Canadian gold mining company Barrick Gold Corporation (GOLD) is said to be planning a hostile bid for Newmont Mining Corporation (NEM) valued at around $19 billion in stock, according to reports by Reuters and Globe and Mail.
The report stated that Barrick might retain Newmont’s mines in Nevada and Africa while opting to sell its Australian assets to Newcrest Mining Limited (ASX: NCM). If the transaction goes through, it would be one of the largest deals in the mining industry, and it would help Barrick solidify its position as the biggest gold producer worldwide.
Barrick bought Randgold Resources for just over $6 billion last month while Newmont is set to complete its acquisition of Goldcorp Inc. (GG) for $10 billion next quarter.
According to a report by Bloomberg, Barrick has been studying its bid for Newmont for quite a while, including the possibility of partnering with a company like Newcrest for the purpose. Barrick and Newmont have discussed the possibilities of mergers and joint ventures on previous occasions.
Mark Bristow, CEO of Barrick Gold, said last month that the mining industry was ripe for reorganization. The report hinted that consolidation in the gold sector was a topic to keep an eye on in the coming days.
On Thursday, Newmont reported its fourth-quarter earnings results, beating sales and profits estimates. Gold production rose 8% in the quarter but realized price dropped 3%.
Barrick’s shares were down slightly in premarket hours on Friday while Newmont’s stock was up 1.5%.
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