It’s official. Barrick Gold Corporation (NYSE:GOLD) and Randgold Resources have merged, creating one massive gold-mining outfit. Shares of newly-issued GOLD stock began trading at the beginning of the year.

The deal was overwhelmingly approved by Barrick shareholders, with more than 99% of them voting in favor of the pairing. Randgold’s investors weren’t quite as keen, though with 95.2% of investors on board with the merger plan, there was still more than enough support to combine the two outfits.

In both cases, owners were desperate to try anything that might provide a much-needed lift to their stakes; neither company has thrived in the shadow of tepid gold prices.

But, here comes the hard part… two strong-willed chiefs working together. The sale of unwanted assets, which should be a simple project, will be the first test of the combined company’s management structure. Especially given the more recent announcement that Newmont Mining will buy Goldcorp to become the largest gold producer.

Gold Stock and the Merger

There’s no denying Barrick Gold is a powerhouse within the industry. The two companies jointly owned and operated five of the world’s top ten mines, in terms of potential output at a lower-than-average cost.

As one, the new Barrick will be able to produce six million ounces of gold per year. The merger gives Barrick an effective toehold in Africa too, where it has struggled of late, but where Randgold has thrived.

Of course, Randgold should have thrived in Africa. It was built from the ground up there, led by South African-born Mark Bristow since 1995. He knows his way around the continent’s gold-mining industry, but perhaps more than that, he’s well-versed in the art of navigating Africa’s increasingly tricky political environment.

The latest case(s) in point: Wrangling with Mali over taxes linked to the company’s Loulo-Gounkoto mine, and recent changes in the DRC’s mining codes that could cost Randgold another $20 million in annual expenses.

Some have suggested not all of Randgold’s mines will remain with the new company though. Namely, BMO has speculated that the aforementioned Tongon could be on the chopping block, along with its Massawa and Morila properties.

Meanwhile, Barrick (the piece of the company that wasn’t Randgold before the merger) may be looking to offload its Lumwana copper mine in Zambia as well as Chile’s Zaldivar mine. There’s even speculation that Barrick is interested in pairing up its Nevada operations with Newmont Mining (NYSE:NEM). The recent announcement might change that, though.

The ultimate end goal? BMO’s analyst believes asset sales will be “aimed at positioning the company as the lowest cost western-based gold producer, but not necessarily the largest.”

Management and GOLD Stock

That’s assuming Barrick’s two most powerful employees can agree on which properties to keep, and which to shed. They might not.

Bristow brings with him not just decades of experience within the gold mining industry (and Africa’s gold mining landscape in particular), but a reputation of being something of a “one man show.”

He’s been known to personally fly to investors to mines on his private plane, and he’s got something of a penchant for big-game hunting. He’ll also be sharing some of the leadership responsibilities with Barrick’s executive chairman John Thornton, putting him in an unfamiliar position.

Thornton’s title isn’t a merely honorary one. Prior to the merger, Thornton eliminated his other job as CEO altogether, limiting the top leadership position to President, thus ceding even more control of the company to himself. Adding to the awkwardness is that prior to the pairing, Bristow was a fairly regular critic of Barrick.

Underscoring that awkwardness is the wealth of experience Bristow has compared to Thornton.

Prior to being named executive chairman, Thornton had only been CEO of Barrick since early 2017, and the former banker had never been in an underground mine until 2016. That’s in contrast with Bristow, who as founder of Randgold in 1995 has walked underground mines countless times. The latter easily could feel compelled to take charge.

The fact that neither executive intends to live or work in Toronto, where Barrick is based, doesn’t suggest a personal friendship will be forged either.

Looking Ahead for GOLD Stock

Still, it might be a deal that pays off exactly as prescribed. Indeed, it will probably pay off as prescribed.

Though observers have cast doubts on how well the two chiefs will mesh, most worst-case scenarios are rarely realized in full. Not only are Thornton and Bristow adults, Barrick and Randgold were two of the most respected, reliable names in industry.

The fact that the combined companies will not only have plenty of prime properties but also will be able to shed their unwanted ones only bolsters the bullish case. Again, it might take some time to account for Newmont’s purchase of Goldcorp, announced today.

Limiting itself to higher-quality mines means, according to Barrick, a cash cost of only $538 per-ounce of gold mined. Wood Mackenzie anticipates that cash cost being a bit higher, at $611. Even at the higher figure though, Barrick still boasts one of the lowest per-ounce cash costs in the business.

The biggest threat to the value of GOLD stock for the foreseeable future? The sheer process of combing two highly disparate companies while divesting properties that won’t necessarily be easy to sell.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley.