https://www.miningweekly.com

Barrick Gold says Newmont "not shareholder friendly"

25th April 2014

By: Reuters

  

Font size: - +

TORONTO – Barrick Gold founder and outgoing chairperson Peter Munk criticised potential takeover target Newmont Mining in an interview with the National Post newspaper on Thursday, saying the US miner is "not shareholder-friendly."

Merger talks between the two gold miners broke down last Thursday, but there had been some discussions between their representatives since then, sources familiar with the matter said on Wednesday.

In particular, Munk criticized Newmont for shutting reporters out of its recent yearly meeting, something he said Barrick would not do.

"That's the cultural difference. That's the kind of people they are, and that's why it's so difficult to make a deal," he said, according to the National Post. "They are not shareholder-friendly."

Munk, who was set to step down at Barrick's April 30 annual meeting, also said he believed a merger with Newmont was "just a matter of time" because of the potential cost savings.

The latest round of talks marked the third time Barrick and Newmont had contemplated a deal in the last seven years. Analysts and others had long thought a tie-up makes sense from a cost-cutting perspective, particularly given that both companies had significant operations in Nevada.

A spokesman for Newmont could not immediately be reached for comment late on Thursday evening.

Edited by Reuters

Comments

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.124 0.153s - 88pq - 2rq
Subscribe Now