada joint venture with rival Newmont Mining Corp, a potential impediment to Barrick’s push for a full Newmont takeover.
“My experience as a geologist in Nevada, and knowledge of the two companies, suggests there is significant value to be gained from merging their Nevada operations,” Joe Foster of the VanEck International Investors Gold Fund said in his monthly letter to investors, a copy of which was seen by Reuters.
Barrick launched an $18 billion takeover offer for Newmont last month, which Newmont rejected. Both sides have said they agree their Nevada assets should be combined, though they disagree on control. (Reporting by Ernest Scheyder and Liana B. Baker Editing by Chizu Nomiyama)