Two of the world’s biggest gold mining companies have merged in a $US10 billion ($14.2 billion) deal, which some analysts are tipping will have ramifications for gold mines in Australia.
Newmont Mining has finalised its merger with the Canadian based Goldcorp to become, it said, the world’s leading gold business with an unmatched portfolio of assets, prospects and talent. In a video statement from the company now known as Newmont Goldcorp, it said, “we’re not looking to be the biggest, we’re determined to be the best”.
Newmont Goldcorp is on track to become the world’s biggest gold producer, but the ABC understands the title is currently held by Barrick-Randgold, another mega gold-mining merger which occurred earlier this year.
With projects in Africa, North America, South America and Australia, Newmont Goldcorp said its target was to produce 6 to 7 million ounces a year “over a decades-long time horizon”. While Goldcorp had no assets in Australia, Newmont has been a big player Down Under.
It is a joint owner of the famous Kalgoorlie Super Pit along with Barrick, which unsuccessfully tried to takeover Newmont earlier this year. It also owns the Boddington gold mine in Western Australia and a gold mine in the remote Tanami region of the Northern Territory, which has just benefitted from the completion of a 450 kilometre gas pipeline.
For the rest of this article: https://www.abc.net.au/news/rural/2019-04-24/what-does-newmont-goldcorp-merger-mean-for-australian-gold-mines/11043834