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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-07-09 C$ 20.14
Market Cap C$ 23,456,445,905
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Globe/WSJ say Barrick target Newmont resists change

2014-07-09 07:01 ET - In the News

The Globe and Mail reports in its Wednesday edition investors are losing patience with Newmont Mining and are urging it to either rekindle this year's aborted deal with Barrick Gold or break itself up. A Wall Street Journal item inside The Globe says all gold miners are facing lower gold prices, high costs and declining accessible gold grades. Newmont lost $2.5-billion (U.S.) last year, the biggest in its history, and its share price has fallen by half since 2011. The problem is Newmont "hasn't communicated the specifics of what they're doing," said Dan Denbow, a portfolio manager for San Antonio-based fund USAA, which holds Newmont shares. Joe Foster, a fund manager at Van Eck Associates, says he wants to see both Newmont and Barrick split into many pieces. "Both companies are too big for their own good," he said. "I would like to see them get smaller, not bigger." Newmont, which has traded on the New York Stock Exchange since 1940 and will turn 94 next year, is famously resistant to change. Newmont's head office shows posters that detail some of the failed takeover attempts. From 1980 to 1994, Newmont faced "tumultuous times" as it worked "to thwart five takeover bids," the posters state.

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