The company said optimising mining and processing represented some 52% of the synergies, or $250 million a year. Within this, integrated mine planning will save $140 million a year, some 29% of the total.
It will prioritise high-grade underground ore feed through the Goldstrike and Carlin Mill 6 roasters, minimising haulage distances and optimising the processing blend.
Optimising mining fleet and maintenance costs will account for another $60 million in synergies, while combining the Turquoise Ridge/Twin Creeks adjacent assets as a single mine will save $50 million.
Nevada supply chain and consumables discounts will generate savings of $110 million a year, while regional and site-based indirect costs are forecast to fall by $120 million through the elimination of duplicate regional business infrastructure and support functions.
Barrick believes additional synergies are available, which it has yet to qualify, related to shared infrastructure and integrated planning, tailings management, water rights and environmental management and power rationalisation.
Barrick will own 61.5% of the JV and be the sole operator.
The company wanted to pair Newmont's larger portfolio of processing facilities with its superior resource position.
Barrick CEO Mark Bristow has long criticised mine developments and acquisitions that fail to produce shareholder value, and corporate managers living high on the hog as evidenced by high general and administrative (G&A) costs.
These were driving forces behind his aggressive approach to secure JV operation of the Nevada gold assets of both Barrick and Newmont.
Barrick believes the Nevada synergies provide the catalyst for a potential share price uplift to more than $16 per share from the current level under $14.
While successful in his attempt to broker a new era of cooperation in Nevada or "breaking the trend in an industry of missed opportunities", Bristow took aim at other mining regions in the world where the potential for significant synergies and additional value creation has not occurred.
These include the Sudbury Basin in Ontario, Canada, the Witwatersrand Basin in South Africa, and the Pilbara in Australia.
Barrick stated that, since completing its merger with Randgold Resources at the start of the year, it has budgeted a year-on-year reduction of $135 million in corporate G&A expenses as it implements its "miner's, not manager's" ethos under which corporate managers will spend more time in the field supporting local management, rather than sitting in head office.
The miner has identified around $200 million in annual procurement savings, with $50 million already achieved, $10 million in progress, $84 million targeted for remainder of 2019 and further $56 million in 2020.