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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,578
Close 2014-04-22 C$ 19.37
Market Cap C$ 22,559,649,726
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Globe says Barrick's Munk sees big savings in tieup

2014-04-23 08:40 ET - In the News

The Globe and Mail reports in its Wednesday edition Barrick Gold's founder and chairman Peter Munk said merging with rival Newmont Mining could result in "significant" cost savings, especially in Nevada. The Globe's Rachelle Younglai writes the world's two largest gold producers had hoped to announce an all-stock merger deal before Newmont's annual shareholder meeting in Delaware on Wednesday, but disagreed over which assets to spin off. The companies are still open to merging in an effort to cut costs amid the deep slump in gold prices, sources have said. "Combining Barrick and Newmont could result in significant synergies and cost savings, particularly in Nevada, where our operations are literally next door to one another," Mr. Munk said in an e-mailed statement. Barrick has taken drastic steps to improve its balance sheet, including suspending a key project in the Andes. Colorado-based Newmont, the world's No. 2 gold producer, has also cut costs by selling assets and curtailing capital expenditures. It is unknown whether the North American miners will revive talks before Barrick's annual shareholder meeting April 30. This is the third time the companies have entertained a merger.

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