A Barrick Gold Corp. mine in Nevada. (Las Vegas Review-Journal) Nevada’s largest mining employer, Barrick Gold, is purchasing African peer Randgold Resources for$6.05 billion in stock to form the world’s largest publicly traded producer of the precious metal. The acquisition, announced Monday, would create an $18 billion mining company with combined annual production of 6.5 million ounces of gold, about a fifth more than its closest competitor, Newmont Mining Corp. The companies had a combined net income of $1.85 billion last year. Randgold CEO Mark Bristow would take the reins of the combined company, which would be called New Barrick Group. Bristow said it plans to expand production in Nevada, which “comes with enormous potential.” The state is home to gold mines with some of the world’s lowest production costs, an online company presentation showed. Barrick shareholders would own 67 percent of the combined company, with Randgold shareholders owing the … [Read more...] about Barrick in $6B deal to become world’s largest public gold producer
Barrick gold share price
By Zandi Shabalala, Justin George Varghese and Clara Denina LONDON (Reuters) - Canada's Barrick Gold <ABX.TO> has agreed to buy Randgold Resources Ltd <RRS.L> in a $18.3 billion share deal to create the world's largest gold company by value and output in an industry under investor pressure to put capital to good use.The new Barrick company, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be valued at $24 billion including debt.The deal marks the biggest transaction in years in the gold mining industry, where companies have come under fire from investors for poorly managing capital, forcing them to focus on costs while dampening enthusiasm for acquisitions. "Randgold has the agility and swift-footedness of a younger and smaller company, much like Barrick in its early years while Barrick has the infrastructure and global reach of a large corporate company," Barrick Chairman John Thornton said in a conference … [Read more...] about Canada’s Barrick Gold to buy Randgold Resources in $18.3 billion deal
All amounts expressed in U.S. dollars unless otherwise indicated /EIN News/ -- TORONTO, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (“Barrick” or the “Company”) today announced that it has reached agreement on the terms of a recommended share-for-share merger of Barrick and Randgold Resources Limited (the “Merger”). The Merger will create an industry-leading gold company with the greatest concentration of Tier One Gold Assets1 in the industry, led by a proven management team of owners. Superior operating metrics, including the highest Adjusted EBITDA margin2 and the lowest total cash cost3 position among Senior Gold Peers4, will support sustainable investment in growth and shareholder returns. The Merger is subject to approval by both sets of shareholders, regulatory approvals and other customary closing conditions. It is intended that the Merger will be implemented by means of a court-sanctioned scheme of … [Read more...] about Barrick and Randgold Combine to Create Industry-Leading Gold Investment Vehicle
John Paulson is taking on the gold industry. The billionaire hedgie — known for his well-timed bets against subprime mortgages ahead of the financial crisis — has teamed up with 15 other investors to form the Shareholders’ Gold Council to prod managers of gold companies to produce better returns. Paulson hinted at the formation of an investors’ coalition last year, when he lambasted the high pay of mining chief executives while shareholder returns languished, according to Bloomberg. The price of gold has fallen 9 percent this year to $1,203.30 an ounce — taking the stock value of mining companies down with it. Shares of Barrick Gold are down 28 percent this year, while Detour Gold, which is under activist attack by Paulson’s hedge fund, has seen its stock price plummet 25 percent. The SGC’s “ultimate aim is to promote constructive engagement between the gold mining industry and the investment community,” the group said in a … [Read more...] about John Paulson teams up with investors to start Gold Council
VANCOUVER, British Columbia, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo Cobalt”) is pleased to announce it has entered into a share purchase agreement (the “Share Purchase Agreement”) to acquire Forrest Kerr Resources Inc. (“Forrest”), a privately-held British Columbia corporation which holds the Big Mac gold property, a large and prospective exploration project located in British Columbia's Golden Triangle. The Big Mac Gold Project shares more than 30 kilometres of contiguous claim boundaries on the east and west sides of Aben Resources Ltd.'s Forrest Kerr gold project. The Big Mac Gold Project is also located just north of properties owned by Garibaldi Resources Ltd. and Colorado Resources Ltd. /EIN News/ -- Project Highlights Claims are contiguous with Aben Resources in the Golden Triangle; Positions Cameo Cobalt in the Golden Triangle; Known skarn-style … [Read more...] about Cameo Cobalt to Acquire Big Mac Gold Project in British Columbia’s Golden Triangle; Adjacent to Aben Resources Ltd.