Barrick Gold Corp. offered $17.85 billion for Newmont Mining Corp., proposing an unsolicited, all-share deal that would combine the world’s biggest gold miners and create an industry giant that Barrick said will be better able to squeeze out costs. Gary Goldberg, Newmont’s chief executive, said his company would focus on completing its own big deal, a $10 billion proposed acquisition of Canadian miner Goldcorp Inc. Barrick, based in Toronto, didn’t offer a premium to Newmont’s share price.... … [Read more...] about Mining Giant Barrick Gold Makes Unsolicited Bid for Rival Newmont
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Barrick Gold Corp. said Monday it has proposed an all-share merger with Newmont Mining Corp., a move that could create a mining giant that would be valued, at current market prices, at around $42 billion. But Newmont management has so far rejected Barrick’s overtures, setting up a battle between the world’s two largest gold companies. In... … [Read more...] about Mining Giant Barrick Gold Makes Hostile Bid for Rival Newmont
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
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.