India  
NewsR.in
> > >

Newmont to become largest gold producer

Video Credit: Reuters Studio - Duration: 01:02s - Published < > Embed
Newmont to become largest gold producer

Newmont to become largest gold producer

Newmont Mining said it will buy smaller rival Goldcorp for 10 billion, becoming the world's biggest gold producer, just as gold reserves are declining.

Fred Katayama reports.

0
shares
ShareTweetSavePostSend
 

Newmont to become largest gold producer

Newmont Mining is buying smaller rival Goldcorp for $10 billion, paying an 18 percent premium.

The deal creates the world's biggest gold producer just as easy-to-find gold reserves decline.

Newmont's shares fell on the news.

Goldcorp skyrocketed.

Reuters correspondent Liana Baker is covering the story: (SOUNDBITE) REUTERS CORRESPONDENT LIANA BAKER, SAYING: "There's just fewer and fewer places in the world to mine for very valuable gold.

So, by having a bigger company, they a better chance getting access to the right deposits, keeping costs down.

This this could be the future for mining companies, to just be part of a bigger and bigger companies.

But there is also antitrust risk to getting bigger.

So, we'll see what the authorities say about this one." The deal is the second high-profile merger in the mining industry since Barrick Gold agreed to buy Randgold Resources in September last year.

It's expected to close in the second quarter and generate up to $100 million in savings.




You Might Like


Recent related videos from verified sources

Barrick makes $18 bln hostile bid for Newmont [Video]Barrick makes $18 bln hostile bid for Newmont

Canada&apos;s Barrick Gold offered to buy U.S. rival Newmont Mining for nearly $18 billion in stock in a hostile takeover that seeks to combine the world&apos;s two largest gold producers. Fred..

Credit: Rumble     Duration: 01:11Published

Barrick Gold weighs $19 bln bid for Newmont Mining [Video]Barrick Gold weighs $19 bln bid for Newmont Mining

Canada's Barrick Gold said it reviewed the possbility of a merger with Newmont Mining. It's reportedly considering making a $19 billion bid. Fred Katayama reports.

Credit: Reuters Studio     Duration: 00:55Published

Environmentally friendly: newsR is hosted on servers powered solely by renewable energy
© 2019 newsR Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest