Published on 6 Feb 2023 on Financial Post via Yahoo Finance
Newmont offers to buy Australia's biggest miner amid gold merger spree
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Newmont Corp., the world’s largest gold miner by output, has offered to buy Newcrest Mining Ltd., Australia’s largest gold miner, for the equivalent of US$17 billion, accentuating the industry’s desire to consolidate amid rising costs and a dwindling number of high-performing gold mines.
The takeover would ripple into Canada, as both companies operate mines there and are listed on the Toronto Stock Exchange. If the deal goes through, Newmont could strengthen its position in British Columbia by acquiring Newcrest’s Red Chris mine, situated about 1,700 kilometres north of Vancouver, and its Brucejack gold mine, which is located about 950 kilometres north of Vancouver.