Tags: Barrick | Gold | Newmont Mining | Takeover

Barrick Gold Says Newmont Mining Terminates Takeover Discussions

Monday, 28 Apr 2014 08:18 AM

Barrick Gold Corp. said Newmont Mining Corp. ended talks about a takeover, which would have combined the world’s two largest gold producers.

Barrick said in a statement that it was informed by Greenwood Village, Colorado-based Newmont of the termination of the discussions.

“Although Barrick believes the interests of shareholders are best served through the completion of this business combination, Newmont’s board has determined that the interests of Newmont’s shareholders are best served by remaining independent.”

Talks between Newmont and Toronto-based Barrick broke down on April 18 over a disagreement about a proposed spinoff of some of the combined company’s assets, people familiar with the situation said the following day.

Barrick and Newmont, which both operate on five continents, have tried to merge several times in the past. The companies each produce more than a third of their gold in Nevada, from which they originally built out their businesses.

Newmont produced 1.77 million ounces of gold in Nevada last year, the company said in a Jan. 31 presentation, 35 percent of the total company gold output of 5.07 million ounces. Barrick’s Nevada production was about 2.79 million ounces, based on company disclosures, 39 percent of last year’s total.

Barrick and Newmont already are equal partners in the Kalgoorlie mine in Australia, and jointly own the Turquoise Ridge mine in Nevada, with Barrick controlling 75 percent.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Companies
Barrick Gold Corp. said Newmont Mining Corp. ended talks about a takeover, which would have combined the world's two largest gold producers.Barrick said in a statement that it was informed by Greenwood Village, Colorado-based Newmont of the termination of the...
Barrick, Gold, Newmont Mining, Takeover
224
2014-18-28
Monday, 28 Apr 2014 08:18 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved