Assets across the Americas, Africa and Australia
In a sign of the changes sweeping Canada’s gold mining sector, control of one-time darling Vancouver-based Goldcorp Inc. transferred south of the border on Thursday.
Shareholders of Colorado-based Newmont Mining Inc. voted to approve a US$10 billion purchase of Goldcorp, creating the largest gold company in the world with a market capitalization of roughly US$29 billion.
Analysts have long predicted there would be consolidation in the gold industry and the merger was first announced in January, just weeks after Toronto-based Barrick Gold Corp. completed its US$6 billion acquisition of Randgold Resources Ltd.
That combination briefly vaulted Barrick into the spot as the world’s largest gold miner, but Newmont’s acquisition of Goldcorp on Thursday puts it back into the top place, with promises to produce six to seven million ounces of gold every year for the next decade.
“We strongly feel this is going to position the company as the go-to gold company going forward,” Newmont chief executive Gary Goldberg told the Financial Post in January, when the merger was announced.