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Newmont Mining, Barrick Gold consider merger

Agreement would create one of the world’s largest gold companies
Barrick Gold operates the Williams gold mine in the Hemlo Gold camp, located 350 kilometres east of Thunder Bay. The company is reviewing an offer to merge with Colorado-based Newmont Mining. (Barrick photo)

Barrick Gold has confirmed it's reviewed an offer to merge with Newmont Mining, but said it had yet to make a decision.

Barrick issued a brief statement in a Feb. 22 news release.

“Barrick Gold Corporation today confirmed that the company has reviewed the opportunity to merge with Newmont Mining Corporation in an all-share, nil-premium transaction,” the statement said. “No decision has been taken at this time.”

Newmont has a portfolio of assets spanning Africa, Australia, South America and the United States. The company is headquartered in Denver, Colo.

In January, Newmont announced the acquisition of Goldcorp, whose Northern Ontario properties include Porcupine Gold Mines in Timmins, which comprises the Hoyle Pond underground mine and the Hollinger open-pit mine; Musselwhite Mine, a fly-in complex located 500 kilometres north of Thunder Bay; and the Red Lake operations, which include the Red Lake and Campbell underground mining and processing complexes.

Toronto-headquartered Barrick has gold operations in multiple locations worldwide, including the underground and open-pit Williams Mine at the Hemlo Camp, located about 350 kilometres east of Thunder Bay.