Tag: Barrick Gold

Barrick Proposes Newmont Merger

Barrick Proposes Newmont Merger

Barrick and Newmont jointly owned the Kalgoorlie Super Pit. BY ELIZABETH FABRI BARRICK Gold has confirmed it is reviewing an opportunity to merge with global rival Newmont Mining in an all-share nil premium transaction. Following various media reports, on 22 February Barrick issued a two sentence statement verifying the news, but assured “no decision has been taken at this time”. The mining giants jointly owned the Kalgoorlie Consolidated Gold Mines (KCGM) venture, which operates the Kalgoorlie Super Pit, in WA. Takeover talks followed an active six months of M&A in the gold space, including Barrick’s $US6.5 billion acquisition of Randgold Resources in January. In January, Newmont had also made a $US10 billion offer to purchase Goldcorp, which was scheduled...

Newmont: Race to the Top

Newmont: Race to the Top

BY ELIZABETH FABRI ALL signs indicate Newmont Mining could dethrone Barrick Gold as the world’s largest gold producer this year. Newmont’s Australian division has been a key player in the race, kicking goals across its three operations – KCGM, Tanami, and Boddington. Back in 2007, Newmont’s vice-chairman at the time, Pierre Lassonde, told reporters at the Kalgoorlie Diggers and Dealers conference that he hoped Newmont would overtake Barrick Gold (its joint venture partner in KCGM) in the gold space. In 2016, Newmont president and chief executive Gary Goldberg told Bloomberg this wasn’t an area of focus; instead the value that is added to projects and growing margins. “We’re not about getting bigger, it’s about growing margins,” Mr Goldberg...