Loading ...Canada’s Barrick Gold Corp would be open to taking over Newmont’s stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said on Wednesday, after Newmont’s $16.9 billion bid for Newcrest ramped up pressure on gold miners to do deals.
Bristow though distanced himself from rival Newmont’s M&A push on Wednesday and highlighted Barrick’s plan to grow through exploration rather than acquisitions.
Shares of Barrick Gold were trading 4% down at the Toronto Stock Exchange.
“We can’t see much strategic benefit in just getting big for bigness sake, and we don’t agree with you that it builds a better company with more gravitas,” Bristow said in response to investors concerns about the potential challenge a bigger Newmont posed.
“In fact, I believe it probably adds more risk.”
Barrick eyes Nevada Gold Mines as Newmont ramps up deal pressure