FILE PHOTO: Senior refinery technician Vicente Sandoval pours liquid gold to form gold dore bars at Newmont Mining's Carlin gold mine operation near Elko, Nevada May 21, 2014. The dore bars contain approximately 90 percent gold, 8 percent silver and 2 percent trace material. REUTERS/Rick Wilking/File Photo
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The chief executives of Barrick Gold and Newmont Mining will meet in New York on Tuesday to discuss a proposal for a joint venture following Newmont’s rejection of Barrick’s hostile $18bn bid for the gold mining company.

Gary Goldberg, chief executive of Newmont, and Mark Bristow, chief executive of Barrick, will meet to discuss Mr Goldberg’s plans for a joint venture in Nevada, according to a person close to the companies.

The meeting comes a day after Newmont formally rejected Barrick’s hostile all-stock nil-premium offer, with Mr Goldberg calling it “egocentric.”

Newmont insisted its planned $10bn takeover of Canada’s Goldcorp was the best deal for shareholders. Newmont shareholders are set to vote on that deal in the second quarter of this year.

Mr Goldberg instead proposed a JV in Nevada to capture the benefits that Barrick proposed in its bid. It would be managed by both companies with ownership split 45 per cent for Newmont and 55 per cent for Barrick.

But Mr Bristow dismissed that idea on Monday, saying that JVs only work when the majority owner is also the operator and that Newmont’s proposal is “essentially based on the stale and convoluted process that foundered previously.”

In an updated investor presentation on Tuesday, Barrick said Newmont’s deal with Goldcorp would dilute the quality of Newmont’s assets.

It argued that a merger between Barrick and Newmont would give shareholders over three times the exposure to “Tier One” gold assets.

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