Newcrest rejects $16.9 billion bid from Newmont. mining miningnews
“The board has considered the indicative proposal and has unanimously determined to reject the offer,” Newcrest said in a media release, for the reason that it “does not represent sufficient value for Newcrest shareholders.”However, the Australia-based gold-copper miner added that it was prepared to provide access to limited, non-public information on a non-exclusive basis to Newmont for an improved proposal.Newcrest had already rejected an earlier proposal from Newmont prior to the $16.
Already the world’s largest gold producer by market value and ounces produced, the Denver, Colorado-based company would become a gold mining behemoth should it prevail in its bid for Newcrest. The newly combined company would produce nearly twice as much of the yellow metal as closest rival Barrick Gold.On the same day, Newcrest reported a marginal 1% fall in half-year profit, impacted by higher costs due to increased activities and lower prices for the gold and copper it sold during the period.
The gold miner said its underlying profit was $293 million for the half-year ended December 31, compared with $298 million a year earlier, but beat estimates of $184 million, according to Refinitiv. It also declared a special dividend of 20 cents per share after Lundin Gold repaid a credit facility.
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