Newmont squashes Barrick Gold bid talk – by Neil Hume (Financial Times – September 26, 2018)

https://www.ft.com/

Newmont Mining has scotched talk of a bid for Canadian rival Barrick Gold, saying there was no value in a tie-up.

Speaking at the Denver Gold Forum on Tuesday, Newmont chief Gary Goldberg said the company had examined a deal in the past and had not “seen anything”. “I don’t see that changing,” he told Bloomberg News.

After Barrick Gold announced on Monday a $6bn all-stock offer for Africa-focused rival Randgold Resources, there was talk that Newmont might look to wreck the deal with a bid for its Canadian rival.

Analysts at RBC Capital Markets said Newmont, the darling of the gold mining industry, could wring $300m of operating and cost savings from combining its mines in Nevada with those of Barrick.

Mr Goldberg acknowledged those opportunities in Nevada on Tuesday and said he was interested in buying Barrick’s half shares of the jointly-owned Kalgoorlie mine in Australia.

For the rest of this article: https://www.ft.com/content/42d7917e-c170-11e8-8d55-54197280d3f7