The Globe and Mail reports in its Tuesday edition that Barrick Gold and Newmont Mining have agreed to a joint venture in Nevada which will see Barrick drop its hostile bid for its biggest rival and unite the world's two biggest gold miners in one of the richest goldfields on the planet. The Globe's Niall McGee and Rachelle Younglai write that the accord means Colorado-based Newmont is far more likely to succeed in its efforts to buy Goldcorp and bypass Barrick as the world's biggest gold company. Barrick's pursuit of Newmont had threatened to derail the $10-billion (U.S.) deal announced in January. The Barrick-Newmont ownership split announced on Monday will be 61.5 per cent in favour of Barrick, which was also named as the operator. The agreement will see gigantic mines, including Barrick's Goldstrike and Cortez operations, along with Newmont's Carlin, unite under one roof. Both companies say the combination will generate an average of $500-million (U.S.) in cost savings over the first five years. "It is what we were looking for and it shows great leadership between these two companies," said Joe Foster at VanEck International Investors Gold Fund, Barrick's biggest shareholder and Newmont's third largest.